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Smart Fleet Management Market Status, Growth Opportunity And Forecast Analysis Report till 2025
The global smart fleet management market size is expected to reach USD 565.1 billion by 2025, according to a study conducted by Radiant Insights, Inc. The market is anticipated to register a CAGR of 7.6% from 2017 to 2025. Introduction of vehicular communication technologies has increased the adoption of smart fleet management solutions, which enable vehicle tracking and monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and driver performance tracking and monitoring, among others. This enables fleet operators of all sizes to incorporate smart technologies to increase their operational efficiency, enhance productivity, and enable varied cost savings. Government agencies are investing in intelligent transport systems and mandating the use of connected technologies for all vehicles to enhance driver and road safety, reduce carbon emissions, and efficiently manage traffic congestions.
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For connected technologies to work successfully, it is of utmost importance that there be seamless connectivity. In regions such as North America and Europe, there is ubiquitous presence of strong wireless connectivity infrastructure and this has facilitated widespread investment in telematics solutions among fleet operators. Additionally, presence of prominent industry players such as Cisco Systems, Inc.; IBM Corporation; Continental AG; Sierra Wireless; Zonar Systems, Inc.; and Orbcomm, Inc. is estimated to foster growth prospects for the smart fleet management market.
On the down side, advancements in networking technologies enabling a connected environment will pose significant concerns over data privacy and data security. Lack of network infrastructure in developing regions, complexity of deployment, and high initial capital requirements are also expected to hinder the growth of the smart fleet management market.
Further key findings from the study suggest:• By transportation, the automotive segment will register the fastest growth during the forecast period, exhibiting a CAGR of 8.2%. Autonomous vehicles, telematics, and vehicular communications will drive this segment
• In terms of hardware, ADAS systems are expected to dominate the global smart fleet management market owing to increasing government regulations and initiatives to ensure safety
• Low cost, flexibility, and scalability are expected to drive the cloud connectivity segment. The segment is expected to expand at a CAGR of 8.8% over the forecast period
• Demand for efficient transportation, rising demand for premium fleets, and implementation of strict government regulations are expected to bolster the growth of the APAC market
• Cisco Systems, Inc.; Continental AG; IBM Corporation; Siemens AG; Robert Bosch GmbH; Tech Mahindra; Sierra Wireless; and Zonar Systems, Inc. are some of the major players in the market.
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About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
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