The iot fleet management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
IoT Fleet Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The IoT fleet management market size has grown rapidly in recent years. It will grow from $6.89 billion in 2023 to $7.96 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to regulatory compliance requirements, rising fuel costs, demand for operational efficiency, and increasing focus on safety and security.
The IoT fleet management market size is expected to see rapid growth in the next few years. It will grow to $14.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to integration with autonomous vehicles, expansion of e-commerce and last-mile delivery, adoption of predictive analytics, demand for sustainable transportation, and emergence of 5G connectivity. Major trends in the forecast period include integration with advanced analytics, rapid adoption of telematics solutions, technological advancement, focus on cybersecurity, and shift towards predictive maintenance.
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Scope Of IoT Fleet Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
IoT Fleet Management Market Overview
Market Drivers –
Rising fleet vehicle sales are expected to propel the growth of the IoT fleet management market going forward. Fleet vehicles are a collection of automobiles owned or leased by a company or organization for business purposes, such as transportation, delivery, or service operations. Rising fleet vehicle sales bolster fleet management by allowing fleet managers to collect real-time data on vehicle health, fuel usage, road behavior, and maintenance needs. This data provides for optimized route planning, predictive maintenance, and improved asset utilization. For instance, in January 2024, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association for the motor industry, in 2023, Britain witnessed a remarkable 21.0% increase in new light commercial vehicle (LCV) registrations, reflecting a significant investment by businesses and fleets in 341,455 vehicles crucial to the UK economy. This surge in registrations also marked a record uptake of battery electric vans (BEVs), with 20,253 units registered, mirroring the overall 21.0% rise. Therefore, rising fleet vehicle sales are driving the IoT fleet management market.
Market Trends –
Major companies operating in the jobsite radio market are developing Bluetooth-based jobsite radios, such as 18V LXT / 12V max CXT Cordless Bluetooth Job Site Charger / Radio, to enhance productivity and comfort on the jobsite. 18V LXT / 12V max CXT Cordless Bluetooth Job Site Charger / Radio Is a radio specifically designed for use in construction sites or other rugged environments that operates without being tethered to an electrical outlet and incorporates Bluetooth technology for wireless connectivity with compatible devices such as smartphones, tablets, or laptops. For instance, in August 2021, Makita U.S.A. Inc., a US-based company that manufactures industrial power tools and has a network of authorized service centers, launched a new cordless Bluetooth job site charger and radio, the 12V max CXT cordless Bluetooth radio. It is a versatile and compact job site radio that offers rich stereo sound from powerful speakers. It has Bluetooth connectivity for wireless music streaming from mobile devices and MP3 players. Additionally, it features rich stereo sound, Bluetooth connectivity, compatibility, power source versatility, durability, battery charging, and a compact size. These features make this radio a reliable and efficient audio companion for professionals working in demanding environments.
The IOT fleet management market covered in this report is segmented –
1) By Platform: Device Management, Application Enablement Platform (AEP), Network Management
2) By Services: Professional, Managed
3) By Cloud Type: Public, Private, Hybrid
4) By Fleet Type: Public Buses, Passenger Cars (PC), Commercial Vehicles
5) By Application: Drive Time Analysis, Driver Information System, Fleet Analytics, Fuel Management, Remote Diagnostics, Routing Management, Tracking And Monitoring, Other Applications
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Regional Insights –
North America was the largest region in the IoT fleet management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the IoT fleet management market are Verizon Communications Inc, AT&T Inc, Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc, Oracle Corporation, Telefonica S.A, Northrop Grumman Corporation, Honeywell International Inc, Webfleet Solutions (Bridgestone Mobility Solutions B.V.), Telefonaktiebolaget LM Ericsson, Trimble Inc, Viasat Inc, Sierra Wireless Inc, Geotab Inc, TomTom International B.V., Omnitracs LLC, CalAmp Corp, KORE Wireless Group Inc, Teletrac Navman US Ltd, Inseego Corp, HydraForce Inc, Telit Communications PLC, Aeris Communications Inc, Gurtam, Fleet Complete, Vnomics Corp, Particle Industries Inc, Simon IoT LLC, Monogoto Ltd
Table of Contents
1. Executive Summary
2. IoT Fleet Management Market Report Structure
3. IoT Fleet Management Market Trends And Strategies
4. IoT Fleet Management Market – Macro Economic Scenario
5. IoT Fleet Management Market Size And Growth
…..
27. IoT Fleet Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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