IoT Fleet Management Market to grow at a CAGR of 21.0% from 2021-2027 | Valuates Reports

The global IoT Fleet Management Market size is projected to reach US$ 26410 million by 2027, from US$ 6955.7 million in 2020 at a Compound Annual Growth Rate (CAGR) of 21.0% during 2021-2027. Fleet management is a function that allows companies relying on transportation in business to minimize or reduce risks related to vehicle investment, supply chain management, government legislation, etc. Key drivers of the market growth include the increasing integration of vehicles with electronic devices and the rising acceptance of transport companies of smart equipment for fleet management.

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.

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The IoT Fleet Management Market will progress rapidly as IoT is transforming fleet management with the ability to connect vehicles and capture a wide range of data about vehicle performance, route, passengers, and cargo. Increasing demand and huge benefits offered by IoT technology with respect to cost, efficiency, manageability, visibility, and asset security are also fuelling the growth of the market.

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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Global IoT Fleet Management's main players are Trimble, Omnitracs, Fleetmatics (Verizon), AT&T, etc. Top four companies hold a share above 45%.

Major Players in the IoT Fleet Management Market
➣Trimble
➣Omnitracs
➣Fleetmatics (Verizon)
➣AT&T
➣IBM
➣Teletrac Navman
➣TomTom
➣Oracle
➣Intel
➣Cisco Systems
➣Sierra Wireless

IoT Fleet Management Market by Type
➣Passenger Vehicles
➣Commercial Vehicles

IoT Fleet Management Market by Application
➣Routing Management
➣Tracking and Monitoring
➣Fuel Management
➣Remote Diagnostics
➣Others

IoT Fleet Management Market by Regions
➣United States
➣Europe
➣China
➣Japan
➣Southeast Asia
➣India
➣Central & South America.

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