A fleet management system is formed by the integration of hardware, software, and communication technologies. It provides a platform to fleet operators to efficiently control, track, and monitor commercial vehicles. They improve the overall operational efficiency by reducing the non-value-added activities of the operators. Fuel cards are used for fuel management while driver safety systems monitor driver behavior. Other solutions are employed for locational tracking of vehicles, driver navigation assistance, and ensuring that the operators meet the regulatory standards set by their respective national governments.
The Internet of Things (IoT) helps in smooth connectivity of all the vehicles in a fleet, which not only helps to gain better insight into the driver’s behavior but also assists in monitoring the health of the fleet from any device. Rising demand for fleet safety and data management coupled with the growing need to reduce the total cost of ownership (TCO) and achieve fuel efficiency are anticipated to drive the adoption of IoT technology in fleet management systems.
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The key factors driving the growth of the IoT fleet management market are increased demand for optimized business operations, real-time fleet monitoring, and a growing number of government mandates for fleet safety.
Routing management accounted for the largest share of the IoT fleet management market, 38.4% in 2016. The growth of this segment can be attributed to rising global road freight traffic and constant R&D activities to develop innovative products. Also, the continuous R&D activities by fleet solution providers to develop advanced products help the fleet companies to provide the shortest and less crowded route to fleet vehicles to avoid unnecessary overtime cost.
The North America region is expected to hold the largest share in the IoT fleet management market, 38% in 2016. The growth of the IoT fleet management market in this region can be attributed to increasing sales of fleet vehicles, the high adoption rate of advanced technological products, and regulatory developments by the government.
The major players who are operating in the IoT fleet management market globally have been profiled thoroughly and competitively in the study across all the five broad geographical regions that are covered under the purview of the report. The competitive analysis of all the market players is inclusive of their recent developments regarding IoT fleet management and the unique business strategies formalized by the companies to compete and retain their position in the global market.
According to this study, over the next five years, the IoT Fleet Management market will register a 22.2% CAGR in terms of revenue, the global market size will reach USD 12700 million by 2024, from USD 3810 million in 2019. In particular, this report presents the global revenue market share of key companies in the IoT Fleet Management business, shared in Chapter 3.
This report presents a comprehensive overview, market shares and growth opportunities of IoT Fleet Management market by product type, application, key companies and key regions.
This study considers the IoT Fleet Management value generated from the sales of the following segments:
Segmentation by product type: breakdown data from 2014 to 2019 in Section 2.3; and forecast to 2024 in section 10.7.
- Passenger Vehicles
- Commercial Vehicles
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 10.8.
- Routing Management
- Tracking and Monitoring
- Fuel Management
- Remote Diagnostics
This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
- United States
- Southeast Asia
- Middle East & Africa
- South Africa
- GCC Countries
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The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
- Fleetmatics (Verizon)
- Teletrac Navman
- Cisco Systems
- Sierra Wireless
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
- To study and analyze the global IoT Fleet Management market size by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
- To understand the structure of IoT Fleet Management market by identifying its various sub-segments.
- Focuses on the key global IoT Fleet Management players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in the next few years.
- To analyze the IoT Fleet Management with respect to individual growth trends, future prospects, and their contribution to the total market.
- To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
- To project the size of IoT Fleet Management submarkets, with respect to key regions (along with their respective key countries).
- To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
- To strategically profile the key players and comprehensively analyze their growth strategies.
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