The IoT fleet management market is projected to grow at a CAGR of 21.26% during the forecast period, to reach a market size of USD 8.28 Billion by 2021. The growing demand for operational efficiency, real-time fleet monitoring, process automation, predictive maintenance, and fleet analytics are some of the key drivers for this market.
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The report "IoT Fleet Management Market by Platform (Device Management, Application Enablement Platform, and Network Management), Services (Professional, Managed), Cloud Deployment (Public, Private, Hybrid), Solutions, Fleet Type, and Region - Global Forecast to 2021", The key factors driving the growth of the IoT fleet management market are increased demand for optimized business operations, real-time fleet monitoring, and growing number of government mandates for fleet safety. The IoT fleet management market is estimated to grow from USD 3.16 Billion in 2016 to USD 8.28 Billion by 2021, at a CAGR of 21.26% during the forecast period.
Browse 78 market data tables and 58 figures spread through 158 pages and in-depth TOC on "IoT Fleet Management Market by Platform (Device Management, Application Enablement Platform, and Network Management), Services (Professional, Managed), Cloud Deployment (Public, Private, Hybrid), Solutions, Fleet Type, and Region - Global Forecast to 2021"
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“Routing Management holds the largest share in IoT Fleet Management market”
Routing management accounted for the largest share of the IoT fleet management market, by solutions.
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The growth of this segment can be attributed to rising global road freight traffic and constant R&D activities to develop innovative products. According to the Road Freight Transport Statistics of European Commission (EC), the road freight transport of European countries increased by 2.2% in 2015, as compared to 2014, and was the highest in the last five years.
Also, the continuous R&D activities by fleet solution providers to develop advanced products help the fleet companies to provide the shortest and less crowded route to fleet vehicles to avoid unnecessary overtime cost.
“Managed Services estimated to grow at the highest CAGR during the forecast period”
The managed services segment is expected to dominate the IoT fleet management market, by services, from 2016 to 2021. Managed services not only offer flexibility but also allow multiple function handling efficiently and, hence, reduce the overall operational cost.
These also help to provide the desired operation as per the client’s specific needs, resulting in enhanced customer satisfaction. Further, these services allow work allocation as per the expertise and centralization of various applications with the data center.
The increasing role of IoT in fleet management along with the integration of IoT is resulting in the increased usage of these services. The difficulty for companies to focus on other support functions other than their core business processes has also increased the significance of managed services.
“The Americas region was expected to lead the IoT fleet management market in 2016”
The Americas region is expected to hold the largest share in the IoT fleet management market. The growth of the IoT fleet management market in this region can be attributed to increasing sales of fleet vehicles, high adoption rate of advanced technological products, and regulatory developments by the government.
For instance, according to the U.S. Bureau of Transportation Statistics, the number of fleet vehicles includes vans, SUVs, and trucks had increased from 11,550 thousand units in 2010 to 12,276 thousand units in 2015.
The increasing number of fleet vehicles propels the demand for IoT fleet management solutions. Also, some of the Original Equipment Manufacturers (OEM) in this region such as Volvo Trucks and Daimler Trucks North America, LLC started offering telematics solutions either independently or in partnership with fleet solution providers.
Further, in 2015, Daimler Trucks had successfully completed the testing of truck platooning concept. Also, the U.S. government regulations of Electronic Logging Devices (ELD) mandate makes fleet management solutions a necessary tool for commercial trucks.
Some of major players in the IoT fleet management market include AT&T, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Verizon Communications, Inc. (U.S.), TomTom International BV (Netherlands), Trimble, Inc. (U.S.), IBM Corporation (U.S.), Omnitracs (U.S.), Sierra Wireless (Canada), Intel Corporation (U.S.), and Telefonica S.A. (Spain).
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