The global smart fleet management market size is expected to reach USD 565.1 billion by 2025, according to a study conducted by Grand View Research, Inc. The market is anticipated to register a CAGR of 7.6% from 2017 to 2025. Introduction of vehicular communication technologies has increased the adoption of smart fleet management solutions, which enable vehicle tracking and monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and driver performance tracking and monitoring, among others. This enables fleet operators of all sizes to incorporate smart technologies to increase their operational efficiency, enhance productivity, and enable varied cost savings. Government agencies are investing in intelligent transport systems and mandating the use of connected technologies for all vehicles to enhance driver and road safety, reduce carbon emissions, and efficiently manage traffic congestions.
For connected technologies to work successfully, it is of utmost importance that there be seamless connectivity. In regions such as North America and Europe, there is ubiquitous presence of strong wireless connectivity infrastructure and this has facilitated widespread investment in telematics solutions among fleet operators. Additionally, presence of prominent industry players such as Cisco Systems, Inc.; IBM Corporation; Continental AG; Sierra Wireless; Zonar Systems, Inc.; and Orbcomm, Inc. is estimated to foster growth prospects for the smart fleet management market.
On the down side, advancements in networking technologies enabling a connected environment will pose significant concerns over data privacy and data security. Lack of network infrastructure in developing regions, complexity of deployment, and high initial capital requirements are also expected to hinder the growth of the smart fleet management market.
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Further key findings from the study suggest:
By transportation, the automotive segment will register the fastest growth during the forecast period, exhibiting a CAGR of 8.2%. Autonomous vehicles, telematics, and vehicular communications will drive this segment
In terms of hardware, ADAS systems are expected to dominate the global smart fleet management market owing to increasing government regulations and initiatives to ensure safety
Low cost, flexibility, and scalability are expected to drive the cloud connectivity segment. The segment is expected to expand at a CAGR of 8.8% over the forecast period
Demand for efficient transportation, rising demand for premium fleets, and implementation of strict government regulations are expected to bolster the growth of the APAC market
Cisco Systems, Inc.; Continental AG; IBM Corporation; Siemens AG; Robert Bosch GmbH; Tech Mahindra; Sierra Wireless; and Zonar Systems, Inc. are some of the major players in the market.
Grand View Research has segmented the global smart fleet management market on the basis of transportation, hardware, connectivity, and region:
Smart Fleet Management Transportation Outlook (Revenue, USD Billion, 2014 - 2025)
Smart Fleet Management Hardware Outlook (Revenue, USD Billion, 2014 - 2025)
Smart Fleet Management Connectivity Outlook (Revenue, USD Billion, 2014 - 2025)
Short Range Communication
Long Range Communication
Smart Fleet Management Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Rest of World (RoW)
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