California, US: Global Industry Analysts (GIA), a market research firm, released a report titled Mobile Resource Management (MRM) Handset-Based Solutions: A Global Strategic Business Report. The global market for MRM handset-based solutions is forecasted to reach USD 21.3 billion by the year 2018. The report further stated that this market is buoyed by need for close asset tracking, declining cost of equipment, ease of installation, availability of customised solutions, off-the-shelf software and advanced communication networks. In the near term, revenues from the portable GPS devices market will shore up wider profit margins in the MRM value chain. Rapid technological developments, wider adoption by underpenetrated developing markets and newer end-use markets will strengthen the MRM solutions market, taking it to the next level of development.
MRM equipment and service providers are reaping rich dividends from the increasing use of GPS-enabled wireless devices managing construction equipment, fleet vehicles, mobile workers, and trailers. The percentage of fleet drivers and other mobile workers employing cellular phones, blackberry and other portable devices has been gradually increasing.
Moreover, the cost of integrating GPS functionality into the conventional cellular handsets is minimal, thereby facilitating easier migration to GPS-based MRM-handset system. In addition, the easy adaptability and affordability of these systems, as well as improved network connectivity opened up newer verticals for the MRM industry.
Further, clients are able to track the movement of the fleet through the Internet, eliminating the need for customised software packages. GPS is fast becoming a mandatory feature of transportation and logistics functions as well as mobile workforce automation processes in large-scale enterprises. Through the application, these enterprises are realising higher efficiency, improved customer response, optimum route-planning and task and time management.
The United States represents the largest market for mobile resource management solutions, capturing a substantial share of the global market, as stated by the report. The fast-paced growth of the North American handset-based MRM market triggered a revolution, translating into a mass adoption phase in the industry. The Canadian market trails the US market, with businesses increasingly showing interest in MRM and other M2M applications. The Asia-Pacific market, powered by rapidly developing markets of China, India, is slated to race ahead at a strong CAGR of about 24 percent through 2018.
Source: San Francisco Chronicle