The global internet of things (IoT) fleet management market size is expected to touch USD 16.86 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 20.8% during the forecast period. Introduction of vehicular internet connectivity has triggered the rate of adoption for IoT fleet management. IoT fleet management includes various solutions such as vehicle tracking & monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and driver performance tracking & monitoring. These solutions enable fleet operators to not only increase their operational efficiency but also assist them in reducing expenses.
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For the IoT technology to work successfully, seamless connectivity is one of the most important prerequisites. Presence of strong wireless connectivity infrastructure in regions such as North America and Europe has facilitated the widespread adoption of IoT fleet management. Hence, it is anticipated that these regional markets will witness remarkable growth in coming years. Additionally, domicile of prominent IoT technology companies such as AT&T, Cisco Systems, Inc., Intel Corporation, Verizon, and IBM is estimated to foster the growth prospects for the market.
While rising number of IoT devices are stoking market growth, there has also been significant concerns over data privacy and security. As there has been a significant increase in cyber-attacks around the world over the past few years, the need to safeguard end users from a potential attack is likely to play an important role in determining the growth of the IoT fleet management market.
IoT Fleet Management Market Report Highlights
• Device management is the fastest growing platform at a CAGR of 21.7% during the forecast period. Need for managing the rising number of connected IoT devices is playing a pivotal role in the growth of the segment
• As managed services play a significant role in managing, monitoring, and reducing the operational cost of the complex Internet of things fleet management eco system, the segment is poised to register the highest CAGR of 22.0% during the same period
• Benefits such as low cost and higher flexibility are projected to drive the hybrid cloud deployment segment. The segment is expected to experience the fastest growth over the forecast period
• Booming e-commerce market in countries such as India and China has created the demand for efficient transportation systems. Thus, the Asia Pacific IoT fleet management market is anticipated to be the most promising region over the forecast period
• Some of the prominent industry participants operating in the market are AT&T; Cisco Systems, Inc.; Verizon; Trimble Inc.; Intel Corporation; IBM; Omnitracs; Tomtom International BV; Sierra Wireless; and Telefónica.
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IoT Fleet Management Market Segmentation
Grand View Research has segmented the global Internet of things (IoT) fleet management market report on the basis of platform, service, cloud deployment, solution, application, and region:
IoT Fleet Management Platform Outlook (Revenue, USD Million, 2014 - 2025)
• Device Management
• Application Enablement
• Network Management
IoT Fleet Management Service Outlook (Revenue, USD Million, 2014 - 2025)
• Professional
• Managed
IoT Fleet Management Cloud Deployment Outlook (Revenue, USD Million, 2014 - 2025)
• Private
• Public
• Hybrid
IoT Fleet Management Solution Outlook (Revenue, USD Million, 2014 - 2025)
• Driver Tracking & Monitoring
• Fleet Analytics
• Fuel Management
• Predictive Maintenance
• Remote Diagnostics
• Vehicle Tracking & Monitoring
IoT Fleet Management Application Outlook (Revenue, USD Million, 2014 - 2025)
• Commercial Vehicles
• Passenger Cars
IoT Fleet Management Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
• Asia Pacific
o China
o India
o Japan
• Latin America
o Mexico
• Middle East & Africa (MEA)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.