The Global Smart Fleet Management Market Likely to Progress with 7.36% CAGR by 2028

Triton Market Research presents the Global Smart Fleet Management Market report segmented by Connectivity (Short Range, Long Range, Cloud), by Transport Type (Roadways, Marine, Airways, Railways), by Application (ADAS, Tracking, Optimization, Fuel Cards, Automatic Vehicle Identification), by Geographical Region (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa), discussing Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Industry Components, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton Market Research, in its report on the Global Smart Fleet Management Market, implies that this industry is expected to develop with a CAGR of 7.36% during the forecasting period (2021-2028).

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Fleet owners need effective solutions to monitor their activities, as it helps them save costs and resources. Thus, the growing need to streamline fleet operations is expected to foster the market growth over the forecasted period. However, the high cost of fleet management systems majorly affects the ROI of local fleet management businesses. This is negatively affecting the overall smart fleet management market.

The Asia-Pacific is the largest market globally, and is expected to continue its reign until the end of the projected phase. The growing need for smart transportation, along with the rising concerns for vehicle & driver safety, and stringent regulations implemented by the government for vehicle maintenance & tracking, are primarily responsible for the growth of the market in this region.

Besides, the rise in the adoption of wireless technology owing to its low cost and easy availability, along with the obligatory incorporation of electronic logging devices (ELD) in the fleet, are also driving this market's growth.

Continental AG, Omnitracs LLC, Robert Bosch GmbH, Siemens AG, Cisco Systems Inc, International Business Machines Corporation, Denso Corporation, Zonar Systems Inc, I D Systems Inc (Powerfleet Inc), Tech Mahindra Limited, Orbcomm Inc, and Sierra Wireless Inc are the eminent players present in this market.

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The past few years have witnessed the entry of new players in the industry offering fleet management solutions, due to encroachments in analytics technology. Fleetonomy Ltd, Automile, Avrios, and VersaFleet are some of the startups that have entered this market, and are now investing heavily to expand their product offerings. For instance, in 2018, Avrios raised $14 million for an AI-based fleet management platform.

These offerings are generally introduced in the market as a technological innovation or on the basis of price differentiation. Thus, as the smart fleet management market is highly technology-intensive, and new entrants can leverage the power of greater network availability, innovations in satellite systems, and declining hardware costs, in order to grow.

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