Global Remote Monitoring Services Market – Introduction
- Nowadays, enterprises are emphasizing on deploying remote monitoring services to provide real-time and secure monitoring of a company’s physical infrastructure. Remote monitoring services act as a primary or secondary support for a company’s IT infrastructure and are useful IT management tools to reduce maintenance cost.
Impact of Coronavirus (COVID-19) on the Remote Monitoring Services Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19), has a positive impact on the remote monitoring services market. Increasing demand to enforce social distancing due to the highly contagious nature of Coronavirus (COVID-19) has encouraged enterprises to deploy work-from-home (WFH). Enterprises are focusing on deploying remote access monitoring services to run their businesses more efficiently. This is positively impacting the adoption of remote monitoring services worldwide.
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Increasing Investment in Network Communication Technology (5G), Driving the Remote Monitoring Services Market
- In this technological era, network communication technology is gaining major importance across industries to deal with the presumptions and challenges of the future.
- Faster networking data rates, higher bandwidth, and lower latencies are the major requirements across industries in order to enhance business operations remotely. Network communication technology such as private LTE and 5G networking are significantly supporting these requirements. Likewise, increasing investments to enhance networking technology is the key strategy that is being followed by governments or private vendors to expand these networks across regions worldwide.
- Governments across major nations such as the U.S, Germany, Japan, India, and China are active in deploying 5G networking infrastructure to enable efficient networking solutions to improve business operations. Meanwhile, private LTE networking technology is already prevalent in enterprises across the U.S and Japan; whereas developing countries are still willing to deploy 5G network by the major organizations across the entire industries. For instance, Europe has decided to increase network-related investment by 60% and also operating expense during 2024 – 2025. In 2018, Ericsson increased its investment for deploying 5G network across the U.S.
- Telecom providers have more chances to grow with every generation of technology. When 4G networking technology was launched, there was a decline in the revenue generated by smartphone operators due its tepid and flat growth, even with huge investments made for the growth of 4G infrastructure, specifically for Europe and Latin America.
- Therefore, increasing investment in network communication technology such as 5G is significantly driving the growth of the remote monitoring services market worldwide.
Lack of Networking Infrastructure Specifically In Underdeveloped Nations Expected to Hamper the Global Remote Monitoring Services Market
- Various enterprises across underdeveloped nations suffer from lack of networking infrastructure owing to low financial budgets. They still depend on 2G/3G spectrum to run their business.
- Therefore, lack of networking infrastructure, specifically in underdeveloped nations, is expected to hamper the global remote monitoring services market.
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North America to Account for Major Share of the Global Remote Monitoring Services Market
- In terms of region, the global remote monitoring services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global remote monitoring services market during the forecast period due to growing popularity of SaaS-based remote monitoring solutions, indicating potential growth of the market in the region. Europe is expected to be the second largest market for remote monitoring services from 2024 to 2030.
- Asia Pacific is projected to be a rapidly growing market for remote monitoring services during the forecast period due to increasing demand for uninterrupted network connectivity, specifically in India, Japan, and China.
Key Players Operating in the Global Remote Monitoring Services Market
- Daikin Industries, Ltd.
- Enterprise Computing Services
- Flatworld Solutions
- Hewlett Packard Enterprise
- Schneider Electric
- Suma Soft
- Others
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