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Remote Monitoring And Control Global Market Analysis, Growth Drivers, Key Players, Future Trends, Segmentation And Forecast To 2033
Remote Monitoring And Control Global Market
The Business Research Company presents an extensive market research report on the Remote Monitoring And Control Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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.
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Key Market Players:
Major companies operating in the remote monitoring and control market report are Siemens AG, General Electric Company, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric, Honeywell International Inc., ABB Ltd, Schlumberger Limited, Johnson Controls International plc, Larsen & Toubro Ltd., Eaton Corporation plc, Texas Instruments Incorporated, Nidec Corporation, Emerson Electric Co, Bosch Rexroth AG, Rockwell Automation Inc., OMRON Corporation, Fanuc Corporation, Teledyne Technologies Incorporated, Phoenix Contact GmbH & Co KG, Sensata Technologies Inc., Endress+Hauser Group Services AG, Yokogawa Electric Corporation, Advantech Co Ltd., National Instruments Corporation, ITarian LLC, Leo Tech LLC, Fuji Electric Co Ltd., ICONICS Inc., KROHNE Messtechnik GmbH, SICK AG, ProSoft Technology Inc., Novatech Measurements Limited, Toshiba Corporation
Market Drivers:
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.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/remote-monitoring-and-control-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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