Global IoT fleet management market is expected to reach USD 15,500 million by 2024, growing at a CAGR of more than 21.5% between 2017 and 2024.
Report Brief
Market Summary
Fleet management is a function that helps companies involved in transportation business to minimize or remove the risk associated with productivity, improves efficiency, vehicle investment, and also provides compliance with government legislation. Fleet management also helps to reduce the cost associated with transportation by optimizing cost and efficiency in fleet operations.
The integration of the IoT in the fleet management system aims at improving the business opportunities. IoT solutions in the fleet management will enhance the supply-chain visibility, process-chain monitoring, and much more.
Value
The global IoT fleet management market was valued at around USD 3,250 million in the year 2016 and it is expected to reach approximately USD 15,500 million by 2024. The global IoT fleet management market is expected to grow at a CAGR of over 21.5% between 2017 and 2024.
Drivers and Restraints
The major factor driving the growth of IoT fleet management market is the integration of smart devices with vehicles. The introduction of the IoT has made possible the automobiles to perfectly connect with the smart devices, thus making possible real-time traffic alerts and emergency roadside assistance. The integration of IoT with fleet management helps in remote diagnostics, fuel management, fleet analytics, routing management, tracking and monitoring, vehicle maintenance, drive time analysis, cost- and time-saving, and also fulfills the needs of the client. The increasing adoption of the smart devices by transportation companies is expected to propel the growth of IoT fleet management market over the forecast period.
Moreover, the increasing involvement of government by incorporating regulations on fleet safety and security is expected to propel the growth of the IoT fleet management market.
However, lack of IoT infrastructure in developing countries may hamper the growth of IoT fleet management market. Moreover, poor internet connectivity and lack of technically knowledgeable personnel are other factors that may negatively affect the growth of the market over the forecast period
Segmentation
The device management platform contributed the major share of 39.59% in the IoT fleet management market in 2017 and is expected to keep its dominance over the forecast period. The device management platform gives the facility of remote access, device confirmation, and offers security highlights against malware assaults and hacking.
The professional and managed services are the two major type of services included in the IoT fleet management market. The professional services are expected to register the highest CAGR growth during the forecast period owing to its ability to manage both the operational and service cost of the organization. The professional services help in understanding the company requirements, technical goals, challenges, and it also provides support for developing new products.
The routing management segment is estimated to register the highest CAGR of 23% between 2017 and 2024. Constant R&D activities for developing new products and the growing road freight traffic are factors that are contributing to the growth of the segment. The routing management solutions help the fleet providers in planning and monitoring their travel routes which help them in cost-saving owing to which its popularity is increasing in the global market.
The hybrid, private, and public are the three type of cloud deployment model for IoT fleet management. Among them, hybrid deployment model is estimated to contribute the major share in the global market by cloud deployment model type. The hybrid cloud environment comprises of both public and private cloud deployment models which give the flexibility to choose appropriate deployment model as per the consumers need. Thus there is an increasing adoption of hybrid cloud deployment model by the enterprises as it provides security and scalability.
Commercial vehicles (CV) fleet is estimated to register high CAGR during the forecast period. IoT fleet management system is being widely utilized in the commercial vehicles as it helps in monitoring and tracking of the vehicles by providing real-time information about the vehicle, driver, and traffic. Thus the safety and security of the vehicles and the goods that are being transported increases proving beneficial to the business.
The Asia Pacific is estimated to register the highest CAGR growth during the forecasted period. Increasing opportunities in the transport business owing to the flourishing e-commerce market triggers the growth of the IoT fleet management market in the Asia Pacific. North America and Europe are having a significant share in the IoT fleet management market. Availability of the advanced network infrastructure and the growing sales of the commercial vehicles are factors contributing to the growth of the market in these regions.
Industry Players
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report is Verizon Communications, Inc., Cisco Systems, Inc., AT&T, Inc., Trimble Inc., Tomtom International BV, International Business Machines Corp., Telefónica, S.A., Sierra Wireless, Inc., Intel Corporation, and Omnitracs, among others.
The increasing partnership and collaboration between key players of the IoT fleet management are expected to generate immense opportunity for the global market. For instance, in December 2017, Wex Inc. had announced Three-Year Fleet Card Contract with Verizon.
List of Figures
1. Market research process
2. Market research methodology
3. Global IoT Fleet Management market revenue, 2016 - 2022 (USD Million)
4. Porter’s five forces analysis
5. IoT Fleet Management market attractiveness analysis, by Platform segment
6. IoT Fleet Management: Market attractiveness analysis, by Services segment
7. IoT Fleet Management: Market attractiveness analysis, by Solutions segment
8. IoT Fleet Management: Market attractiveness analysis, by Cloud Deployment Model segment
9. IoT Fleet Management: Market attractiveness analysis, by fleet type segment
10. IoT Fleet Management: Market attractiveness analysis, by regional segment
11. Company market share analysis, 2016
12. Global IoT Fleet Management market revenue share by Platform, 2017 and 2024
13. Global Device management market, 2016 – 2024 (USD Million)
14. Global Application Enablement Platform (AEP)market, 2016 – 2024(USD Million)
15. Global Network management market, 2016 – 2024(USD Million)
16. Global IoT Fleet Management market revenue share by Services, 2014 and 2022
17. Global IoT Fleet Management market for Professional, 2016 – 2024, (USD Million)
18. Global IoT Fleet Management market for Managed, 2016 – 2024, (USD Million)
19. Global IoT Fleet Management market revenue share by Solutions, 2014 and 2022
20. Global IoT Fleet Management market for Drive Time Analysis, 2016 – 2024, (USD Million)
21. Global IoT Fleet Management market for Driver Information System, 2016 – 2024, (USD Million)
22. Global IoT Fleet Management market for Fleet Analytics, 2016 – 2024, (USD Million)
23. Global IoT Fleet Management market for Fuel Management, 2016 – 2024, (USD Million)
24. Global IoT Fleet Management market for Remote Diagnostics, 2016 – 2024, (USD Million)
25. Global IoT Fleet Management market for Routing Management, 2016 – 2024, (USD Million)
26. Global IoT Fleet Management market for Tracking and monitoring, 2016 – 2024, (USD Million)
27. Global IoT Fleet Management market for Vehicle Maintenance, 2016 – 2024, (USD Million)
28. Global IoT Fleet Management market revenue share by Cloud Deployment Model, 2014 and 2022
29. Global IoT Fleet Management market for Automotive, 2016 – 2024, (USD Million)
30. Global IoT Fleet Management market for Hybrid, 2016 – 2024, (USD Million)
31. Global IoT Fleet Management market for Private, 2016 – 2024, (USD Million)
32. Global IoT Fleet Management market for Public, 2016 – 2024, (USD Million)
List of Tables
1. IoT Fleet Management Market: Market Snapshot
2. Drivers of global IoT Fleet Management market: Impact analysis
3. Restraints of global IoT Fleet Management market: Impact analysis
4. North America IoT Fleet Management market revenue, by Platform, 2016 – 2024 (USD Million)
5. North America IoT Fleet Management market revenue, by Services, 2016 – 2024 (USD Million)
6. North America IoT Fleet Management market revenue, by Solutions, 2016 – 2024 (USD Million)
7. North America IoT Fleet Management market revenue, by Cloud Deployment Model, 2016 – 2024 (USD Million)
8. North America IoT Fleet Management market revenue, by fleet type, 2016 – 2024 (USD Million)
9. Europe IoT Fleet Management market revenue, by Platform, 2016 – 2024 (USD Million)
10. Europe IoT Fleet Management market revenue, by Services, 2016 – 2024 (USD Million)
11. Europe IoT Fleet Management market revenue, by Solutions, 2016 – 2024 (USD Million)
12. Europe IoT Fleet Management market revenue, by Cloud Deployment Model, 2016 – 2024 (USD Million)
13. EuropeIoT Fleet Management market revenue, by fleet type, 2016 – 2024 (USD Million)
14. Asia Pacific IoT Fleet Management market revenue, by Platform, 2016 – 2024 (USD Million)
15. Asia Pacific IoT Fleet Management market revenue, by Services, 2016 – 2024 (USD Million)
16. Asia Pacific IoT Fleet Management market revenue, by Solutions, 2016 – 2024 (USD Million)
17. Asia Pacific IoT Fleet Management market revenue, by Cloud Deployment Model, 2016 – 2024 (USD Million)
18. Asia PacificIoT Fleet Management market revenue, by fleet type, 2016 – 2024 (USD Million)
19. Latin America IoT Fleet Management market revenue, by Platform, 2016 – 2024 (USD Million)
20. Latin America IoT Fleet Management market revenue, by Services, 2016 – 2024 (USD Million)
21. Latin America IoT Fleet Management market revenue, by Solutions, 2016 – 2024 (USD Million)
22. Latin America IoT Fleet Management market revenue, by Cloud Deployment Model, 2016 – 2024 (USD Million)
23. Latin America IoT Fleet Management market revenue, by fleet type, 2016 – 2024 (USD Million)
24. Middle East and Africa IoT Fleet Management market revenue, by Platform, 2016 – 2024 (USD Million)
25. Middle East and Africa IoT Fleet Management market revenue, by Services, 2016 – 2024 (USD Million)
26. Middle East and Africa IoT Fleet Management market revenue, by Solutions, 2016 – 2024 (USD Million)
27. Middle East and Africa IoT Fleet Management market revenue, by Cloud Deployment Model, 2016 – 2024 (USD Million)
28. The Middle East & Africa IoT Fleet Management market revenue, by fleet type, 2016 – 2024 (USD Million)
This report is based on in-depth qualitative and quantitative analyses of the global IoT Fleet Management market. Zion Market Research has collected and analyzed key data belong to the global IoT Fleet Management Market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of IoT Fleet Management across the world has been calculated through primary and secondary research.
Zion Market Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Market Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the IoT Fleet Management industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases, and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the IoT Fleet Management Market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
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