Global IoT Fleet Management Market Value
In 2016, the Global IoT fleet management market was valued at approximately USD 3.250 billion and is anticipated to reach USD 15.500 billion by 2024. Between 2017 and 2024, the global IoT fleet management market is anticipated to expand at a CAGR of over 21.5%.
IoT Fleet Management Market Outlook 2022 –
Fleet management aids a company’s transport operations by enhancing efficiency, increasing the allocation of funds to the fleet, and ensuring compliance with government regulations. The Internet of Things fleet management system is a product of software, hardware, and communication technology.
It offers a variety of solutions, including vehicle tracking and monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and tracking and monitoring of driver performance. It enhances supply chain visibility and monitoring activities along the process chain.
In addition, the introduction of internet connectivity in vehicles has increased the adoption of IoT fleet management. It has allowed fleet operators to increase operational efficiency and reduce costs.
The increasing demand for vehicle integration of electronic devices and smart phones is anticipated to contribute to the market’s growth. Moreover, IoT fleet management will aid in the enforcement of government regulations regarding road safety while transporting goods.
Impact of the Russia-Ukraine War on the IoT Fleet Management Market
Since late 2021, long before Russia’s invasion of Ukraine, markets have been more volatile than usual. As a result of this conflict and the ongoing effects of the COVID-19 epidemic, agricultural prices have already increased, which may have an impact on global markets.
COVID-19 Impact Evaluation:
Due to the COVID-19 pandemic, the government and business shutdowns are anticipated to have a significant effect on the IoT fleet management market.
Since all construction, mining, and other industries had ceased operations as a result of the lockdown, the demand for fleet management decreased.
In addition, due to social distance norms, there was a lack of labour, which negatively impacted the market.
IoT fleet management is a developing industry, but the pandemic had a negative impact on the market due to the decline in transportation demand.
Principal merits of the report:
This study provides an analytical depiction of the IoT fleet management market, as well as current trends and future projections, in order to identify the most promising investment opportunities.
The report provides information on the IoT fleet management market’s key drivers, restraints, opportunities, and challenges.
From 2020 to 2030, the current market is quantitatively analysed to illustrate the IoT fleet management market growth scenario.
The report provides a comprehensive analysis of the IoT fleet management market based on competitive intensity and how competition will evolve in the coming years.
The market research report on IoT fleet management addresses the following questions:
Who are the leading market participants active in IoT fleet management?
What are the specific effects of COVID-19 on the market?
Which current trends will impact the market in the coming years?
What are the market drivers, challenges, and opportunities for IoT fleet management?
What are the future projections that would aid in taking additional strategic steps?
Major IoT Fleet Management Market Drivers
Industry-Beneficial Deployment of Developed Connecting Technologies with Fleet Management
Cloud-based, GPS, and big data analytics are examples of cutting-edge technologies that provide developed software that gives players lucrative opportunities and benefits the market.
With the advent of Internet connectivity in vehicles, there has been an increase in demand for sophisticated fleet monitoring techniques. In addition, the market is anticipated to expand substantially due to the escalating demand for real-time fleet monitoring and rapid digitalization.
Several initiatives are underway to develop a modern software solution for fleet management. eBikeGo, an electric mobility platform, rolled out a fleet management system based on AI and IoT in August 2021. EBG-Matics is a system that monitors vehicles and riders to improve efficiency.
The players are integrating telematics and GPS technologies into the software to provide real-time monitoring of current and predicted data. WebillionMS fleet software, for instance, is a GPS-controlled and IoT-based telematics fleet tracking solution. It enables businesses to raise, track, and analyse fleet operations regardless of fleet size.
Increasing smartphone integration with vehicles is anticipated to provide a significant boost to the growth of the IoT fleet management market over the forecast period.
In addition, fluctuating fuel prices and rising maintenance costs are likely to play a significant role in bolstering the demand for effective IoT fleet management systems. Senior Research Analyst Opinions
Geotab, Inc. launched “UNIFY” in California in January 2020 in partnership with Eleos Technologies. Eleos Technologies is a provider of Software-as-a-Service for the transportation industry.
The UNIFY platform intends to provide customised fleet management systems and FMCSA-compliant ELD for enhanced insights and solutions.
The global IoT Fleet Management market research executive summary provides an overview of the target market, including market concepts, classifications, implementations, and industry chain structure. Emerging markets have access to information regarding international business, including growth trends and competitive environment assessments.
The market research report provides a comprehensive look ahead. This research report examines the global and regional market growth prospects in great detail.
When estimating market size, the proportion of sales from consumer goods is taken into account.