IoT Fleet Management Market Size, Share Report, Analysis, Trends, Growth 2032

IoT Fleet Management Industry Prospective:

The global IoT Fleet Management market size accrued earnings worth approximately USD 7.15 Billion in 2023 and is predicted to gain revenue of about USD 17.02 Billion by 2032, is set to record a CAGR of nearly 10.12% over the period from 2024 to 2032

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IoT Fleet Management Market: Overview

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.

IoT Fleet Management Market: Growth 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

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IoT Fleet Management Market: Report Scope

IoT Fleet Management Market: 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.

IoT Fleet Management Market: Regional Analysis

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.

IoT Fleet Management Market: Competitive Space

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.

The global breast pumps market is segmented as follows:             

By Platform

• Device management
• Application Enablement Platform (AEP)

By Services

• Professional
• Managed

By Solutions

• Drive Time Analysis
• Driver Information System
• Fleet Analytics
• Fuel Management
• Remote Diagnostics
• Routing Management
• Tracking and Monitoring
• Vehicle Maintenance

By Cloud Deployment Model

• Hybrid
• Private
• Public

By Fleet Type

• Commercial Vehicles (CV)
• Passenger Cars (PC)
• Public Buses

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa