As per the projections provided by the fresh TMR study, the demand in
the global market for the Internet of Things (IoT) fleet management
will escalate at a highly impressive CAGR of 20.0% during the
forecast period of 2017 to 2025. The report evaluates that the IoT
fleet management market, across the globe, was worth merely
US$3,340.0 mn in 2016, and estimates it to reach a valuation of
US$15,870.0 mn by the end of the forecast period.
Smartphone
Integrated Real-Time Data Driving Demand
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 it. The advent
of the Internet of Things has made it possible for the automobiles to
seamlessly connect to smart phones, and provide emergency roadside
assistance as well as real time traffic alerts. The IoT is made up of
several smart devices such as sensors, mobile devices and cameras,
all of which make use of wireless technology to communicate with each
other. Incorporating IoT with fleet management helps in managing fuel
and labor costs, improving fleet maintenance procedures, maximizing
dispatching and scheduling, increasing response times, and enhancing
customer satisfaction. The growing need for optimum operational
efficiencies, implementation of Eld Mandate, and other anticipated
government regulations are some of the 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.
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As per the author of the report, growing focus on data driven
services by the telecommunication service providers and increasing
adoption of cloud and fog computing analytics will open new
opportunities for the vendors operating in the global IoT fleet
management market.
Data Security and Cost of Implementation Hindering Growth in Emerging
Economies
On the other hand, substantial implementation cost for small and
medium sized fleet owners and the lack of IoT infrastructure in a
number of emerging economies are some of the restraints challenging
the IoT fleet management market from attaining its true potential.
Data security and concerns regarding driver privacy are other two
glaring obstruction faced by the IoT fleet management market, and
there is strong need to improve on these two factors for the proper
prosperity of the market.
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North America, primarily the developed country of The U.S., remains
the most lucrative region for the IoT fleet management market
players. A number of original equipment manufacturers (OEMs) in the
U.S., such as 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 nascent stage with plenty of opportunities
for technological advancements. For instance, Daimler Trucks
successfully tested truck platooning concept in 2015. The government
regulatory for electronic logging devices in the U.S. makes fleet
management solutions a necessary tool for the vendors of the
transportation sector who deal with commercial trucks.
As far as market segmentations is concerned, the TMR report rates
private cloud as most in-demand cloud type, whereas application-wise,
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.
Global IoT Fleet
Management Market Report is available @ US$ 5795
A recent study by Transparency Market Research (TMR) on the global
IoT fleet management market suggests that the number of participants
is growing, with International players maintaining leading positions
via financial might as well as technological expertise, whereas some
of the new entrants are making a mark too with their niche offerings.
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.
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