IoT Fleet Management Market Drivers, Demand, Insights 2024-2033

Overview and Scope

Internet of things (IoT) fleet management refers to the use of interconnected devices and sensors within a fleet of vehicles or assets to gather data, monitor operations, and optimize performance. The purpose of Internet of Things (IoT) fleet management is to enhance the efficiency, safety, and visibility of fleet operations by leveraging real-time data and connectivity. These fleets could include trucks, delivery vans, buses, ships, aircraft, or any other type of mobile asset.

Sizing and Forecast

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.

To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/iot-fleet-management-global-market-report

Segmentation & Regional Insights

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

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.

Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14738&type=smp

Major Driver Impacting Market Growth

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.

Key Industry Players

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

The iot fleet management market report table of contents includes: