Press release
IoT Fleet Management Market Expected to Reach 17500 million US$ by 2025 | Industry Crucial Players: Trimble, Oracle, Intel, Cisco Systems, IBM, Teletrac Navman, Omnitracs, Fleetmatics (Verizon), AT&T, TomTom
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.
The key factors driving the growth of the IoT fleet management market are increased demand for optimized business operations, real-time fleet monitoring, and 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, 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 give 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 formulized by the companies to compete and retain their position in the global market.
In 2017, the global IoT Fleet Management market size was 3810 million US$ and it is expected to reach 17500 million US$ by the end of 2025, with a CAGR of 21.0% during 2018-2025.
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The key players covered in this study
Trimble
Omnitracs
Fleetmatics (Verizon)
AT&T
IBM
Teletrac Navman
TomTom
Oracle
Intel
Cisco Systems
Sierra Wireless
Market segment by Type, the product can be split into
Passenger Vehicles
Commercial Vehicles
Market segment by Application, split into
Routing Management
Tracking and Monitoring
Fuel Management
Remote Diagnostics
Others
Market segment by Regions/Countries, this report covers
United States
Europe
China
Japan
Southeast Asia
India
Central & South America
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QY Research, INC.
17890 Castleton, Suite 218,
Los Angeles, CA – 91748
USA: +1 6262 952 442
China: +86 1082 945 717
Japan: +81 9038 009 273
India: +91 9766 478 224
Emails – enquiry@qyresearch.com
Web – www.qyresearch.com
Expert News: www.qyresearch.com/expert/list
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