IoT Fleet Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 08/02/2017 -- The global IoT fleet management market is driven by the growing need for high operational efficiency, upcoming regulations on security and safety of fleet, and integration of smart devices with vehicles. IoT fleet management helps in real time fleet monitoring and optimized business operations, thus driving their demand. The rising number of fleet vehicles, escalating maintenance cost, and volatile fuel prices worldwide will propel the demand for IoT fleet management. The growing concerns among fleet companies to reduce their cost and yet achieve operational efficiency are driving them to adopt IoT fleet management services. The implementation of IoT fleet management enables data transmission with 4G and 5G technology over cloud servers, real time monitoring and predictive analysis and maintenance of data into useful information so as to get the most favorable result.
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It is estimated that the hybrid model will show a potential for a healthy growth. The ability to backup data on cloud and recover the same, higher flexibility offered, in terms of management of data and implementation of data privilege at low cost are some of the reasons why the hybrid model will experience growth in the forecast period. Another trend which can be expected to become popular is the shift to subscription-based solutions. On the other hand, some of the challenges faced by the global IoT fleet management market include, a lack of infrastructure in emerging economies, and cost sensitivity of small players within the market. The driver privacy concerns will also impact the growth of the global IoT fleet management market.
Fleet management is a process to improve efficiency and productivity, and reduce the cost of operations of vehicles used in the transportation business. Internet of Things (IoT) technology is used in managing fleet to improve overall efficiency.
In an IoT fleet management ecosystem, real time data can be collected from individual vehicles and subsequently analyzed, helping both the drivers and fleet operators. Total Cost of Ownership (TCO) of a vehicle consists of acquisition cost, operation cost and depreciation cost. IoT technology helps fleet operators to minimize TCO of vehicle through fleet management software, improves fuel efficiency and driver safety by optimizing vehicle route and monitoring vehicle tire pressure. An IoT application enabled platform (AEP) is a form of platform-as-a-service. An AEP platform-as-a-service is a type of cloud computing service allowing fleet operators to develop, run and manage software without building or maintaining infrastructure to maintain software. Commercial fleets travel large distances compared to passenger vehicles. They pass through intra state, interstate, intra country and cross-country routes and subsequently communication coverage changes by carrier type, network type or both. IoT fleet management system helps to overcome this problem by providing better communication systems for both drivers and fleet operators. IoT technology helps drivers to provide real time information through driver information systems. All the real time data collected from a cloud server are analyzed by fleet analytics to provide valuable information to drivers and fleet operators.
By platform, the market is segmented into drive management, application enabled platform (AEP), and network management. By solution, the market is segmented into drive time analysis, driver information system, fleet analytics, fuel management, remote diagnostics, routing management, tracking and monitoring and vehicle maintenance. By cloud technology, the market is segmented into public, private and hybrid cloud. By fleet type, the market is segmented into commercial fleet and passenger fleet.
By geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is a major market in the IoT fleet management system. The U.S, Canada and Mexico are significant markets in the region. Europe is another major market for IoT fleet management systems. Asia Pacific is also a significant market for IoT fleet management. China is a prominent market in Asia Pacific apart from Japan and South Korea. In Middle East & Africa and Latin America the adoption of IoT technology in fleet management systems is slow. Iran, South Africa, Brazil, and Argentina are significant markets in Middle East & Africa and Latin America.
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Rising demand for fleet safety, data management, reducing total cost of ownership (TCO) and fuel efficiency are anticipated to drive the adoption of IoT technology in fleet management systems. Governments across the world are implementing strict emission control norms which is anticipated to increase the adoption of IoT technology in fleet management systems. Currently, the penetration of IoT technology is low in overall fleet management systems but the technology is anticipated to grow in future. A major restraint for IoT technology adoption is the cost of implementing the technology. As IoT technology matures there is a huge opportunity for the expansion of the IoT fleet management market.