Mobile Resource Management Solutions Market Is Expected to Witness Rapid Expansion by the End of 2025
Mobile Resource Management (MRM) is a combination of hardware, software, and technology that updates the user about the location of mobile assets at a specified duration of time. The term is rapidly gaining momentum as a powerful automation business tool owing to its ability to integrate location technologies, hardware, data interoperability server, transaction processing, and wireless connectivity onto single platforms. Organizations manage costs and resources through real-time tracking and monitoring with the help of MRM solutions.
The term is interchangeably used with Automatic Vehicle Location (AVL). Any agency or organization that possesses mobile valuable assets such as laptops, vehicles, and other costly equipment can benefit highly from MRM solutions. MRM system and services finds major application in fleet monitoring, asset management, and workforce and tracking systems, and is expected to see increased demand during the forecast period.
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Automation of business critical applications reduces the execution risk of the field operations by reducing operating costs, improving management, visibility, and increases mobile workforce productivity. There are five basic components which are necessary to form a complete MRM solution. These are hardware, GIS data, connectivity, data interoperability server, and decision-making software. Various GPS capable hardware are readily available in the market. The data collected from the sensors can be easily extracted and compiled for real-time analysis. In addition, various decision-making software come bundled with the solutions, or can be easily obtained in the marketplace.
The growing need for automation systems has led to the exponential development of mobile resource management solutions. Along with home automation systems, MRM solutions can keep a check on the performance of the workforce, for creating meaningful reports, and planning decisions accordingly. These systems allow end use industries to enable efficient means of increasing accountability and managing costs and data. Moreover, low overtime labor costs, reduced paper work related expenses, high job completion rates, and accurate job evaluation are likely to be some factors responsible for the increasing demand for MRM solutions over the forecast period. Furthermore, advancements in cloud, IoT, and analytics has led to the rising adoption of MRM and telematics. These factors are anticipated to lead to increased adoption rates and propel the demand for mobile resource management solutions during the forecast period.
However, high initial cost of system deployment is a major factor hindering the growth of this market. These high upfront costs for deployment are associated with the requirement for backend integration, hardware expense, and customization costs.
The global mobile resource management solutions market can be segmented based on solution, services, verticals, and region. In terms of solution, the market has been bifurcated into driver behavior management solutions, enterprise asset management, fleet management, and field service management. Based on services, the market can be segmented into training, installation & implementation, and consulting. Furthermore, on the basis of verticals, the market is segmented into government, utilities, oil & gas, logistics, construction, retail, and others.
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The global mobile resource management solutions market is segmented on the basis of regions into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America has the largest number of industries which are willing to invest in MRM solutions. Adoption rate of MRM solutions in North America is comparatively high when compared with other regions. Europe has a huge transportation, logistics, and shipping market. Companies are utilizing cloud, IoT, and GPS tools to differentiate their services due to high requirement for automation system and services. This trend can be attributed to the increasing focus on innovation from research & development and advanced technologies in the developed countries. Asia Pacific is among the fastest growing markets for MRM solutions. Markets in South America and Middle East & Africa regions are also expected to grow significantly over the forecast period.
Some of the major players active in the development of mobile resource management solutions include AppLocation Systems, Inc., CalAmp Corporation, Masternaut, Teletrac Navman Group, PeopleNet Communications Corporation, Garmin International, SkyBitz, Inc., AT&T, Verizon Communications, Inc., The Descartes Systems Group, Inc., and Spireon, Inc.
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