Global IoT in the fleet management system Market Report Brief
- The report covers the forecast and analysis for the IoT fleet management market on a global and regional level.
- The report includes the positive and the negative factors that are influencing the growth of the market.
- Market opportunities are discussed in detail.
- The key target audience for the market has been determined in the report.
- The revenue generated by the prominent industry players have been analyzed in the report.
- The market numbers have been calculated using top-down and the bottom-up approaches.
- The IoT fleet management market has been analyzed using Porter’s Five Forces Analysis.
- The market is segmented on the basis of platform, services, solutions, cloud deployment model, and the fleet type which in turn bifurcated on a regional level as well.
- All the segments have been evaluated based on the present and the future trends.
- The report deals with the in-depth quantitative and qualitative analyses of the IoT fleet management market.
- The report includes the detailed company profiles of the prominent market players.
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IoT in the fleet management system Market Summary
Fleet management is a function that helps companies involved in transportation business to minimize or remove the risk associated with productivity, improves efficiency, vehicle investment, and also provides compliance with government legislation. Fleet management also helps to reduce the cost associated with transportation by optimizing cost and efficiency in fleet operations.
The integration of the IoT in the fleet management system aims at improving the business opportunities. IoT solutions in the fleet management will enhance the supply-chain visibility, process-chain monitoring, and much more.
Value
The global IoT fleet management market was valued at around USD 3,250 million in the year 2016 and it is expected to reach approximately USD 15,500 million by 2024. The global IoT fleet management market is expected to grow at a CAGR of over 21.5% between 2017 and 2024.
Drivers and Restraints
The major factor driving the growth of IoT fleet management market is the integration of smart devices with vehicles. The introduction of the IoT has made possible the automobiles to perfectly connect with the smart devices, thus making possible real-time traffic alerts and emergency roadside assistance. The integration of IoT with fleet management helps in remote diagnostics, fuel management, fleet analytics, routing management, tracking and monitoring, vehicle maintenance, drive time analysis, cost- and time-saving, and also fulfills the needs of the client. The increasing adoption of the smart devices by transportation companies is expected to propel the growth of IoT fleet management market over the forecast period.
Moreover, the increasing involvement of government by incorporating regulations on fleet safety and security is expected to propel the growth of the IoT fleet management market.
However, lack of IoT infrastructure in developing countries may hamper the growth of IoT fleet management market. Moreover, poor internet connectivity and lack of technically knowledgeable personnel are other factors that may negatively affect the growth of the market over the forecast period
