DUBLIN, June 29, 2023 /PRNewswire/ — The “Smart Fleet Management Market [By Mode of Transport , By Mode of Application, By Mode of Communication, By mode of Solutions, By Mode of Region]: Market size & Forecast, 2023-2032” report has been added to ResearchAndMarkets.com’s offering.
The smart fleet management market was estimated to be worth USD 989.13 Million in 2032 and is projected to increase at a CAGR of 8.1%
The automotive industry dominated the global smart fleet management market in the years before the forecast, and it is anticipated that it will continue to experience similar growth trends in the coming years. The use of connected vehicle technologies makes it possible to remotely monitor and manage a number of processes, including route optimization, fuel management, idle time management, remote diagnostics, and preventive maintenance.
Fleet managers may optimize their fleet operations and lower business risk with the help of these technologies. Along with government measures for improving road safety, these kinds of operational advantages help to fuel industry expansion.
The key driver of the market’s expansion is the requirement to increase operational effectiveness and improve vehicular safety. Additionally, several solutions that can improve fleet operation have been made possible by the integration of connected car technologies into vehicles. Fleet managers can benefit from real-time information provided by intelligent fleet management solutions to assist them to make decisions that will reduce costs and increase operational effectiveness.
The entire market for smart fleet management is rising due to the increase in demand for high-speed networks. However, developing countries’ limited capacity for adaptation will impede market expansion. The APAC region’s smart fleet management market will be driven by the expansion of transportation infrastructure and stricter safety standards in developing nations like Japan, China, and India.
Tracking vehicles and drivers, managing assets, maintaining two-way communication, regulating driver safety and time, and rescheduling the delivery assignment are all additional tasks that are part of smart fleet management. It is anticipated that demand for these services will rise soon, which will likely enhance demand for smart fleet management during the course of the forecast period.
Smart Fleet Management Market Report Highlights
- Government rules and ongoing measures to improve vehicle and road safety have made the rolling stock the market category with the highest growth.
- The cloud communication category observed significant growth over the forecast period due to improving security structures that defend business-critical data collected from various sources.
- Optimization will have the fastest growth in the next years due to the rising demand for route optimization algorithms in the automobile industry.
- The Asia-Pacific region is expected to have the largest market during the forecast period due to the rise in transport facilities in developing countries such as Japan, India, and China.
Market Dynamics
Drivers and Opportunities
- Increase in use of cloud-based technology for smart fleet management solutions
- Development of intelligent transportation system
Restraints and Challenges
- Cyber security concerns
Porter’s Five Forces Analysis
PESTLE Analysis
Smart Fleet Management Industry Trends
Value Chain Analysis
COVID-19 Impact Analysis
Company Profiles
- Cisco
- CalAmp
- IBM Corporation
- CHAINWAYTSP CO. Ltd.
- Continental AG
- Denso
- BMW
- HARMAN International
- Otto Marine Limited.
- Robert Bosch GmbH
- Siemens AG
- Globe COMM Systems Inc
- TomTom International BV.
Scope of the Report
Mode of Transport (Revenue – USD Million, 2019-2032)
- Automotive
- Rolling Stock
- Marine
Application (Revenue – USD Million, 2019-2032)
- Tracking
- Diagnostics
- Optimization
- Others
Communication (Revenue – USD Million, 2019-2032)
- Short Range
- Long Range
- Cloud
Solutions (Revenue – USD Million, 2019-2032)
- Vehicle Tracking
- Fleet Optimization
Region (Revenue – USD Million, 2019-2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/cycdh5[by-mode?w=5
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SOURCE Research and Markets
