Smart Fleet Management Market : Leveraging Technology For Efficient Operations Industry Forecast, 2020-2027

7/2/2024 6:41:21 AM

(MENAFN- EIN Presswire) PORTLAND, OREGAON, UNITED STATES, July 2, 2024 /EINPresswire / -- The analysis by Allied market Research offers a detailed insight into the global smart fleet management market . It highlights the factors influencing the growth, segmentation, competitive analysis, and profiles of top entities of the market. It further discusses the upcoming trends, advanced technologies, and overall market dynamics. These insights assist stakeholders and businesses in making well-informed decisions to sustain their leading positions. The global smart fleet management market was valued at $38.24 billion in 2019, and is projected to reach $98.66 billion by 2027, registering a CAGR of 15.8%.

Leading Market Players:

Cisco Systems, Inc.
Continental AG
DENSO CORPORATION
Globecomm (Speedcast International Limited.)
IBM
Samsung Electronics Co. Ltd.
Tech Mahindra Limited
Robert Bosch GmbH
Siemens
Sierra Wireless.

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Smart fleet management is a new era of fleet management process which involves the incorporation of fleet management systems to monitor, maintain, and achieve the streamlined operations of a fleet. It incorporates digital technology for tasks such as intelligent surveillance, fuel management, maintenance, driver safety, tracking, and telematics.

In the past decade, the adoption of smart fleet management has seen a significant increase, driven by its ability to provide real-time tracking, crucial alerts, insights into anti-theft alerts, safety alerts, and driver behavior. Furthermore, smart fleet management contributes to compliance assurance, cost reduction, and heightened safety measures.

Advanced technologies transforming the smart fleet management industry :

Telematics :
Telematics involves comprehending both the driver's behaviors and the assets of a vehicle through various technologies and tools, including GPS, dash cams, sensors, and more. By employing advanced analytics and telematics, fleets can be managed effectively and safely, enhancing efficiency.

Fleet managers can efficiently manage their systems, leading to the improvement of a safer fleet, real-time tracking updates, favorable insurance premiums, streamlined and timely maintenance, and overall cost savings.

IoT :
The advent of IoT has brought forth sensors that notify managers and owners of potential package damage. These sensors can detect rapid shocks, changes in humidity and temperature, and variations in light around the package. With the aid of IoT, businesses can identify and mitigate factors that may cause harm to items. This information enables proactive measures such as repairing or withdrawing damaged goods before they are delivered to customers.

The impact of IoT technology on fleet management extends well beyond vehicles, encompassing ground employees in fleet hubs and the sensors integrated into cars. Tablets and portable electronics have replaced traditional notepads. The maintenance team can instantly scan any automotive component and swiftly update the diagnostic report on the central hub. This allows fleet managers to efficiently dispatch cars, meeting rising demand without compromising the quality advantage through swift ground operations.

Blockchain :
Automated and transparent payment systems can be created using blockchain technology, simplifying business transactions. Integrating blockchain technology can enhance efficiency and transparency in fleet management, as it involves various forms of record-keeping.

Blockchain enables the implementation of smart contracts that can automatically initiate transactions upon delivery. It manages all operational aspects in a secure, comprehensive, and transparent manner. Whether it involves monitoring vehicle maintenance and services, obtaining details about delivery routes, recording all cargo delivered by the fleet, or overseeing the entire supply chain, blockchain provides a solution for these various functionalities.

Fleet-as-a-Service : A prominent trend in smart fleet management
Fleet-as-a-Service (FaaS) consolidates diverse transportation modes into a unified platform, providing users with access to various mobility options tailored to their requirements. Shared mobility fleets within FaaS operate on-demand services, encompassing solutions like car-sharing, ride-hailing, and micro-mobility. This integration allows fleet operators to optimize vehicle utilization, minimize costs, and improve customer satisfaction.

Startups in the FaaS sector utilize technologies, such as AI, blockchain, and cloud computing, to develop intelligent fleet solutions. FaaS is reshaping the future of transportation and mobility, presenting new opportunities for both fleet managers and users.

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Segmentation of the global smart fleet management market :

The report provides a detailed segmentation of the smart fleet management industry based on operation, application, mode of transport, connectivity, and region. Additionally, it discusses the highest revenue generating and fastest growing segments among each category.

By mode of transport :
Railways
Airways
Marine
Roadways

By application :
Fuel Cards
Automatic Vehicle Identification
ADAS
Optimization
Tracking

By connectivity :
Long range
Short range

By operation :
Commercial
Private

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Key questions covered in the report :

What is the compound annual growth rate of the global global smart fleet management market?

Which advanced technologies are pioneering the future of the global smart fleet management market?

Which are the top entities profiled in the global smart fleet management market report?

What are the factors impacting the growth of the global smart fleet management market?

Which regions are covered in the global smart fleet management report?