In a recent published report, Kenneth Research has updated the market report for Mobile Resource Management Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Mobile Resource Management Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2024. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2024.
Overview
Mobile Resource Management (MRM) is a combination of technology, software, and hardware that informs a user about the location of mobile assets at a specified time. The organizations manage costs and resources through real-time tracking and monitoring with the help of Mobile Resource Management (MRM) solutions. The term is generally used interchangeably with Automatic Vehicle Location. Any agency or organization, that possesses valuable assets such as vehicles, laptops, and other costly equipment can benefit highly from the modern MRM solutions.
Product analysis
There are five basic components which are necessary to form a complete MRM solution. These fundamental components are connectivity, hardware, GIS data, data interoperability server, and a decision-making software. The widely available options for connectivity are Wi-Fi, satellite, two-way radios, and others. Various GPS capable hardware are readily available across the market. The data collected from the sensors can be easily extracted and compiled for real-time analysis. In addition, various decision-making software come bundled with the solutions, or can be easily obtained in the marketplace.
Market analysis
Since early 2010, the transportation & logistics companies have started adopting the MRM solutions. They are being used in the overall process, i.e. inbound, internal and external logistics. Moreover, are helping in easy traceability and monitoring of the processes in the shop floor, and in the fleet management. According to Infoholic Research the Mobile Resource Management (MRM) Market will grow at a CAGR of 15.9% during the forecast period 2017-2024 to aggregate $7,379.5 million. This technology is widely being adopted across diverse set of industries that includes public works, public safety, commercial snow ploughing businesses, and utility companies. While retail players are using MRM solutions to manage supply and demand under supply chain management, construction players are using for asset utilization, security, and safety.
Technology analysis
Wireless connectivity is considered vital for the growth of mobile resource management. Modern connectivity tools such as wireless carrier systems, GPS, and Internet communications are already strengthening the ability of organizations in managing workforce. Bundled with the modern technologies, the modern MRM offerings are highly efficient in terms of reducing operational costs, improving mobile workforce performance, and delivering high quality customer service. Integrated analytics and visualization dashboards are already being adopted at a high growth rate, and driving the growth of MRM. However, there are still concerns of data privacy and security. Nowadays, most of the applications request access to one’s location data. Mobile applications with poor coding could expose one’s location to anyone. Hackers can find locations in real time, uncover schedules and patterns, and even find out the identity of the user. In addition, questions in various instance are yet to be answered such as, who would hold these valuable data and who would have the rights to access them.
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Key players
Some of the key mobile resource management companies include Spireon, The Descartes Systems Group, Trimble, AT&T, Garmin International, AppLocation Systems, CalAmp, and SkyBitz Inc. Most of the major players are in the Americas region.
Competitive analysis
Advancements in cloud, IoT, and analytics has led to the rising adoption of MRM and telematics. As such there is rising competition in the market. Various large enterprises and SME’s have entered the market to address the rising technological needs. As customers are in search for end-to-end solutions, there is a rising number of partnerships. There is likely to be an increase in number of mergers, acquisitions, and collaboration in the next 5 years.
Regional analysis
Americas is a major region which holds the largest share for MRM. The region has a large diverse set of industries who are willing to invest in the MRM solutions. In addition, the region has a well-developed ecosystem with a healthy competition which drives innovation. Europe has a huge transportation, logistics, and shipping market. The companies are utilising IoT, analytics, cloud, and various sensors and GPS tools to differentiate their services. Major automobile manufacturers are also partnering with MRM vendors to develop new products and services. As such, the MRM market is likely to grow at a stable pace in the region. Asia Pacific is among the fastest growing market for MRM solutions. The region boasts major developing economies with focus on manufacturing, logistics, and various other sectors. In addition, the government is focused on ICT infrastructure development.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Benefits
With the help of MRM, organizations can increase the productivity and efficiency of their employees and ensure safety of the employees. From a business perspective, costs can be managed and reduced, and revenue could be improved. Modern MRM solutions are available with additional benefits, such as flexible hardware options for customers with specific needs. They can easily be integrated with other applications. They can be installed either on-premise or even through the networks of the vendors. In addition, the solutions are proven to be reliable
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