Press release
Global Fleet Management Camera Market Projected to Surpass $3.3 Billion by 2029 with 10.2% Annual Growth
Fleet Management Camera
The spike in the need for mobility-as-a-service is set to boost the expansion of the fleet management camera market in the future. Characterized by a digital platform that amalgamates various transit services into one accessible system, mobility as a service (MaaS) lets users schedule, reserve, and pay for various transportation modes via one single portal. The rise in demand for this service is attributed to urbanization, the requirement for efficient transport means, and a pivot towards minimizing traffic congestion and emissions. Fleet management cameras augment MaaS by enhancing driver security, surveying vehicle operation, and supplying immediate data for effective route administration. For example, the Department for Transport, a ministerial department of the government in the UK, reported in April 2023 that the count of private taxi hire automobiles had touched 89,600, showing an 11% surge as compared to March 2022. Therefore, the escalating requirement for mobility-as-a-service will fuel the expansion in the fleet management camera market.
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What is the future CAGR of the fleet management camera market, and how will it impact industry expansion?
In recent times, there's been swift expansion in the fleet management camera market. The market worth, which was $2 billion in 2024, is expected to escalate to $2.21 billion by 2025, marking a Compound Annual Growth Rate (CAGR) of 10.5%. Various factors have contributed to this rise in the historic era, such as the burgeoning demand for e-commerce and logistics, elevating safety and compliance regulatory norms, the necessity for upgraded monitoring of driver behavior, rising apprehensions about fleet safety and security, and a transition towards real-time data analytics.
The market for fleet management cameras is anticipated to undergo swift expansion in the upcoming years, with projections setting it at $3.26 billion in 2029 and a compound annual growth rate (CAGR) of 10.2%. Several factors will potentially contribute to the growth during the projected period including the incorporation of AI for predictive analysis, the escalating shift to electric vehicles demanding superior monitoring capabilities, heightened consumer anticipation for transparency and accountability in logistics, the rise of mobility-as-a-service models, and an increased focus on environmentally friendly approaches in the transport sector. Key developments expected throughout the projection span encompass a move towards real-time data analytics for dynamic decision-making, the advent of sophisticated driver-assistance systems (ADAS) that complement camera solutions, the need for heightened cybersecurity protections for confidential data, the broadening of safety and compliance regulation mandates driving the uptake of high-end camera systems, and a movement towards customised customer services in fleet provisions.
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What are the most significant trends transforming the fleet management camera market today?
Leading businesses in the fleet management camera market are concentrating on technological advancements in AI and digital services, such as AI-enabled dash cams, to boost driver safety, oversee behavior promptly, and increase overall fleet productivity. AI-enabled dash cams are highly-developed cameras equipped with artificial intelligence that examine driving habits instantly, identify potential hazards, and issue automated safety warnings to improve driver competency and fleet security. For example, in August 2023, Teletrac Navman, an American fleet management software developer, introduced the IQ Camera, an AI-enabled dual-camera dash cam incorporated with its TN360 fleet management software. This tool increases driver safety and operational productivity by providing instant monitoring, advanced driver assistance systems (ADAS), and driver status monitoring (DSM) for immediate feedback. The camera automatically uploads video data for swift analysis, enabling fleet owners to merge driver performance data and spot areas for enhancement. Essentially, the IQ Camera is created to optimize fleet effectiveness through advanced telematics and AI technology.
Which key market segments comprise the fleet management camera market and drive its revenue growth?
The fleet management cameramarket covered in this report is segmented -
1) By Component: Hardware, Software, Service
2) By Deployment: On-Premises, Cloud
3) By Application: Food And Beverage, Grocery, Agriculture, Construction, Transportation, Logistics, Pharmaceutical, Mining, Automotive, Other Applications
Subsegments:
1) By Hardware: Dash Cameras, Rear-View Cameras, Side Cameras, 360-Degree Cameras, Mobile Cameras, In-Cabin Cameras, Camera Mounts And Accessories
2) By Software: Video Management Software, Fleet Tracking Software, Analytics And Reporting Software, Integration Software, Real-Time Monitoring Software
3) By Service: Installation Services, Maintenance And Support Services, Training And Education Services, Consulting Services, Data Storage And Management Services
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What regions are at the forefront of fleet management camera market expansion?
North America was the largest region in the fleet management camera market in 2024. The regions covered in the fleet management camera marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the fleet management camera market?
Major companies operating in the fleet management camera marker are Garmin Ltd., Trimble Inc., Verizon Connect Inc., Samsara Inc., Geotab Inc., Raven Industries Inc., CalAmp Corp., Webfleet Solutions B.V., Azuga Inc., Zonar Systems Inc., Teletrac Navman US Ltd., Fleet Complete Inc., MiX Telematics Limited, Lytx Inc., EROAD Inc., FleetOptix LLC, NexTraq Inc., VisionTrack Ltd., ZendulIT Ltd., CameraMatics Ltd., The Vestige Group Inc., Zubie Inc.
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What Is Covered In The Fleet Management Camera Global Market Report?
•Market Size Forecast: Examine the fleet management camera market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the fleet management camera market for a structured understanding.
•Key Players Overview: Analyze major players in the fleet management camera market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the fleet management camera market.
•Segment Contributions: Evaluate how different segments drive overall growth in the fleet management camera market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the fleet management camera market.
•Industry Challenges: Identify potential risks and obstacles affecting the fleet management camera market.
•Competitive Landscape: Review strategic developments in the fleet management camera market, including expansions, agreements, and new product launches.
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