IoT Fleet Management Market Advances at 11.5% CAGR to Hit US$ 22.2 Billion by 2032

The global IoT fleet management market is poised to achieve a market value of US$ 7.3 billion in 2022. Projections indicate that sales will surge to reach US$ 22.2 billion by 2032, with the market maintaining an impressive compound annual growth rate (CAGR) of 11.8% between 2022 and 2032.

This remarkable growth can be attributed to the increasing demand for reducing fuel emissions and enhancing fleet operational efficiency. IoT fleet management software empowers drivers to optimize routes, identify congested highways, perform predictive maintenance, and carry out various tasks that contribute to improved fuel efficiency.

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Key Takeaways:
• North America is anticipated to hold lion's share in the global market during the forecast period.

• The U.S IoT fleet management market is expected to reach at a valuation of US$ 5.2 Billion between 2022 and 2032.

• In terms of application, routing management segment will dominate the market, exhibiting growth at 11.2% CAGR during the projected period.

• Based on type, private cloud category is expected to register a CAGR of 12.4% during the forecast period.

• Sales of IoT fleet management systems in Japan are projected to increase at 12.5% CAGR over the assessment period.

• Demand in the U.K. market is expected to surge at 12.8% CAGR between 2022 and 2032.

Growth Drivers:

• Rising integration of advanced technology in electric cars and compatibility with smartphones is expected to drive growth.

• Growing need for real-time fleet monitoring and rapid digitization in automotive industry will propel the demand.

• Mobility-as-a-service implementation by government authorities to reduce carbon emissions and traffic congestion is likely to benefit the market.

Competitive Landscape:

Players in the market are collaborating along with diverse value chain stakeholders and end users. In order to provide innovative solutions and gain a competitive edge, companies are likely to invest extensively in research and development. They are also adopting mergers and acquisitions as their primary approach to strengthen their global footprint, in addition to developing new products and forming alliances.

For instance,
• In December 2021, GPS insight announced the purchase of FieldAware field service automation software, a Software Company for field service, telematics software, and fleet management.

• In January 2020, in California, Eleos Technologies and Geotab Inc. formed a strategic alliance to introduce "UNIFY." Transportation software as a service is offered by Eleos Technologies. The UNIFY platform intends to provide FMCSA-compliant ELD and customized fleet management systems for augmented solutions and insights.

Key Companies Profiled by Fact.MR
• IBM Corporation
• AT&T Inc.
• Intel Corporation
• Verizon Communications Inc.
• Oracle Corporation

Key Segments Covered in the Global IoT Fleet Management Market Study:

By Cloud Type:
• Public
• Private
• Hybrid

By Application:
• Routing Management
• Tracking and Monitoring Management
• Fuel Management
• Remote Diagnostics

By Fleet Types:
• Passenger Vehicles
• Commercial Vehicles

By Region:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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Key Questions Covered in the IoT Fleet Management Market Report:
• What is the projected value of the IoT fleet management market in 2022?
• At what rate will the global IoT fleet management market grow until 2032?
• Which are the factors hampering the growth in the IoT fleet management market?
• Which region is expected to lead in the global IoT feet management market during 2022-2032?
• Which are the factors driving the IoT fleet management market during the forecast period?
• What is the expected market value of the IoT fleet management market during the forecast period?

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This release was published on openPR.