According to a report published by Grand View Research, Inc.; the internet of things (IoT) fleet management market is likely to reach a valuation of around USD 16.86 billion by 2025.
Factors such as high demand for real-time fleet monitoring, need for optimum operational efficiencies in business operations, and implementation of government regulations for fleet safety can propel the market during the forecast period (2014 to 2025). In addition, increasing focus on reducing energy consumption and emissions can boost the demand for these services.
Compatibility of tablets, smartphones, and other smart devices with vehicles has increased the demand for internet connectivity services. Government efforts and progresses in intelligent transportation systems have encouraged the implementation of vehicle connectivity technologies. Development of internet connectivity in vehicles has increased the demand for IoT fleet management. These management comprise vehicle tracking and monitoring, fuel management, fleet analytics, remote diagnostics, driver performance tracking and monitoring, and predictive maintenance. These solutions are extremely useful for operators to enhance their overall operational efficiency. Its real-time information enables uses to take appropriate decision for managing expenses.
Full Research Report On Internet of Things (IoT) Fleet Management Market Analysis: https://www.grandviewresearch.com/industry-analysis/internet-of-things-iot-fleet-management-market
However, concerns regarding data privacy and security due to rise in cyber-attacks, and lack of infrastructure in developing countries are the major challenges for the market.
Worldwide internet of things (IoT) fleet management market can be segmented on the basis of cloud deployment, platform, service, solution, application, and region. Based on platform, the market can be categorized into device management, application enablement, and network management. The device management segment is expected to grow rapidly with a CAGR of 21.7% over the forecast period. As per service, the market can be bifurcated into, professional and managed. The managed service segment is likely to expand with highest CAGR of 22.0% over the study period. Based on cloud deployment, the market can be classified into public, private, and hybrid. The private segment is expected to be the largest segment over the forecast period due to its provision for better data security because of limited number of users. However, hybrid segment is anticipated to show fastest growth due to its low cost and flexibility. Based on solution, the market can be fragmented into driver tracking and monitoring, fuel management, fleet analytics, remote diagnostics, predictive maintenance, vehicle tracking and monitoring.
As per application, the market can be split into commercial vehicles and passenger cars.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).
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Europe and North America collectively estimated for largest market share in 2016. North America is anticipated to grow significantly during the forecast period. Presence of established fleet management providers and increasing sales of commercial vehicles is expected to boost the market in this region.
In Europe, The European Commission has been taking lots of efforts to increase use of IoT. Countries including the U.K. and Ireland are among the top acceptors of fleet management solutions. Regulatory guidelines for OEMs to integrate the e-call technology in all vehicles from April 2018 can have positive impact on the market. Major fleet management solution provides have formed 1-Fleet Alliance that led to the collaboration of more than 400,000 active fleet management units. This association is also expected to work for developing innovative solutions.
Asia Pacific is expected to exhibit significant growth over the forecast period owing to growing sale of vehicles and high adoption of smart devices. Demand for efficient transportation systems has also increased in this region due to thriving e-commerce market in emerging countries like India and China. This is expected to support the market growth.
The MEA region has witnessed high IT investments in 2016. Increasing government expenditure for adoption of IoT and operators focus on vehicles security with track and trace systems and other features like remote immobilizers and panic buttons can create more opportunities in this region.
Major companies operating in the market include Cisco Systems, Inc.; Intel Corporation; Trimble Inc.; Sierra Wireless; and Tomtom International BV.
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