Mobile Resource Management Market Overview, Share, Trends, Future Scope Analysis, Forecast 2030 – The Bollywood Ticket
Mobile Resource Management (MRM) is a combination of technology, software and hardware that informs a user of the location of mobile assets at a specific time. Organizations manage costs and resources through real-time tracking and monitoring using mobile resource management (MRM) solutions. The term is generally used interchangeably with automatic vehicle location. Any agency or organization with valuable assets such as vehicles, laptops, and other expensive equipment can benefit greatly from modern MRM solutions.
Five basic components are needed to form a complete MRM solution. These fundamental components are connectivity, hardware, GIS data, data interoperability server and decision support software. Widely available connectivity options are Wi-Fi, satellite, two-way radios and others. Various GPS-enabled hardware is readily available in the market. Data collected from sensors can be easily extracted and compiled for real-time analysis. Moreover, various decision support software are bundled with the solutions or can be easily obtained in the market.
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Since early 2010, transport and logistics companies have started to adopt MRM solutions. They are used in the overall process, i.e. inbound, internal and external logistics. In addition, they facilitate the traceability and monitoring of processes in the workshop and in fleet management. According to Infoholic Research, the Mobile Resource Management (MRM) market will grow at a CAGR of 15.9% during the forecast period 2017-2023 to reach $7,379.5 million. This technology is widely adopted in a variety of industries, including public works, public safety, commercial snow removal companies, and utility companies. While distribution players use MRM solutions to manage supply and demand as part of supply chain management, construction players use them for the use, security and safety of assets.
Wireless connectivity is considered vital for the growth of mobile resource management. Modern connectivity tools such as wireless telecommunications systems, GPS, and Internet communications are already enhancing organizations’ ability to manage the workforce. Combined with modern technologies, modern MRM offerings are highly effective in terms of reducing operational costs, improving performance of the mobile workforce and providing high quality customer service. Integrated analytics and visualization dashboards are already being adopted at a high rate of growth and driving MRM growth. However, concerns remain about privacy and data security. These days, most apps request access to its location data. Mobile apps with poor coding could expose its location to anyone. Hackers can find real-time locations, uncover schedules and patterns, and even uncover the identity of the user. Furthermore, questions in various cases still remain unanswered, such as who would own this valuable data and who would have the right to access it.
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Some of the major mobile asset management companies include Spireon, The Descartes Systems Group, Trimble, AT&T, Garmin International, AppLocation Systems, CalAmp, and SkyBitz Inc. Most of the major players are found in the Americas region.
Advances in the cloud, IoT, and analytics have led to the growing adoption of MRM and telematics. As such, there is increasing competition in the market. Various large enterprises and SMEs have entered the market to meet the growing technological needs. As customers seek end-to-end solutions, the number of partnerships is growing. It is likely that there will be an increase in the number of mergers, acquisitions and collaborations over the next 5 years.
The Americas is a large region that holds the largest share for MRM. The region has a wide range of industries that are ready to invest in MRM solutions. Additionally, the region has a well-developed ecosystem with healthy competition that drives innovation. Europe has a huge transport, logistics and shipping market. Companies are using IoT, analytics, cloud, and various GPS sensors and tools to differentiate their services. Major automakers are also partnering with MRM suppliers to develop new products and services. Thus, the MRM market is expected to grow at a steady pace in the region. Asia-Pacific is one of the fastest growing markets for MRM solutions. The region has significant developing economies focused on manufacturing, logistics and various other sectors. In addition, the government is focusing on the development of ICT infrastructure.
With the help of MRM, organizations can increase the productivity and efficiency of their employees and ensure employee safety. From a business perspective, costs can be managed and reduced, and revenues can be improved. Modern MRM solutions are available with additional benefits, such as flexible hardware options for customers with specific needs. They can easily be integrated with other applications. They can be installed on site or even via supplier networks. In addition, the solutions have proven to be reliable
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