Worldwide IoT fleet management market to reach $15,870 million by 2025
The number of participants in the global Internet of Things (IoT) fleet management market is growing, with international players maintaining leading positions via financial might as well as technological expertise, while some of the new entrants are making a mark as well with their niche offerings, according to a recent study by Transparency Market Research (TMR). The TMR report identifies Cisco Systems, Inc., AT&T, Inc., IBM Corporation, Intel Corporation, Oracle Corporation, Verizon Communications, Inc., TomTom International BV, Trimble Inc., Omnitracs LLC, and Sierra Wireless as some of the prominent companies currently connected to the value chain of the global IoT fleet management market.
According to the study’s projections, the demand in the global IoT fleet management market will escalate at a CAGR of 20.0% during the forecast period of 2017 to 2025. The report states that the global IoT fleet management market was worth $3 million in 2016 and estimates it to reach $15 million by the end of the forecast period.
North America, primarily the U.S., remains the most lucrative region for the IoT fleet management market players. A number of U.S. OEMs, including Daimler Trucks North America and Volvo Trucks, are already offering telematics solutions, both independently and in partnership with local fleet solution providers. The IoT fleet management market is in the nascent stage, with plenty of opportunities for technological advancements. One example is Daimler Trucks’ successful testing of the truck platooning concept in 2015. The government regulatory system for electronic logging devices in the U.S. makes fleet management solutions a necessary tool for commercial truck vendors in the transportation sector.
Regarding market segmentations, the TMR report rates private cloud as the most in-demand cloud type. In terms of application, the IoT fleet management market gains maximum demand from the tracking and monitoring of commercial vehicles, which itself is the most profitable fleet type segment.
Ubiquity of smartphones has had a defining effect on the global IoT fleet management market, as an increasing number of transportation companies are integrating their tracking and monitoring, routing, fuel management, and remote diagnostic processes with the smartphone.
The growing need for optimum operational efficiencies, implementation of the electronic logging device (ELD) Mandate, and other anticipated government regulations are other key factors driving the global IoT fleet management market. The U.S., the most profitable country-wide market for IoT fleet management, is projected to increment the demand consistently throughout the forecast period, gaining traction from factors such as increasing sales of fleet vehicles, high adoption rate of advanced technological products, and regulatory developments by the government.
According to the report, expanding focus on data-driven services by telecommunication service providers and increasing adoption of cloud and fog computing analytics will open new opportunities for vendors operating in the global IoT fleet management market. Conversely, substantial implementation cost for small- and medium-sized fleet owners and the lack of IoT infrastructure in a number of emerging economies are constraints that are challenging the IoT fleet management market from attaining its true potential. Data security and concerns regarding driver privacy are obstacles faced by the IoT fleet management market, and the need is strong to improve on these two factors to aid the market.
For a pdf sample of the report, "IoT Fleet Management Market (Cloud Type - Public, Private, and Hybrid; Application - Routing Management, Tracking and Monitoring, Fuel Management, and Remote Diagnostics; Fleet Type - Passenger and Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025," visit http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=25583.