(MENAFN- Ameliorate Digital Consultancy)
The global IoT fleet management market is projected to top a valuation of US$ 7.3 Billion 2022. Sales are expected to reach at a valuation of US$ 22.2 Billion by 2032, with the market registering growth at an impressive 11.8% CAGR between 2022 and 2032.
Growing need to reduce fuel emissions and enhance fleet operating efficiency is expected to act as a significant driver. IoT fleet management software allows the drivers to follow routes, identify crowded highways, do predictive maintenance, and other tasks, improving fuel efficiency.
Government obligations to improve fleet safety standards is one of the primary drivers propelling the growth in the market. Rising incidence in road fatalities due to excessive traffic is encouraging governments across the globe to tighten regulations, improving the adoption of IoT fleet management systems.
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Report Attributes
Details | | Historical Data | 2023 – 2032 | | Value Projection (2032) | US$ 22.2 Billion | | Growth Rate (2022-2032) | 11.5 % CAGR | | No. of Pages | 170 pages | | No. of Tables | 52 Tables | | No. of Figures | 56 Figures | |
Key Takeaways:
North America is anticipated to hold lion's share in the global market during the forecast period. The U.S IoT fleet management market is expected to reach at a valuation of US$ 5.2 Billion between 2022 and 2032. In terms of application, routing management segment will dominate the market, exhibiting growth at 11.2% CAGR during the projected period. Based on type, private cloud category is expected to register a CAGR of 12.4% during the forecast period. Sales of IoT fleet management systems in Japan are projected to increase at 12.5% CAGR over the assessment period. Demand in the U.K. market is expected to surge at 12.8% CAGR between 2022 and 2032.
Growth Drivers:
Rising integration of advanced technology in electric cars and compatibility with smartphones is expected to drive growth. Growing need for real-time fleet monitoring and rapid digitization in automotive industry will propel the demand. Mobility-as-a-service implementation by government authorities to reduce carbon emissions and traffic congestion is likely to benefit the market.
Competitive Landscape:
Players in the market are collaborating along with diverse value chain stakeholders and end users. In order to provide innovative solutions and gain a competitive edge, companies are likely to invest extensively in research and development. They are also adopting mergers and acquisitions as their primary approach to strengthen their global footprint, in addition to developing new products and forming alliances.
For instance,
In December 2021, GPS insight announced the purchase of FieldAware field service automation software, a Software Company for field service, telematics software, and fleet management. In January 2020, in California, Eleos Technologies and Geotab Inc. formed a strategic alliance to introduce“UNIFY.” Transportation software as a service is offered by Eleos Technologies. The UNIFY platform intends to provide FMCSA-compliant ELD and customized fleet management systems for augmented solutions and insights.
Key Companies Profiled by Fact.MR
IBM Corporation AT&T Inc. Intel Corporation Verizon Communications Inc. Oracle Corporation
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More Valuable Insights on IoT Fleet Management Market
In the latest study, Fact.MR offers a detailed study on global IoT fleet management market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of IoT fleet management through detailed segmentation as follows:
By Cloud Type:
By Application:
Routing Management Tracking and Monitoring Management Fuel Management Remote Diagnostics
By Fleet Types:
Passenger Vehicles Commercial Vehicles
By Region:
North America Europe Asia Pacific Middle East & Africa Latin America
Key Questions Covered in the IoT Fleet Management Market Report
What is the projected value of the IoT fleet management market in 2022? At what rate will the global IoT fleet management market grow until 2032? Which are the factors hampering the growth in the IoT fleet management market? Which region is expected to lead in the global IoT feet management market during 2022-2032? Which are the factors driving the IoT fleet management market during the forecast period? What is the expected market value of the IoT fleet management market during the forecast period?
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