The Mobile Resource Management (MRM) Market to grow at a CAGR of 15.9% during the forecast period 2017-2023 to aggregrate $7,379.5 million
Demand for optimum resource utilization in businesses, rising integration of assets with smart devices, and advancements in wireless solutions, analytics, and visualization are the driving factors for the growth of Mobile Resource Management Market.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Mobile Resource Management Market: Drivers, Restraints, Opportunities, Trends and Forecasts, 2017–2023” (August 2017).
Advancements in GPS, wireless carrier systems, IoT, cloud, and analytics are strengthening the ability of organizations in managing workloads and workforce. Such advancements have led to the rising adoption of MRM solutions. To address issues such as budget constraints and competition, organizations are trying to cut down their capital and operational expenditures and optimize resource utilization. Modern MRM solutions are proving to be effective in optimization of route planning, reducing fuel costs, and improving asset utilization. Rising number of businesses are adopting smart devices and integrating them with the next gen MRM solutions. MRM is likley to grow at a significant rate in the next 5 years. The market is expected to grow at a CAGR of 15.9% during the period 2017–2023 to touch an aggregate of $7,379.5 million by 2023.
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As per Infoholic Research, the major applications of MRM are with respect to driver safety, compliance, workforce management, fleet, and asset management. Fleet management is the most popular solution. The transportation and logistics industry is a very huge market, and there is still exists a large untapped potential. However, workforce management is likely to grow at the fastest pace. To provide better services, organizations are finding tracking and monitoring of field personnel to be very effective. There are diverse set of industries and sectors utilizing the MRM solutions. The Government, logistics, and utilities are the major end users of MRM solutions. Fleet management solutions are widely used across public works, emergency, supply chain, and various others. Several vendors provide additional services such as training, installation of hardware, and consulting services.
Americas is a major region which holds the largest share for mobile resource management. 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 which thrives on innovation driven healthy competition. Europe is home to large players in automotive, logistics, transportation, and shipping sectors and has a stable and growing market. Asia Pacific houses several developing economies with governments committed to ICT infrastructure development. The MRM market is likely to grow at the fastest pace in Asia Pacific.
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“Mobile Resource Management has been in existence since the beginning of 21st century. However, advancements in ICT, GPS, cloud, and analytics has imparted a new dimension to the market. The demand for fleet and resource management solutions is on the rise. Moreover, with rising competition and demand for better services, MRM solutions are rapidly being adopted by several businesses. The MRM market is likely to grow at a stable pace during the next 5 years”. – Preeti Wadhwani, Team Lead at Infoholic Research
The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- This report not only highlights users’ conundrum (challenges and barriers to adopting mobile resource management market) but also brings in their perspective on the mobile resource management market. This market has been analyzed by considering the key regions – Americas, Europe, Asia Pacific, and Middle East & Africa
- The report analyses the market in terms of solutions, services and verticals
- Stakeholders’ insights and key trends (current and future) of the market
- The report covers the major trends in the telematics industry such as auto-insurance, fleet management solutions, and smart device integration
- The report covers the growth of the market in 10 countries across 4 different regions. The countries are either a major market or an attractive destination for investment
- The report covers ecosystem, architecture, and benefits of mobile resource management