report shares details about the Mobile Resource Management Market by 2023
Mobile Resource Management (MRM) is a combination of technology, software, and hardware that informs a user about the location of mobile assets at a specified time. The organizations manage costs and resources through real-time tracking and monitoring with the help of Mobile Resource Management (MRM) solutions. The term is generally used interchangeably with Automatic Vehicle Location. Any agency or organization, that possesses valuable assets such as vehicles, laptops, and other costly equipment can benefit highly from the modern MRM solutions.
There are five basic components which are necessary to form a complete MRM solution. These fundamental components are connectivity, hardware, GIS data, data interoperability server, and a decision-making software. The widely available options for connectivity are Wi-Fi, satellite, two-way radios, and others. Various GPS capable hardware are readily available across 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.
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Since early 2010, the transportation & logistics companies have started adopting the MRM solutions. They are being used in the overall process, i.e. inbound, internal and external logistics. Moreover, are helping in easy traceability and monitoring of the processes in the shop floor, and in the 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 aggregate $7,379.5 million. This technology is widely being adopted across diverse set of industries that includes public works, public safety, commercial snow ploughing businesses, and utility companies. While retail players are using MRM solutions to manage supply and demand under supply chain management, construction players are using for asset utilization, security, and safety.
Wireless connectivity is considered vital for the growth of mobile resource management. Modern connectivity tools such as wireless carrier systems, GPS, and Internet communications are already strengthening the ability of organizations in managing workforce. Bundled with the modern technologies, the modern MRM offerings are highly efficient in terms of reducing operational costs, improving mobile workforce performance, and delivering high quality customer service. Integrated analytics and visualization dashboards are already being adopted at a high growth rate, and driving the growth of MRM. However, there are still concerns of data privacy and security. Nowadays, most of the applications request access to one’s location data. Mobile applications with poor coding could expose one’s location to anyone. Hackers can find locations in real time, uncover schedules and patterns, and even find out the identity of the user. In addition, questions in various instance are yet to be answered such as, who would hold these valuable data and who would have the rights to access them.
Some of the key mobile resource 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 in the Americas region.
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Advancements in cloud, IoT, and analytics has led to the rising adoption of MRM and telematics. As such there is rising competition in the market. Various large enterprises and SME’s have entered the market to address the rising technological needs. As customers are in search for end-to-end solutions, there is a rising number of partnerships. There is likely to be an increase in number of mergers, acquisitions, and collaboration in the next 5 years.