Press release
Smart Fleet Management Market is Likely to Propel to US$ 962.6 Billion by 2031
Fleet managers and operators are leveraging IoT-based fleet management to improve productivity, optimize fuel costs, and ensure maintenance. IoT and fleet telematics are widely being utilized in near-real-time tracking of fleets and improve vehicle monitoring. Solution providers and OEMs are likely to witness attractive business opportunities during the forecast period as a result of deployment of IoT and telematics for fleet management. Besides, implementation of artificial intelligence tools and cloud-based solutions are likely to pave the way for smarter connected fleets.
Over the past few years, the rise in demand for shared mobility among consumers has unlocked significant opportunities for OEMs and vehicle manufacturers to integrate the smart fleet management technology. Automotive companies are expected to utilize connected fleet management to make shared mobility services efficient, thereby steering smart fleet management market development.
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Key Findings of Study
Implementation of Telematics Offers Value-grab Opportunity to Fleet Management Solution Providers: Telematics solution providers are likely to reap significant revenue gains from the increased adoption of IoT-based fleet management practices. AI-enabled technology in fleet telematics enables fleet managers to reduce fuel costs, improve driver safety, enable route optimization and predictive maintenance, and boost the usage of road assets.
Short-range Connected Devices Create Significant Prospects for Connected Fleet Technology: Short-range connectivity technologies offer fleet managers and operators insights that they use to make informed decisions. Integration of analytics from cameras and ultrasonic sensors in vehicles and transportation assets is likely to create abundant opportunities for laying the framework for smart connected fleets. Thus, increase in adoption of automated and connected vehicle technologies has fueled prospects of connected fleet services, expanding the smart fleet management market outlook. The report found that short-range connectivity segment is estimated to grow at a CAGR of more than 10.24% from 2022 to 2031.
Global Smart Fleet Management Market: Key Drivers
Fleet owners & managers and logistics providers are looking for intelligent transportation systems in order to boost operational efficiency, optimize cargo utilization, and increase passenger and driver safety. The trend is accelerating the smart fleet management market growth.
Implementation of real-time fleet monitoring systems is driving utilization of IoT-enabled fleet tracking and fleet management software to improve fleet efficiency. Demand for connected and automated vehicles among consumers thus present lucrative opportunities for automotive OEMs.
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Regional Growth Dynamics
Asia Pacific held a major share of the global market in 2021. Adoption of smart transportation systems in India, Indonesia, and China has spurred the demand for intelligent fleet management software and services. Increased compliance to government regulations pertaining to vehicle maintenance and tracking in several economies in the region has created promising opportunities for firms offering these solutions.
Europe and North America are lucrative markets, and each region held a key share in the global market in 2021. Fleet management companies have widely adopted fleet telematics, propelling revenues of solution providers. Software developers and technology companies are likely to generate substantial revenues owing to demand for connected fleet service for sustainable transport ecosystems.
Competition Landscape
Relatively few players control majority stake in the market, rendering the landscape consolidated. Some of the key players are Sierra Wireless, Siemens AG, ORBCOMM, DENSO CORPORATION, IBM Corporation, Globecomm Systems Inc., Continental AG, Cisco Systems Inc., and BMW.
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The global smart fleet management market has consolidated with a few number of system integrators controlling the market share and major companies possessing the potential to increase the pace of growth by the way of adoption of newer technologies.
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