In 2016, the global IoT fleet management market was worth USD 3,501.0million. The market is experiencing significant growth due to the increasing need for optimal operational efficiency and safety. The increasing connectivity of smartphones, tablets, smart devices, and vehicles with the internet has opened up new opportunities for connectivity services.
Initiatives and government regulations in the area of intelligent transport systems have encouraged the development of vehicle connectivity technologies. They are expected to increase widespread adoption of IoT technology during the forecast period. IoT fleet management will be boosted by the increasing emphasis on low energy consumption, reduced emissions and safe operations. The implementation of IoT fleet management allows operators to access real-time data, allowing them to make better decisions about managing their costs.
IoT technology offers many benefits, including safety and security monitoring. It needs to function seamlessly but it also requires robust infrastructure. Market players face major problems due to a lack of infrastructure, particularly in emerging economies like India and Mexico. Market growth can also be impeded by concerns about data security and privacy.
Market barriers include a lack of infrastructure and high integration costs. To collect and transfer data, you will need multiple devices and sensors as well as IT systems. The U.S., U.K. and Germany are developed economies and have strong IT and communication networks. This makes them well-suited for IoT adoption. India, Brazil and Mexico are developing economies with tremendous growth potential but lack the infrastructure and connectivity.
Many transportation companies are becoming more interested in the deployment of Internet of things fleet management system as it can increase efficiency and cost optimization. Large operators with high spending capabilities are more likely to implement IoT-based systems. The cost of IoT-based solutions varies based on project size and complexity.
In 2016, the device management platform was the most popular segment. This segment was the most prominent in 2016, and is expected to continue its dominance. It also showed the highest CAGR over the forecast period. Remote management is possible via the platform. It allows for operations such as factory resets, reboots, and firmware downloads and updates. Some of the smart devices and sensors that are used to track and monitor vehicles can cause unexpected problems, such as connectivity issues and malfunctions. It is crucial to identify the problem area in order for the entire system to function smoothly. It is expected to see a high adoption rate as the device management platform allows for smooth functioning of the entire system.
It is expected that the network management platform will also see significant growth in this same time period. It provides real-time visibility into network activities and clarity over issues such as network efficiency and data usage. It also allows device control capabilities. This market for network management platform will continue to grow over the forecast period.
The market can be divided into managed and professional services based on the type of service. The managed services market is expected to grow at a faster pace than the professional services. The paradigm shift from traditional hosting towards cloud hosting is the main driver of this segment's growth. In recent years, the need to manage multiple fleet operations on a single network has grown. This segment is experiencing rapid growth due to the ever-changing needs of clients and increasing complexity in infrastructure.
Enterprises can manage their operational and service costs with profession services. These services can also help to speed up new product development, reduce risk, streamline complex IoT activities, and simplify IoT processes. The professional services market will see a slower growth rate than the rest of the market over the forecast period.
Based on deployment, the Internet of things fleet management market can be divided into three segments: private, public, or hybrid cloud. Because only a few people have access to the cloud, private cloud deployment provides greater data security. This makes private cloud an ideal deployment method for large companies. The largest segment in the forecast period is private cloud deployment.
Public cloud deployments are growing at a faster rate due to lower prices and better reliability. Small operators prefer public cloud because of its increased scalability, utility benefits and other features. Hybrid cloud deployment is a viable option for organizations that require security and scalability. Hybrid cloud provides both private and public cloud benefits. The highest expected CAGR for hybrid cloud deployments is predicted to be over the forecast period.
The IoT fleet management market can be divided into four segments based on the solutions: vehicle tracking and monitoring; fleet analytics; fuel management; predictive maintenance; remote diagnostics; and driver tracking. The goal of fleet operators is to reduce overall expenses. Fuel and maintenance costs account for a large portion of overall expenditure. Operators rely heavily on solutions like fuel management and predictive maintenance to increase their profitability. It will be a driving force in the near future.
It is vital to minimize vehicle downtime in the event of a vehicle failure. This not only impacts fleet operators' operational efficiency but also increases their expenses. Commercial fleets are often subject to constant activity and extreme operating conditions. This results in higher wear and tear and eventually a failure. Predictive maintenance gathers data from vehicles, and then analyzes it to predict component failure. This allows vehicles to achieve higher operational performance. The market for predictive maintenance solutions will witness the highest CAGR in 2017-2025.
The Internet of Things fleet management market is divided based on its applications into passenger cars and commercial vehicles. An interconnected commercial vehicle can help track and monitor vehicle location, cargo status, driver behavior, and performance. This will increase the safety and security of cargo and vehicles being transported. The market was dominated by the commercial vehicle segment. This trend will continue for the forecasted time.
With a higher growth rate than for commercial vehicles, passenger cars will grow at a faster pace than other segments. Smartphone integration in passenger cars can contribute to this growth. This will improve customer experience and create new revenue opportunities both for IoT system providers and smartphone providers. The automation will be further fueled by the adoption of IoT in cars.
The market is segmented geographically into North America and Europe, Asia Pacific (Latin America), Latin America, Middle East & Africa, and Europe. The largest market share was held by Europe and North America in 2016, and they will continue to grow. APAC, MEA and Latin America are expected to be more successful.
Over the forecast period, North America will experience significant market growth. The region's market is growing due to increased sales of commercial vehicles. The market will continue to grow due to strong presence of fleet management companies such as Fleetmatics and Trimble, Zonar Systems Omnitracs, Telogis and Verizon Networkfleet.
The European Commission works with its member countries and countries to increase IoT adoption. The U.K., Ireland and other countries are the top adopters of fleet management systems. The market is being influenced by regulatory policies such as making it compulsory for OEMs to include e-call technology on all vehicles sold starting April 2018. The 1-Fleet Alliance was formed by 17 prominent fleet management solutions providers in the region. This led to the collaboration of over 400,000 fleet management units. The alliance will continue to work towards developing innovative solutions and promoting benefits for economies-of-scale.
Asia Pacific will likely be the fastest-growing region in the forecast period. The region will be driven by the increasing penetration of smart devices and growth in vehicle sales. Although the region is very price sensitive, it offers huge growth potential. In 2016, the MEA region saw significant IT investments that reached USD 213 trillion. In recent years, the number of IoT projects funded by the government has increased in the region. The region's operators are more concerned with vehicle security. They have track & trace systems installed on their vehicles and other complementary features such as remote immobilizers and panic buttons.
The market is dominated by AT&T Cisco Systems, Inc., Verizon, Trimble Inc., IBM, Telefonica, Intel Corporation, Sierra Wireless, Omnitracs, and Tomtom International BV.
Market players are primarily focused on collaboration with other stakeholders in the value chain. To develop new solutions and gain a competitive advantage, companies have increased their R&D expenditures. In order to be able to compete in the market, market leaders have turned to mergers and acquisitions. Verizon Communications Inc. purchased Fleetmatics Group PLC in 2016 for USD 2.4 million. Fleetmatics, an American provider of fleet tracking and public cloud services, is a US company. Verizon Communication expects to increase its IoT fleet management business and telematics business through the acquisition.
This report provides a forecast of revenue growth at the global, regional and country level and analyzes the industry trends in each sub-segment from 2016 through 2025. Grand View Research has divided the global Internet of things market (IoT), fleet management report by platform, service, cloud deployments, solution, region, and application.
Platform Outlook (Revenue USD Million, 2014-2025)
Device Management
Application Enablement
Network Management
Service Outlook (Revenue USD Million, 2014-2025)
For professionals
Managed
Cloud Deployment Outlook (Revenue USD Million, 2014-2025)
Private
Public
Hybrid
Solution Outlook (Revenue USD Million, 2014-2025)
Driver Monitoring & Tracking
Fleet Analytics
Fuel Management
Predictive Maintenance
Remote Diagnostics
Vehicle Monitoring & Tracking
App Outlook (Revenue USD Million, 2014-2025)
Commercial Vehicles
Passenger Cars
Regional Outlook (Revenue USD Million, 2014-2025)
North America
U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
China
India
Japan
Latin America
Mexico
Middle East & Africa (MEA)
b. Global internet of things fleet management market was valued at USD 4.6 billion in 2019, and is forecast to grow to USD 5.3 billion by 2020.
What is the internet-of-things fleet management market growth?b. Global internet of things fleet management market will grow at a compound annual rate of 20.5% between 2017 and 2025, to reach USD 16.8 million by 2025.
Which market segment had the largest share of internet-of-things fleet management?b. With a 28.9% share in 2019, North America was the dominant market for internet of things fleet management. This can be attributed to the increasing sales of commercial vehicles within the region.
What are the major players in the internet of things fleet management marketb. b.
What are the driving factors for the internet of thing fleet management market?b. The market is driven by a growing need to optimize operational efficiency and improve vehicle safety.
Up Market Research published a new report titled “Internet of Things Fleet Management Market research report which is segmented by Platform (Network Management, Device Management), by Application (Passenger Cars, Commercial Vehicles), By Players/Companies Inc; Verizon; Trimble Inc; IBM; Telef³nica; Intel Corporation; Sierra Wireless; Omnitracs; and Tomtom International BV, AT&T; Cisco Systems”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Internet of Things Fleet Management Market Research Report |
By Platform | Network Management, Device Management |
By Application | Passenger Cars, Commercial Vehicles |
By Companies | Inc; Verizon; Trimble Inc; IBM; Telef³nica; Intel Corporation; Sierra Wireless; Omnitracs; and Tomtom International BV, AT&T; Cisco Systems |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 245 |
Number of Tables & Figures | 172 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Platform (Network Management, Device Management), by Application (Passenger Cars, Commercial Vehicles).
Internet of Things Fleet Management Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Internet of Things Fleet Management Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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