The global smart fleet management market was valued at $276.56 billion in 2017, and is projected to reach $537.53 billion by 2025, registering a CAGR of 8.9% from 2018 to 2025

New York, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Fleet Management Market by Mode of Transportation, Application, and Connectivity Type: Global Opportunity Analysis and Industry Forecast, 2018–2025" - https://www.reportlinker.com/p05793163/?utm_source=GNW

The global smart fleet management market was valued at $276.56 billion in 2017, and is projected to reach $537.53 billion by 2025, registering a CAGR of 8.9% from 2018 to 2025. In 2017, Asia-Pacific accounted for the highest share in the global smart fleet management market.
Smart fleet solution is a fully integrated system used in automotive to simplify creation of effective maintenance plans. Smart fleet management services use software based on AI, IoT, and data analytics to enhance vehicle budget, driver management, fuel management, and vehicle telematics of aircraft & marine. Moreover, it benefits businesses that are significantly dependent on transportation of goods and services, with higher productivity and efficiency. It integrates commercial, technical, or operational requirements and restrictions. With access to real-time fleet status and fleet data, fleet managers can perform operations more effectively and increase driver productivity. The smart fleet management market forecasted from year 2018-2025 by considering all the driving factors that influence equally to the smart fleet management market applications.
The global smart fleet management market segmented on the basis of on mode of transportation, application, connectivity, and region. Roadways, marine airways, and railways are studied under the mode of transportation segment. By application, the market is categorized into tracking, ADAS, optimization, and others. Depending on connectivity type, it is fragmented into short range and long range. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The smart fleet management industry size is calculated by considering all the countries shipments and traction technologies used in vehicles globally.


The growth of the smart fleet management market is driven by rise in incorporation of real-time fleet monitoring systems in automobiles, increase in use of cloud-based technology for smart fleet management solutions, and improvement in vehicle monitoring & fuel management. Furthermore, advent and integration of IoT and information, communication, & technology (ICT) into industries such as automobiles, logistics, and transportation drive the market growth. In addition, continuous tracking of driver behavior, vehicle tracking, real-time visibility, driver management, and others has resulted in significant market growth. Furthermore, introduction of effective communication network with emergence of 4G, 5G, and other wireless technologies; growth in vehicle replacement market and increase in international trade fuel the market growth. However, price concerns of fleet owners and cyber security concerns restrain the market growth. Rise in awareness about better driver & vehicle safety and enhancement of business decisions for fleet owners are expected to offer lucrative opportunities for the fleet management businesses in the near future. The smart fleet management market trends is decided on the basis of the market forecast from 2018 to 2025. One of the major factors that driving the smart fleet management market share is due to the rise in demand for the features such as incident detection, access control, and speed limit enforcement with major advanced safety & security features. Moreover, as per the core definition, the smart fleet management industry is only depending on the sales and latest innovation is done in monitoring & controlling the latest advanced featured cars.


The key players operating in the smart fleet management market include Cisco Systems, Inc., Continental AG, DENSO CORPORATION, Globecomm (Speedcast International Limited.), International Business Management Corporation, Samsung Electronics Co. Ltd. (Harman International Industries, Inc.), Tech Mahindra Limited, Robert Bosch GmbH, Siemens, and Sierra Wireless.



Incorporation of real-time fleet monitoring systems in automobiles
Fleet operators can track their vehicles in real-time and check if drivers are following the suggested path or if there are diversions. For such fleet management, cloud-based solutions such as AI, IoT, and big data are used to collect primary data. In addition, Techwave Consulting Inc. are using sensors that can be embedded in vehicles to monitor high-value goods, as they connect to the cloud and transmit the data in real time. Furthermore, activities that are crucial in smart fleet management include vehicle & driver tracking, asset management, two-way communication, driver safety & time management, rescheduling the delivery task, and others. Moreover, introduction of innovative products and advantages of using smart fleet management services such as quick access & response, wide-area coverage, and cost reduction help vendors to increase their productivity, efficiency, which boost the demand for smart fleet management services.

Increase in use of cloud-based technology for smart fleet management solutions
With increase in demand for connectivity and fleet management solutions, smart devices and applications have become the go-to tools for fleet operators. Tracking assets, driver monitoring, fleet optimization, and other related issues are addressed by cloud management solutions. Furthermore, cloud enables the backup and recovery of data and applications on a secondary storage or infrastructure. In addition, many organizations are deploying different cloud models to overcome the drawbacks of traditional fleet management solutions. For instance, apart from tracking Softweb’s cloud-based solution powered by big data analytics, AI, IoT, and other emerging technologies, smart fleet management-based solutions analyze every information of fleet such as route planning, fuel analytics, and driving patterns to improve productivity and fuel savings. Moreover, AI and machine learning capabilities facilitate autonomous dispatching & routing and empowers fleet managers to predict vehicle health and driving habits based on a vehicle’s utilization with lower maintenance requirements and cost-effectiveness. All these factors together significantly contribute toward the growth of the market.
Enhanced vehicle monitoring and fuel management
Owning to lack of technical know-how about fuel monitoring tools, many conventional fleet operators are facing the issues to measure accurate consumption of fuel required for vehicles. Thus, by leveraging the Internet of Things (IoT), fuel can be controlled. Specially designed sensors are embedded in the fuel tanks that send notifications to the user’s mobile handsets and computers about the fuel level in vehicles through the public cloud. Moreover, IoT helps smart fleet management by identifying the driver behavior with the help of sensors embedded in the vehicle. This includes the number of hours that the driver is driving, harsh braking, slow & speed driving, consistency in the speed limit, frequent halts, and harsh acceleration. Based on the acquired data, smart fleet management solutions can warn drivers to change the behavior in a way to control the vehicle. Such innovations in the field of vehicle & fuel monitoring are expected to create demand for smart fleet management services.
Price concerns of fleet owners
High cost of fleet management systems and other activities majorly affect the return on investment (ROI) of local fleet management businesses, as they can barely afford it. As per the statistics given by Expert Market, installation cost for a fleet management system can reach up to $100 for advanced tier system. The additional costs incurred while providing connectivity in the vehicle may act as a restraint for the smart fleet management market. Providing connectivity solutions in the vehicle externally incurs additional expenses to the consumers in the form of hardware, connectivity solutions, and telecom service charges. These additional costs bestowed upon the consumer may have a significant impact on the smart fleet management market. In addition, costs of labor, connectivity, and other activities are anticipated to hinder the growth of local businesses.
Cyber security concerns
Smart fleet management is a relatively new technology. Events such as unauthorized access to multiple vehicle connectivity solutions or breaking into the in-vehicle connectivity system can act as a restraint for the smart fleet management market. The major security concern is that the hacker has access to the computer system of the vehicles as well as to the data that it collects and stores. These parameters are responsible to hinder the smart fleet management market growth.
Better driver and vehicle safety
Real-time monitoring, geofencing, advanced driver assistance systems (ADAS), and diagnostic
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