IoT Fleet Management Market : Industry Overview, Trends and Growth Opportunities Forecasted Till 2030

IoT Fleet Management Market Outlook 2030 –

Fleet management supports the firm in transport activities it helps in improving efficiency, increase the allocation of funds for fleet, and offer compliance though government legislation. IoT fleet management system is the combined outcome of software, hardware, and communication technology. It provides variety of solutions such as such as vehicle tracking & monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and driver performance tracking & monitoring. It improves the supply chain visibility and process chain monitoring activities. Moreover, introduction of vehicular internet connectivity has increased the adoption of IoT fleet management. It has enabled fleet operators to increase their operational efficiency and assist them in reducing their expenses. The increasing demand for integration of electronic devices and smart phone with vehicle is expected to contribute towards the growth of the market. Furthermore, IoT fleet management will help in maintaining the government regulations of road safety while transporting of goods.

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COVID-19 Impact Analysis:

Due to COVID-19 pandemic the lockdown imposed by the government and business shutdowns are expected to have a severe impact on the IoT fleet management market. Since, due to lockdown all the construction, mining, and other sectors had halted their operation thus, there was a decline in the demand for fleet management. Moreover, due to social distancing norms there was unavailability of labour which further affected the market. IoT fleet management is an evolving sector, but pandemic had a negative impact on the market since there was a decline in the requirement for transportation.

Top Impacting Factors

Rise of smart technology in vehicles, rise in government regulations on fleet safety & security, and rise in cloud-based fleet solutions is expected to drive growth of the market.
However, lack of IoT infrastructure in developing countries, poor network connectivity and lack of technically knowledgeable personnel can hamper growth of the market.
Moreover, rise in demand for connected fleet solutions, rise in demand to reduce fleet operational cost, and significant growth in heavy-duty segment is expected to drive growth of the market.
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Market Trends

Rise in demand for connected fleet solutions

The growth of using IoT devices across the transportation industry is supporting the demand of fleet management. For instance, according to the report of global system for mobile communication (GSMA) intelligence mobile economy report 2020 that in 2019 there was approximately 35 billion IoT connections across the globe which is expected to exceed 80 billion by 2024. The emergence of innovative auto tech companies such as Aeri Communication and Telit IoT Platforms LLC has brought IoT-based fleet management solutions into the mainstream. Fleet operators can connect to their fleet assets & vehicles using IoT devices and provide the ability to monitor fleet operations remotely. These factors act as an opportunity for growth of IoT fleet management market.

Significant growth in heavy-duty segment

Heavy-duty segment is growing significantly through 2027 is driven by rising demand for fleet management solutions across construction, mining, and other sectors. The expansive proliferation of heavy-duty commercial vehicles across the world will contribute towards market growth. For instance, company such as Valeo offers InBlue, a software solution for fleet managers to remotely monitor and manage fleet operations across various locations. These factors act as an opportunity for growth of IoT fleet management market.

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Key Benefits of the Report:

This study presents the analytical depiction of the IoT fleet management market along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with challenges of the IoT fleet management market.

The current market is quantitatively analyzed from 2020 to 2030 to highlight the IoT fleet management market growth scenario.

The report provides detailed IoT fleet management market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the IoT fleet management market research report:

Which are the leading market players active in the IoT fleet management market?

What would be the detailed impact of COVID-19 on the market?

What current trends would influence the market in the next few years?

What are the driving factors, restraints, and opportunities in the IoT fleet management market?

What are the projections for the future that would help in taking further strategic steps?

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