The global internet of things (IoT) fleet management market size is expected to touch USD 16.86 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 20.8% during the forecast period. Introduction of vehicular internet connectivity has triggered the rate of adoption for IoT fleet management. IoT fleet management includes various solutions such as vehicle tracking & monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and driver performance tracking & monitoring. These solutions enable fleet operators to not only increase their operational efficiency but also assist them in reducing expenses.
For
the IoT technology to work successfully, seamless connectivity is one of the
most important prerequisites. Presence of strong wireless connectivity
infrastructure in regions such as North America and Europe has facilitated the
widespread adoption of IoT fleet management. Hence, it is anticipated that
these regional markets will witness remarkable growth in coming years.
Additionally, domicile of prominent IoT technology companies such as AT&T,
Cisco Systems, Inc., Intel Corporation, Verizon, and IBM is estimated to foster
the growth prospects for the market.
While
rising number of IoT devices are stoking market growth, there has also been
significant concerns over data privacy and security. As there has been a
significant increase in cyber-attacks around the world over the past few years,
the need to safeguard end users from a potential attack is likely to play an
important role in determining the growth of the IoT fleet management market.
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IoT Fleet
Management Market Report Highlights
- Device
management is the fastest growing platform at a CAGR of 21.7% during the
forecast period. Need for managing the rising number of connected IoT
devices is playing a pivotal role in the growth of the segment
- As managed
services play a significant role in managing, monitoring, and reducing the
operational cost of the complex Internet of things fleet management eco
system, the segment is poised to register the highest CAGR of 22.0% during
the same period
- Benefits such
as low cost and higher flexibility are projected to drive the hybrid cloud
deployment segment. The segment is expected to experience the fastest
growth over the forecast period
- Booming
e-commerce market in countries such as India and China has created the
demand for efficient transportation systems. Thus, the Asia Pacific IoT
fleet management market is anticipated to be the most promising region
over the forecast period
- Some of the
prominent industry participants operating in the market are AT&T;
Cisco Systems, Inc.; Verizon; Trimble Inc.; Intel Corporation; IBM;
Omnitracs; Tomtom International BV; Sierra Wireless; and Telefónica.
IoT Fleet
Management Market Segmentation
Grand View Research has
segmented the global Internet of things (IoT) fleet management market report on
the basis of platform, service, cloud deployment, solution, application, and
region:
IoT Fleet
Management Platform Outlook (Revenue, USD Million, 2014 - 2025)
- Device Management
- Application Enablement
- Network Management
IoT Fleet
Management Service Outlook (Revenue, USD Million, 2014 - 2025)
- Professional
- Managed
IoT Fleet
Management Cloud Deployment Outlook (Revenue, USD Million, 2014 - 2025)
- Private
- Public
- Hybrid
IoT Fleet
Management Solution Outlook (Revenue, USD Million, 2014 - 2025)
- Driver Tracking & Monitoring
- Fleet Analytics
- Fuel Management
- Predictive Maintenance
- Remote Diagnostics
- Vehicle Tracking &
Monitoring
IoT Fleet
Management Application Outlook (Revenue, USD Million, 2014 - 2025)
- Commercial Vehicles
- Passenger Cars
IoT Fleet
Management Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Mexico
- Middle East & Africa (MEA)
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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