The Remote Monitoring And Control Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Remote Monitoring And Control Global Market Report 2024, The remote monitoring and control market size has grown strongly in recent years. It will grow from $27.68 billion in 2023 to $29.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to industry automation and efficiency, demand for real-time monitoring, cost savings and resource optimization, rising complexity in industrial processes, focus on safety and compliance.
The remote monitoring and control market size is expected to see strong growth in the next few years. It will grow to $37.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to digital transformation initiatives, integration with IoT and data analytics, focus on sustainability and energy efficiency, expansion of industrial Internet, resilience and business continuity. Major trends in the forecast period include integration with 5G technology, focus on remote asset management, adoption of augmented reality (AR) for remote assistance, remote monitoring in agriculture, regulatory compliance in remote monitoring solutions.
The rising need for automation is expected to boost the growth of the remote monitoring and control market going forward. Automation refers to the technology that uses less human assistance to complete tasks. Remote monitoring and control are crucial in any automated system as it provides a secure means to check on potentially dangerous machinery and other systems. The increasing need for automation will result in demand for remote monitoring and control solutions. For instance, in December 2022, according to the Paperform, a Australia-based online form builder, as of 2022, 76% of businesses employ automation to standardize or automate daily workflows, while 58% utilize automation for data/reporting in planning, and 36% leverage it for regulatory or compliance purposes. For instance, in October 2020, according to a report published by the World Economic Forum, a Switzerland-based independent international organization committed to improving the state of the world, more than 80% of global corporate leaders are expanding the use of remote work and developing and speeding up work process automation in the year 2020. And, worldwide, 50% of business managers intended to automate routine tasks in their organizations. Therefore, the rising need for automation is driving the growth of the remote monitoring and control market.
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The remote monitoring and control market covered in this report is segmented –
1) By Type: Solutions, Field Instruments
2) By Action: Monitoring, Control
3) By Industry: Oil And Gas, Chemical, Water And Wastewater Treatment, Metals And Mining, Food And Beverages, Power, Automotive, Pharmaceutical, Other Industries
Major companies operating in the remote monitoring and control market are focusing on developing innovative solutions such as bioreactor control software. Bioreactor control software refers to specialized computer programs or applications designed to monitor, control, and optimize the operation of bioreactors. For instance, in November 2023, The Cultivated B. GmbH, a Germany-based announced the launch of next-generation bioreactor remote monitoring and control software. The software facilitates a real-time, application-specific, personalized user interface for AUXO V bioreactors, coupled with enhanced remote accessibility features. The software is accessible through the control tower or remotely via phone- and web-based applications, represents a notable advancement in the cultivated meat industry. It provides unmatched convenience, flexibility, and efficiency, catering to both expert and non-expert users in managing bioprocesses.
The remote monitoring and control market report table of contents includes:
1. Executive Summary
2. Remote Monitoring And Control Market Characteristics
3. Remote Monitoring And Control Market Trends And Strategies
4. Remote Monitoring And Control Market – Macro Economic Scenario
5. Global Remote Monitoring And Control Market Size and Growth
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26. South America Remote Monitoring And Control Market
27. Brazil Remote Monitoring And Control Market
28. Middle East Remote Monitoring And Control Market
29. Africa Remote Monitoring And Control Market
30. Remote Monitoring And Control Market Competitive Landscape And Company Profiles
Top Major Players:
- Siemens AG
- General Electric Company
- Cisco Systems Inc.
- Mitsubishi Electric Corporation
- Schneider Electric
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