The increasing adoption of the vehicular internet connectivity has positively impacted the IoT fleet management. With the integration of the IoT in the fleet management, many solutions have been introduced such as remote diagnostics, fuel management, fleet analytics, routing management, tracking and monitoring, vehicle maintenance, and drive time analysis. Owing to the development of these solutions the fleet operators are gaining profits as it helps them in minimizing their cost and time and maximizes their operational efficiency. Other factors that are influencing the growth of the IoT fleet management market are the upcoming regulations on fleet safety and security, integration of smart devices with the vehicle, and increasing demand for optimum operational efficiency.
The global IoT fleet management market was valued at around USD 3,250 million in the year 2016 and it is expected to reach approximately USD 15,500 million by 2024. The global IoT fleet management market is expected to exhibit a CAGR of more than 21.5% between 2017 and 2024.
Device management, application enablement platform (AEP), and network management are the three type of platforms majorly used for IoT fleet management. The device management segment anticipates holding the major market share in the IoT fleet management market in 2017. As device management platform provides a smooth functioning of a system its adoption rate is higher.
The professional services segment anticipates contributing a major share in the global IoT fleet management market. But, the managed services segment is estimated to grow at the highest CAGR during the forecast period. Managed services are flexible and offer multiple function handling thus helping in reducing the overall operational cost. The other driving factor for the growth of this segment is the growing trend of cloud hosting.
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The routing management segment accounted for a major share in the global IoT fleet management market in 2017. In order to manage and avoid the unnecessary traffic hurdles, route management plays a vital role. The routing management solutions help the fleet providers in planning and monitoring their travel routes which help them in cost-saving owing to which its popularity is increasing in the global market.
The hybrid cloud deployment model anticipates registering the highest CAGR of more than 22% during the forecast period. There will be an increasing adoption of the hybrid deployment model since it offers benefits of multiple deployment models in a single platform. Both scalability and security are offered in the hybrid model thus being preferred more by the fleet providers.
Commercial vehicles (CV) fleet is expected to dominate the market. IoT fleet management system in the commercial vehicles helps in monitoring and tracking of the vehicles by providing real-time information about the vehicle, driver, and traffic. This helps in improving the safety and security of the vehicles and the goods that are being transported which proves beneficial to the business. Thus there will be an increasing adoption of the IoT fleet management in the commercial vehicles fleet.
North America is expected to register the largest market share in the IoT fleet management market in 2017. The rigorous regulatory compliances, the high adoption rate of technologically advanced products, and strong network infrastructure are some of the factors that are driving the growth of the IoT fleet management market in North America.
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Top Market Players:
The major market players in the IoT Fleet Management market are Verizon Communications, Inc., Cisco Systems, Inc., AT&T, Inc., Trimble Inc., Tomtom International BV, International Business Machines Corp., Telefónica, S.A., Sierra Wireless, Inc., Intel Corporation, and Omnitracs, among others.