IoT fleet management market size to hit $8.3 bn by 2027

IndustryARC, in its latest report, predicts that IoT Fleet Management Market size is estimated to reach $8.3 billion by 2027, growing at a CAGR of 11.9% during the forecast period 2022-2027. Rising advancement towards connected vehicle technology along with growing demand for reducing fuel emissions and improving operational efficiency act as some of the major factors driving the growth of IoT Fleet Management industry. This is turn is significantly raising adaptability of IoT fleet management solutions for conducting varied operations including vehicle monitoring, fuel management and so on. Adoption of IoT based fleet management solutions help the fleet owners in performing tasks like route planning and tracking, driver management, remote diagnostics and many others, with increased efficiency under shorter time intervals. In addition, governmental mandates for enhancing fleet safety standards can also be considered as one of the prime factors boosting the market growth of IoT fleet management platforms or services, due to need for real-time monitoring through analysis of passenger information, and related vehicle data. Furthermore, high R&D activities towards autonomous or self-driving vehicles, growing road traffic, technological advancements, alongside rapid rise of logistics industry is set to accelerate its market growth in the long run. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Key takeaways:

• Managed service category in the IoT fleet management market is analyzed to emerge as the fastest-growing segment during 2022-2027, attributed to the growing shift towards cloud-based services from traditional hosted models, rapid client or customer requirement changes, and others.
• IoT Fleet Management for Routing Applications is analyzed to witness the fastest growth during the forecast period 2022-2027, attributing to varied factors like rising freight traffic, increased emphasis on identification of least congested routes to optimize fleet travel, and so on.
• North American region dominated the global IoT fleet management market during 2021 owing to government regulations regarding fleet safety, rise in road fatalities, and so on.
• Governmental mandates towards enhancing fleet safety standards and rising demand towards reducing fuel emissions and improving fleet operation efficiency are analyzed to significantly drive the market growth of IoT Fleet Management during the forecast period 2022-2027.

Segmental Analysis:

• Managed service category in the IoT fleet management market is analyzed to grow with the highest CAGR of 13.2% during the forecast period 2022-2027.
• IoT Fleet Management for Routing Applications is analyzed to witness the fastest growth with a CAGR of 12.6% during 2022-2027, attributed to varied factors like rising freight traffic, and increased emphasis on identification of least congested routes to optimize fleet travel and so on.
• In May 2021, AWS announced the launch of a new service, named AWS IoT Fleetwise, in order to help automakers towards collection, transformation as well as transfer of vehicle to cloud more easily and efficiently.
• North American region dominated the global IoT fleet management market with a share of 35%, owing to government regulations regarding fleet safety, rise in road fatalities, growing digitalization, and so on.

CT Bureau