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Remote Monitoring And Control Market Size, Share, Trends, and Outlook Report 2024-2033
Remote Monitoring And Control Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological advancement is the key trend gaining popularity in the remote monitoring and control market. Major companies operating in the remote monitoring and control market are focusing on developing new technologies to sustain their market position. For instance, in March 2021, Meech International, a UK-based manufacturer of static control equipment and web cleaning systems launched SmartControl Touch, the newest remote monitoring solution. The SmartControl Touch enables users to remotely manage and monitor the functioning of numerous connected Hyperion ionizing bars and sensors via a smartphone, tablet, or desktop computer. It is an advanced monitoring and controlling tool that supports Meech voltage and distance sensors has a 10"""" integrated touch screen, allows data logging, and more. To help businesses maximize efficiency and output quality, SmartControl Touch has been developed in conjunction with the development of Industry 4.0 technology.
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Major Key Players of the Market:
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
Remote Monitoring And Control Market 2024 Key Insights:
• 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%.
• Automation Surge Driving Growth In The Remote Monitoring And Control Market
• Technological Advancement Steers The Remote Monitoring And Control Landscape
• Asia-Pacific was the largest region in the global remote monitoring and control market in 2023
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