The Global IoT Fleet Management Market is accounted for $3.17 billion in 2016 and is expected to reach $13.17 billion by 2023 growing at a CAGR of 22.5% during the forecast period.
Requirement for optimum operational efficiencies and increasing trends towards smartphone integration with vehicles are factors contributing for the market growth.
However, absence of IoT infrastructure in emerging countries is restricting the market. Moreover, Truck Platooning, Cloud and Fog Computing Analytics provide huge growth opportunities for the market.
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Fleet Management is a capacity which permits organizations which depend on transportation in business to expel or limit the dangers related with vehicle investment, improving efficiency and productivity and diminishing their general transportation and staff costs, giving 100% consistence government enactment and some more. The hybrid model has a significant growth in the market due to benefits such as higher flexibility of data management and adequate data implementation privilege at lesser prices.
It allows data backup and recovery on cloud infrastructure. The fluctuating trend of subscription-based solutions is also developing at a modest pace.
These require endless cloud server with easy accessibility. The joint scalability and flexibility of virtual cloud server will accelerate the growth of the hybrid model market.
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Device management is utilized as a part of IoT fleet management market because of extended usage of customized devices, for example, cell phones and tablets. It encourage device confirmation, remote access, observing, and investigating and offers security highlights against hacking and malware assaults.
The OAuth 2.0 and OpenID Connect 1.0 are the approval models that improve the device confirmation that works with IoT server.
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By geography, Americas region has acquired the largest market share in the IoT fleet management market owing to expanding offers of fleet vehicles, high appropriation rate of advanced technological products and administrative advancements by the government. Likewise, a portion of the Original Equipment Manufacturers (OEM) in this region, for example, Volvo Trucks and Daimler Trucks North America, LLC began offering telematics arrangements either freely or in association with fleet arrangement suppliers.
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Some of the key players in IoT Fleet Management market include Cisco Systems, Inc., Trimble, Inc., International Business Machines Corporation (IBM), Intel Corporation, Omnitracs, AT&T, Inc., Verizon Communications, Inc., Tomtom International BV, Telefonica, S.A. and Sierra Wireless.
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