IoT Fleet Management Market

Global IoT Fleet Management Market Outlook (2022-2032)

The IoT fleet management market is likely to value US$ 7.3 Billion in 2022, as compared to US$ 6.1 Billion in 2021 due to increasing number of fleet vehicles.

For 2021-2022, the expected Y-o-Y growth rate is 19.6%. From 2022 to 2032, the market is slated to witness an impressive 11.5% value CAGR, expected to close at a valuation of US$ 22.2 Billion.

Report Attributes	Details
Anticipated Base Year Value (2021)	US$ 6.1 Billion
Expected Market Value (2022)	US$ 7.3 Billion
Estimated Forecast Value (2032)	US$ 22.2 Billion
CAGR of the U.S Market (2022-2032)	11.5%
Expected Market Size of China (2032)	US$ 1.5 Billion
Projected Growth Rate of U.K (2022-2032)	12.8%
Market Value of Japan (2032)	US$ 1.2 Billion
Key Players Analysis	IBM Corporation AT&T Inc. Intel Corporation Verizon Communications Inc. Oracle Corporation

The global digital transformation market is anticipated to secure absolute dollar growth of US$ 15 Billion by 2032. Growing demand for the consolidation of electronic vehicles and smartphones with vehicles is likely to propel the expansion of the market. Regionally, America is projected to be the largest market in terms of market value.

Expansion of the industry in the Americas can be attributed to the rising adoption of technologically advanced products, especially in the U.S and Canada.

The region is estimated at US$ 5.2 Billion from 2022-to 2032. With respect to cloud type, the routing management segment is projected to garner the largest market share during the mentioned forecast period.

Manufacturers are taking initiatives to augment their fleet performance encompassing all features. Moreover, European countries and the U.S have made it mandatory for the implementation of telematics equipment for the purpose of monitoring and tracking vehicles, thereby, boosting the market size in the forecast period.

Global IoT Fleet Management Market Revenue Analysis 2015-2021 Vs Future Outlook 2022-2032

As per the latest report published by Fact. MR, the global IoT fleet management exhibited a CAGR of 12.6% during the timeframe of 2016-2021. With increasing maintenance costs and fluctuating fuel prices across the globe, there has been an increased concern for fleet manufacturers to enhance operational efficiency with reduced cost. IoT offers real-time monitoring and data transmission with advanced technology such as a 4G network or the upcoming 5G over the cloud server.

From the forecast period 2022-to 2032, the industry is anticipated to experience a CAGR of 11.8%. The introduction of vehicular internet connectivity has resulted in increased adoption of IoT fleet management. It has allowed fleet operators to enhance their operational efficiency and reduce expenses. Moreover, IoT fleet management will assist in maintaining the government rules and regulations of road safety while transporting goods. During the forecast period, the global IoT fleet management market is projected to expand 3x.

Major IoT Fleet Management Market Drivers

Deployment of Developed Connecting Technologies with Fleet Management to Benefit the Industry

Advanced technologies such as; cloud-based, GPS, and big data analytics offer developed software, which gives lucrative opportunities to the player and benefits the market. With the advent of vehicular internet connectivity, there has been an increase in demand for advanced methods to monitor the fleet. Besides, with the growing demand for real-time fleet monitoring along with rapid digitalization, the market is expected to prosper significantly.

 Key players are taking various initiatives to develop a modern software solution to manage the fleet. In August 2021, eBikeGo, an electric mobility platform, rolled out a developed AI and IoT-based fleet management system. The system is called EBG-Matics which observes vehicles and riders to enhance efficiency.

Players are integrating telematics and GPS technologies with the software to provide real-time monitoring of the current and estimated data. For instance, WebillionMS fleet software is GPS-controlled and an IoT-based telematics fleet tracking solution. It allows businesses to raise, track, and analyze operations for their fleet, regardless of its size.

As per Global System for Mobile Communication Intelligence Mobile Economy Report 2020, there were approximately 35 billion IoT connections in 2019 across the globe and is anticipated to exceed 80 billion by 2024. The advent of innovative auto tech organizations such as; Aeri Communication and Telit IoT Platforms LLC has brought IoT-based fleet management solutions into the mainstream. These factors are likely to act as an opportunity for the expansion of the IoT fleet management market.

Increasing Adoption of Mobility-as-Service to Propel the Market Growth

Implementation of mobility-as-a-service by mobile industries and government authorities to reduce carbon emissions and lessen traffic congestion is likely to benefit the market in the forecast period. The Introduction of carpooling, ride-hailing, and other methods for commuters is benefitting the market considerably. Modern software is likely to help in gaining significant insights regarding drop-offs, pick-ups, and payment activities, thereby, driving the market positively.

Key players in ride-sharing such as; Ola, Uber, Lyft, and DiDi are likely to grab the opportunities for autonomous fleet management in the coming time. For instance, in July 2020, Ola Corporate announced a mobility service in the U.K. The player had a motive to diversify its mobility options and aid in customizing ride policy.

Growing usage of Smartphones, deployment of 4G networks, and increasing cashless payment systems are expected to strengthen the mobility-as-a-service demand, thereby, benefitting the IoT fleet management market. For instance, in November 2020, Ki Mobility Solutions launched a digital mobility service solution for EVs. Owing to the rapid urbanization and increasing adoption of advanced technologies in the transport sector, the industry is projected to garner notable revenue in the forecast period.

Factors Impeding the Global IoT Fleet Management Market

Poor Network Connectivity to Hamper the Market Growth

The global IoT Fleet management market is expected to be hindered by poor connectivity, especially in developing countries. The lack of efficient IoT infrastructure in developing economies is likely to hamper the market expansion in the forecast period. With unstable accessibility of internet connection in such countries, it is a huge challenge in ensuring strong internet connectivity, majorly in rural areas. The application of IoT in areas with inadequate bandwidth is likely to act as the most significant challenge to the market.

The absence of standards or SOPs for the design of IoT equipment is likely to hinder the market expansion and offer low-quality results. With the lack of standards to assist developers and manufacturers, the design of products may result in poor results. This is expected to impede the development of IoT infrastructure in developing countries, thus, inhibiting the IoT fleet management market growth.

Developing countries such as; India, are expected to witness slow growth owing to the poor internet connection. As per various reports, India’s spectrum per operator is low in comparison to other countries, offering a low spectrum per customer.

Country-Wise Analysis

What are the Prevailing Opportunities in North America for the Growth of the IoT Fleet Management Market?

Large-Scale Deployment of Real-Time Tracking Solutions in the U.S to Boost the Regional Market

North America is projected to lead the global market during the forecast period. The dominant position of the market can be attributed to the large-scale implementation of real-time tracking solutions across the transport sector. The rapid adoption of vehicle tracking systems from established players like Ford, Fiat-Chrysler, and General Motors, in the U.S is expected to support the market growth in the region during the forecast period.

A strong network of the internet infrastructure, deployment of 5G services, and the rapid adoption of technologically advanced products are likely to escalate the market growth in the forecast period. An increasing number of passenger cars, heavy trucks, public buses, and others, in the region, would demand better analytics and decision making, thereby, benefitting the market in North America.

As per the analysis, the market in the U.S is projected at US$ 5.2 Billion during the forecast period from 2022-to 2032. The region is expected to exhibit a market growth of 11.5% during the forecast period. Increasing safety concerns and stringent government regulations are likely to offer various opportunities to the region in the coming years.

What is the Role of APAC in Strengthening the IoT Fleet Management Market?

Emergence of Startups in India to Support Market Growth in APAC

According to the analysis by Fact. MR, in APAC, India is expected to expand at the highest CAGR of 13% during the forecast period from 2022-to 2032. The country is likely to garner US$ 726.9 Million during the above-mentioned timeframe.

India is projected to gain fast growth due to the advent of various start-ups such as LocoNov and Aeris Communications. With the emergence of such players, there has been significant growth in collaboration and partnership, which is likely to benefit the market in the forecast period. Also, there is the presence of a large number of manufacturing facilities in India, which is expected to offer various opportunities to the evolving companies in the country

LocoNav offers fleet management through the amalgamation of several kinds of IoT sensors into the vehicle. Such vehicles collect data and transfer it directly to secure cloud servers. With the help of AI and ML, location tracking and geofencing, fuel monitoring, and other demands are met. With the launch of such efficient software, the market in India is expected to grow rapidly.

Country	Projected CAGR
U.S	11.5%
U.K	12.8%
China	12.6%
Japan	12.5%
India	13%

Category-Wise Insights

Why is Private Cloud the most Preferred mode of Deployment?

According to the analysis, the private segment is expected to dominate the market during the forecast period. The segment is expected to exhibit a CAGR of 12.4% during the forecast period.

Benefits such as higher flexibility are expected to boost the private segment during the forecast period. The segment is likely to maintain its position throughout the forecast period.

Which is likely to be the Dominant Application Area for IoT Fleet Manaegment?

Based on the application, the routing management segment is anticipated to lead the market in the forecast period. The segment is likely to exhibit a growth rate of 11.2% in the forecast period.

Increasing global road freight traffic and rising R&D activities to offer innovative products are expected to support the boost the segmental growth during the forecast period.

Competitive Landscape

Key players in the global IoT fleet management are focused on product development performing advanced research and development. Players are collaborating with various technology providers to offer enhanced fleet management with advanced GPD, and better insights. Also, players are also entering partnerships, mergers, and acquisitions with various car manufacturers to provide better fleet management solutions. Recent key developments among players are:

• In January 2020, Geotab Inc. rolled out ‘UNIFY’ in a strategic partnership with Eleos Technologies in CA, a Software-as-a-Service provider for transportation. The UNIFY platform is likely to provide customized fleet management systems and FMCSA-compliant ELD for better solutions and insights.
• In December 2021, GPS insight acquired FieldAware field service automation software, Developer Company for field service, telematics software, and fleet management.

Key Segments Covered in the Global IoT Fleet Management Market Study

• By Cloud Type :

  • Public IoT Fleet Management
  • Private IoT Fleet Management
  • Hybrid IoT Fleet Management

• By Application :

  • Routing Management
  • Tracking and Monitoring Management
  • Fuel Management
  • Remote Diagnostics

• By Fleet Type :

  • Passenger Vehicles
  • Commercial Vehicles

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • IMiddle East & Africa
  • Latin America