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2024 Global Smart Fleet Management Market - Analysis and Trends : Global Market Insights Inc.
Smart Fleet Management Market size is expected to gain momentum during the forecast timeframe owing to the rise in demand for fleet monitoring and real-time tracking to reduce the transportation cost. The increase in stringent government regulations pertaining to safety is expected to propel the demand for these systems.Smart fleet management systems market enables operators to keep a check on factors such as route management, fuel consumption, vehicle maintenance, and driver performance. These systems provide a dedicated server for fleet data and security in a single system, which is anticipated to increase the customer inclination toward these solutions. The adoption of this technology allows operators to monitor the driver behavior and measure maintenance costs. Furthermore, these systems ease the downloading of fleet data to analyze, measure, and make cost-effective decisions or enhance safety. For instance, managers can analyze the fuel efficiency of a vehicle based on the route opted. These factors are expected to drive the smart fleet management market during the forecast timeframe.
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Increased emphasis on energy/fuel efficiency in vehicle operations in addition to the need for high-speed networks is encouraging the adoption of these systems. Advancements in Internet of Things (IoT) and wireless technology are expected to bring new capabilities to these systems, thus fueling the demand. An increase in the mobile connectivity to deliver safer, cost-effective, and greener services is expected to augment the smart fleet management market over the forecast period.
The high cost of these systems and their complexity are anticipated to be the factors restraining the smart fleet management market size. Continuously increasing fleet sizes and the routes traveled increase the complexity of the system. The abundant amount of data generated by continuous location tracking of the vehicles is likely to challenge the industry growth.
The smart fleet management market is segmented based on hardware, transportation, connectivity, and solutions. Based on transportation, the smart fleet management market is segmented into automotive, marine, and rolling stock. The automotive segment is expected to grow during the forecast timeframe owing to the increasing adoption of roadways for domestic and international transportation.
Based on hardware, the smart fleet management market is segmented as tracking, ADAS, optimization, and remote diagnostics. ADAS systems are expected to grow at a significant rate, owing to the high adoption of these systems in passenger cars, particularly in North America and Europe. Governments of countries in the Asia Pacific region, including India and China are focused on mandating these systems to enhance passenger safety.
Based on connectivity, the smart fleet management market is classified as long-range communication, short-range communications, and cloud. With advancements in the cloud technology, the smart fleet systems vendors are focused on providing cloud solutions to the customers, owing to its reliability and better performance, compared to other connectivity modes. Based on solutions, the industry is segmented as vehicle tracking and fleet optimization. Fleet operators are increasingly leveraging the advent of Internet of Things by equipping vehicles with wireless technology to improve connectivity and scalability. This is anticipated to favor the growth of fleet optimization solutions, thus boosting the smart fleet management market.
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The smart fleet management market in the Asia Pacific region is expected to grow at a remarkable pace owing to increasing stringency in regulations and rising transportation facilities in countries including India, China, and Japan. The governments in these countries are compelling the OEMs to implement these systems in vehicles owing to the changing approach toward the safety of drivers, passengers, fleet operators, and goods. Improving trade and socio-economic conditions in Thailand, Indonesia, and Malaysia have increased the demand for premium fleets with high safety features, thus positively impacting the smart fleet management market growth.
Industry players in the smart fleet management market include Harman International Industries, Inc., Robert Bosch GmbH., Siemens AG, Denso Corporation, IBM Corporation, Continental AG, Cisco Systems, Inc., Sierra Wireless, Inc., Calamp Corp., OTTO Marine Ltd., Precious Shipping Co. Ltd., and Globecomm Systems, Inc. The presence of primarily big players characterizes the smart fleet management market. However, new startups are entering the market with more specialized fleet management and optimization solutions for specified applications. For instance, KeepTruckin, a startup based in the U.S. is focusing on improving the efficiency of the trucking industry by connecting drivers and vehicle freights on road.
Telematics service providers and OEMs in the smart fleet management market are developing solutions to ensure compatibility with future standards to increase ease-of-maintenance and scalability. Telematics providers are developing integrated modules and SIMs to connect to cellular networks as vehicles travel between urban & rural areas, network provider boundaries, and cellular network boundaries from 2G to 3G and 4G. These modules are intended to achieve scalability and optimum coverage that remain compatible with the changing technology.
The technology providers are investing in developing solutions with special and customized features in the smart fleet management market. For instance, P&L Software, a firm based in the UK focuses on developing software for the waste management industry. The company has developed an integrated waste system that comprises a software suite with modules consisting of tailored features catering to specific customer requirements. Increasing government subsidies are attracting new companies that are entering this market.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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