According to a new report published by Allied Market Research, titled, “IoT Fleet Management Market,” The IoT fleet management market was valued at $6.4 billion in 2021, and is estimated to reach $16 billion by 2031, growing at a CAGR of 9.8% from 2022 to 2031.
In 2021, Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the IoT fleet management market in 2021. The freight and logistics industry is booming in these economies. In addition, increased adoption of outsourced logistics services in the region is driving the growth of the IoT fleet management industry in Asia-Pacific. Moreover, high government support for development of logistics infrastructure in the region is also boosting the market growth.
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There are prominent key factors that drive the growth of the IoT fleet management market, such as technological advancements across transportation & logistics sector, and increase in use of cloud-based technology for smart fleet management solutions. IoT fleet management provide effective fleet tracking, real-time monitoring, dedicated remote server for fleet data, and security features in a single system. Fleet operators track vehicles through route optimization or selection of best routes in real time that further reduce the transportation costs and idle time by increasing the operational efficiency. The purpose of IoT fleet management is to deliver effective real-time monitoring, fleet tracking, and security. In addition, data generated from IoT and sensors help in analyzing and making a cost effective decision as per requirement. For instance, a manager of a fleet of cars can get the data of fuel efficiency based on the route taken. Owing to all the aforementioned factors the IoT fleet management market is expected to grow significantly during the forecast period.
IoT fleet management market is segmented basis of application, service, platform, type and region. Based on application industry, it is divided into routing management, tracking & monitoring, fuel management, remote diagnostics and others. Based on service, it is segmented into professional, and managed. Based on platform, it is divided into application enablement platform, network management, and device management. By type, it is divided into public, private, and hybrid. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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COVID-19 Impact Analysis
- The COVID-19 crisis has created uncertainty in the IoT fleet management market, owing to massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments.
- Governments of different regions have already announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales. Countries around the globe have posed stringent restrictions ranging from days to months of lockdown periods.
- Transportation organizations needed to ensure that transportation networks can continue to operate throughout the lockdown measures, striking a balance between reduced operations and providing enough capacity for key workers to practice social distancing. In addition, several companies active in mergers and strategic partnership to sustain in pandemic period. For instance, in November 2020, Athene Holding Ltd. and Hertz Global Holdings, a renowned financial services business, entered into a stock and asset purchase agreement to acquire Donlen. In addition, Geotab teamed with SAP (Germany) in October 2020 to give businesses that use SAP solutions and Geotab’s fleet management service visibility into their company’s telemetry data via the SAP Cloud Platform.
- However, as the world recovers rapidly from the COVID-19 pandemic, the market is expected to fully recover by 2022. The market is witnessing a recovery in production and distribution after the pandemic. The IoT Fleet management system is projected to witness different growth trends over the years with the rise in adoption of mobility-as-a-service and implementation of advanced connecting technologies with fleet management
KEY FINDINGS OF THE STUDY
- By end use industry, the retail and e-commerce segment is expected to register a significant growth during the forecast period.
- By customer type, the b2b segment is projected to lead the global IoT fleet management market
- By services, the intermodal segment is projected to lead the global IoT fleet management market
- By mode of transport, the roadways segment is projected to lead the global IoT fleet management market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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The key players that operate in this IoT fleet management market are AT&T Inc., Cisco Systems Inc, Fleet Complete, Honeywell International Inc., Intel Corporation, International Business Machines Corporation (IBM), Northrop Grumman Corporation, Omnitracs, Sierra Wireless, Telefonica S.A, Tomtom International BV, Trimble Inc., Verizon Communications Inc., Vnomics, and Webfleet Solution (Bridgestone Mobility Solutions B.V.).
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