IoT Fleet Management Industry to See Robust Expansion, Valued at $15.67 Billion by 2029

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What Is the Projected CAGR for the IoT Fleet Management Market from 2024 to 2025?
In the past few years, there has been a substantial expansion in the size of the iot fleet management market, and it is projected to continue growing, moving from a total worth of $7.96 billion in 2024 to $9.17 billion in 2025. This equates to a compound annual growth rate (CAGR) of 15.2%. Factors like regulatory compliance requirements, climbing fuel prices, the need for operational efficiency, and a heightened emphasis on safety and security have fueled this growth throughout the historic period.

What are the Expected Market Size and CAGR for IoT Fleet Management by 2029?
The market size for iot fleet management is anticipated to undergo a swift expansion in the forthcoming years. The market is set to escalate to a valuation of $15.67 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.3%. This predicted upsurge during the forecast period can be linked to the merging with autonomous vehicles, the broadening of e-commerce and last-mile delivery, the use of predictive analytics, the call for sustainable transportation, and the advent of 5G connectivity. Key trends expected during the forecast period consist of the amalgamation with advanced analytics, speedy uptake of telematics solutions, technological progression, emphasis on cybersecurity, and the transition towards predictive maintenance.

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Which Factors Are Driving the Global IoT Fleet Management Market Expansion?
The IoT fleet management market is projected to expand due to expected increases in fleet vehicle sales. Fleet vehicles, which are a set of cars either owned or leased by a company or institution for professional uses like transportation, delivery, and service operations, are seeing growing sales. This growth is fueled by a surge in demand for commercial transportation, economic development, and businesses looking to enlarge or modernize their car fleets. The growth of fleet vehicle sales enhances fleet management by allowing managers to gather real-time information regarding vehicle condition, fuel consumption, driving habits, and maintenance requirements. Case in point is in January 2024, Britain made notable progress in new light commercial vehicle (LCV) registrations, marking a significant 21.0% spike. The Society of Motor Manufacturers and Traders (SMMT), a UK motor industry trade group, reported that businesses and fleet enterprises significantly invested in 341,455 vehicles, vital to the UK economy. There was a proportional influx in the registration of battery electric vans (BEVs), with 20,253 units registered, echoing the overall 21.0% increase. Consequently, the growth of fleet vehicle sales is spurring the expansion of the IoT fleet management market.

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Which Segment Currently Holds the Largest Share of the IoT Fleet Management Market?
The iot fleet management market covered in this report is segmented -

1) By Platform: Device Management, Application Enablement Platform (AEP), Network Management
2) By Services: Professional, Managed
3) By Cloud Type: Public, Private, Hybrid
4) By Fleet Type: Public Buses, Passenger Cars (PC), Commercial Vehicles
5) By Application: Drive Time Analysis, Driver Information System, Fleet Analytics, Fuel Management, Remote Diagnostics, Routing Management, Tracking And Monitoring, Other Applications

Subsegments:
1) By Device Management: Device Configuration and Provisioning, Device Monitoring and Diagnostics, Firmware and Software Management
2) By Application Enablement Platform (Aep): Data Analytics and Reporting, Iot Application Development, Real-Time Monitoring and Alerts
3) By Network Management: Network Security and Access Control, Data Transmission and Communication, Network Optimization and Performance Monitoring

Which Major Trends Are Shaping the Future of the IoT Fleet Management Industry?
Prominent companies in the IoT Fleet Management market are concentrating on creating novel solutions, such as fresh fleet management systems, to augment operational effectiveness and enrich real-time tracking. These fleet management tools are either systems or software designed to supervise, govern, and enhance the tasks of a vehicle fleet. They utilize Internet of Things (IoT) tech to deliver instantaneous data on vehicle whereabouts, status, and functioning. For instance, in March 2024, Targa Telematics, a software company based in Italy, introduced new fleet management solutions named ViaSat Fleet Start and Advanced. These solutions, designed for passenger vehicles and light commercial vehicles, integrate flawlessly with Targa's existing IoT platform. The features of these solutions, using real-time data, boost fleet management capabilities, enable businesses to cut costs, ameliorate operational workflows, and provide safeguards against vehicle theft with characteristics like stolen vehicle tracking.

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Which Key Players Dominate the IoT Fleet Management Industry Globally?
Major companies operating in the IoT fleet management market are Verizon Communications Inc., AT&T Inc., Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Telefonica S.A, Northrop Grumman Corporation, Honeywell International Inc., Webfleet Solutions (Bridgestone Mobility Solutions B.V.), Telefonaktiebolaget LM Ericsson, Trimble Inc., Viasat Inc., Sierra Wireless Inc., Geotab Inc., TomTom International B.V., Omnitracs LLC, CalAmp Corp, KORE Wireless Group Inc., Teletrac Navman US Ltd., Inseego Corp, HydraForce Inc., Telit Communications PLC, Aeris Communications Inc., Gurtam, Fleet Complete, Vnomics Corp, Particle Industries Inc., Simon IoT LLC, Monogoto Ltd

What Are the Fastest-Growing Regions in the IoT Fleet Management Market?
North America was the largest region in the IoT fleet management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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