IoT Fleet Management Market Forecasts to 2028 – Global Analysis By Service (Professional, Managed), Paltform (Application Enablement Platform (AEP), Device Management), Fleet Type (Public Buses, Passenger Cars (PC)) and By Geography

IoT Fleet Management Market Forecasts to 2028 – Global Analysis By Service (Professional, Managed), Paltform (Application Enablement Platform (AEP), Device Management), Fleet Type (Public Buses, Passenger Cars (PC)) and By Geography

According to Stratistics MRC, the Global IoT Fleet Management Market is accounted for $10.12 billion in 2022 and is expected to reach $33.80 billion by 2028 growing at a CAGR of 22.3% during the forecast period. IoT-enabled fleet management telematics shares data between vehicles and fleet managers to improve productivity, visibility, and maintenance. Insurance companies, telematics service providers, service shops, advertisers, and passengers benefit from more services, reduced costs, and higher maintenance efficiency.

As per the researchers at Stanford University and Avast, North American homes have the largest density of internet of things (IoT) devices globally. According to the study, prominently, 66% of households in North America own at least one IoT device. Additionally, 25% of North American homes boast more than two devices. According to Cisco, IoT is expected to generate about 507.5 zettabytes (1 zettabyte = 1 trillion gigabytes) of data by 2019. Managing, screen through, and analyzing data is expected to pose a massive challenge for organizations. Data Analysis will be crucial if IoT initiatives are expected to provide insights to drive higher productivity and revenues. Regulatory norms in India have come up with the installation of vehicle trackers on public transport from 1st January 2019. The Government’s progressive push for better connectivity and vehicle tracking through such mandates is driving the use of telematics devices and solutions in the market studied. Further, the Insurance Regulatory and Development Authority of India (IRDAI) endorsed telematics as a saving scheme for drivers along with bringing safety and awareness. IRDA estimates that based on driving behaviors, a car with telematics can save up to 30% on insurance premiums.

Market Dynamics:

Driver:

Governmental instructions towards enhancing fleet safety standards

Governmental mandates for increasing fleet safety standards can be considered as one of the prime factors driving the market growth. Diverse governmental authorities worldwide have started rising stringency for reducing the rapid rise of roadside fatalities, which in turn is impacting the market growth. Factors such as accidents due to driver fatigue, high-speed driving, adverse climatic conditions, and many more have been significantly pushing the need for governments to impose stringent fleet regulations, as well as implement fleet safety programs. Adoption of IoT fleet management solutions helps in providing real-time fleet monitors through automated traffic warnings or alerts, emergency roadside assistance, and so on, thus influencing its market demand over time.

Restraint:

Lack of Standard

The lack of standards or SOPs for the design of IoT equipment is expected to hamper the market expansion and offer low-quality results. With the lack of principles to help developers and manufacturers, the design of products may result in poor results. This is expected to obstruct the development of IoT infrastructure in developing countries, thus, hindering market growth.

Opportunity:

Increase in demand for connected fleet solutions

The growth of using IoT devices across the transportation industry is supporting the demand for fleet management. The development of pioneering auto tech companies such as Aeri Communication and Telit IoT Platforms LLC has brought IoT-based fleet management solutions into the mainstream. Fleet operators can connect to their fleet assets & vehicles using IoT devices and provide the ability to monitor fleet operations remotely. These factors act as an opportunity for a growth market.

Threat:

Poor Network Connectivity

Poor connectivity and lack of efficient IoT infrastructure especially in developing countries is one of the major threats to market growth. With unstable accessibility of internet connection in such countries, it is a huge challenge in ensuring strong internet connectivity, majorly in rural areas. The application of IoT in areas with inadequate bandwidth is likely to act as the most significant challenge to the market.

The Managed segment is expected to be the largest during the forecast period

The Managed segment is expected to be the largest during the forecast period, as it offers flexibility and handles several operations efficiently, cutting total operational costs. The service segment also aids in the performance of the intended function to the client's individual needs, resulting in greater customer satisfaction. Moreover, the growing trend of outsourcing management functions to cloud service providers and managed service providers is likely to support the segment's growth.

The Device Management segment is expected to have the highest CAGR during the forecast period

The Device Management segment is expected to have the highest CAGR during the forecast period, due to the beneficial characteristic of device management for aiding remote access, equipment confirmation, observation, and investigation along with providing security against malware threats & hackling. Additionally, the widespread adoption of personalized devices such as tablets and smartphones for regulating and monitoring device security is expected to drive the growth of the segment throughout the forecast period.

Region with highest share:

North America is projected to hold the largest market share during the forecast period, owing to the large-scale implementation of real-time tracking solutions across the transport sector. The rapid adoption of vehicle tracking systems from established players like Ford, Fiat-Chrysler, and General Motors, in the U.S is predictable to support the market growth in the province. Moreover, an increasing number of passenger cars, heavy trucks, public buses, and others, in the province, would demand better analytics and decision making, thereby, benefitting the market in North America. The regional market surge over the forecast timeline is credited to strict compliance laws, large-scale acceptance of technologically advanced products, and robust network infrastructure facilities in the region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the advent of numerous start-ups. With the emergence of players, there has been significant growth in collaboration and partnership, which is likely to benefit the market. Also, there is the presence of a large number of manufacturing facilities in India, which is expected to offer several opportunities to the evolving companies in the country. The rising automotive production in China, India, and South Korea, as well as a growing need for improved passenger comfort and safety in automobiles drives the market growth in the province.

Key players in the market

Some of the key players profiled in the IoT Fleet Management Market include Verizon Communications, Inc., Trimble, Inc., Tomtom International BV, Telefonica, S.A., Sierra Wireless, Omnitracs, International Business Machines Corporation (IBM), Intel Corporation, Cisco Systems, Inc, AT&T, Inc, GPS insight, Geotab Inc, Fleet Management Limited.

Key Developments:

In December 2021: GPS insight acquired FieldAware field service automation software, Developer Company for field service, telematics software, and fleet management.

In July 2021: Fleet Complete launched an advanced next-generation version 2.0, AI-based video telematics, and dash cam solution that consist of an LTE connectivity driver monitoring system along with an in-cabin safety solution.

In January 2020: Geotab Inc. rolled out ‘UNIFY’ in a strategic partnership with Eleos Technologies in CA, a Software-as-a-Service provider for transportation. The UNIFY platform is likely to provide customized fleet management systems and FMCSA-compliant ELD for better solutions and insights.

Services Covered:
• Professional
• Managed

Platforms Covered:
• Application Enablement Platform (AEP)
• Device Management
• Network Management

Fleet Types Covered:
• Public Buses
• Passenger Cars (PC)
• Commercial Vehicles (CV)

Deployment Modes Covered:
• Public
• Private
• Hybrid

Applications Covered:
• Vehicle Maintenance
• Tracking and monitoring
• Routing Management
• Remote Diagnostics
• Fuel Management
• Fleet Analytics
• Driver Information System
• Drive Time Analysis

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances