BANGALORE, India, June 8, 2020 /PRNewswire/ -- IoT fleet management solutions are growing in popularity due to the versatility of the industry and the achievable recurring revenue. Management of IoT fleets includes various solutions such as vehicle tracking & monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and driver performance tracking and monitoring.
The global IoT Fleet Management market size was 3.810 Billion USD in 2018 and is expected to reach 17.500 Billion USD by the end of 2025, with a CAGR of 21.0 percent in 2019-2025.
This report covers a chapter on COVID-19 impacts in the IoT Fleet Management Market.
TRENDS INFLUENCING THE IoT FLEET MANAGEMENT MARKET
One of the key factors driving growth in the IoT fleet management market size is the convergence of smart devices with vehicles. The increasing acceptance by transport companies of smart equipment is predicted to speed up the expansion of the IoT fleet management market size during the forecast period.
The introduction of the IoT has made it possible for automobiles to connect with the smart devices, thus making possible real-time traffic alerts and emergency roadside assistance. The IoT solutions allow fleet operators not only to increase their operational efficiency but also to help them cut costs. This feature is expected to further increase the IoT Fleet Management market size.
The increasing demand for electronic device integration with the vehicles is fuelling the growth of IoT Fleet Management market size. Furthermore, factors such as Internet connectivity, technology advancement, and the need for optimum operational efficiency are expected to increase the IoT Fleet Management market size.
The implementation of the Government's road safety legislation provides an optimistic IoT Fleet management market outlook. However, the IoT infrastructure insufficiency and the cost associated with implementing IoT technology hamper the market growth. While increasing numbers of IoT devices are boosting market growth, considerable concerns have also been expressed about data privacy and security. As cyber-attacks have increased significantly around the world, the need to protect end-users from a potential attack is likely to play an important role in determining the growth of the IoT fleet management market.
Routing management has accounted for the largest IoT fleet management market share. This segment's growth can be attributed to increased global freight traffic on the roads and continuous R&D activities to develop innovative products.
The managed services segment in the IoT Fleet Management Market is expected to hold a significant share. Managed services not only offer flexibility but also allow efficient handling of multiple functions and thus reduce overall operating costs.
Seamless connectivity is one of the most important prerequisites for IoT technology to work successfully. The emergence of efficient wireless networking infrastructures in regions such as North America and Europe has made it easier for IoT fleet management to be widely adopted. Hence, these regional markets are expected to witness remarkable growth in the years to come. In addition, it is projected that the domicile of prominent IoT technology firms such as AT&T, Cisco Systems, Inc., Intel Corporation, Verizon, and IBM would foster business growth prospects in these regions.
The booming e-commerce market has created a demand for efficient transportation systems in countries such as India and China. Due to this, the Asia Pacific IoT fleet management market share is expected to grow at the highest growth rate during the forecast period.
The Global Fleet Management Market size is expected to reach USD 34.629 Billion by 2022, from USD 7.755 Billion in 2015, growing at a CAGR of 24.5% from 2016 to 2022.
Growth in the adoption of wireless technology, the compulsory incorporation of ELD, the need for operational skills in fleet management, and the increase in international trading are the main factors that drive the growth of the fleet market size.
The global smart fleet management market size is expected to grow from USD 255.523 Billion in 2018 to USD 483.526 Billion by the end of 2025 at a 9.53 percent Compound Annual Growth Rate ( CAGR).
The factors attributable to the growth of smart fleet management market size are the need for high-speed real-time fleet monitoring system, enhanced vehicle monitoring coupled with fuel management, better driver and vehicle safety, and cloud-based smart fleet management technology adoption.
However, other factors, such as security and safety-related issues, can hinder the market growth.
This report studies the size of the Automotive Fleet Management market by players, regions, product types and end industries, history data for 2014-2018 and forecast data for 2019-2025; this report also studies the global competition landscape, market drivers and trends, opportunities and challenges, risks and barriers to entry, sales channels, distributors and Porter's Five Forces Analysis.
This report focuses on the status of global fleet management software, future forecasting, opportunities for growth, key market, and key players. The objective of the study is to present the development of Fleet Management Software in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The Waste Collection Fleet Management Software is ideal for multiple applications in the management and maintenance of fleets. It allows vehicle maintenance, as well as fuel management, simplification of fuel data, and cost awareness.
The Waste Collection Fleet Management Software market is segmented into North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The Asia Pacific has a large population providing significant growth potential for the Waste Collection Fleet Management Software market size. Based on the analysis Asia Pacific is the most lucrative region and is expected to grow at the highest CAGR during the forecast period.
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