New York, NY, March 16, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “IoT Fleet Management Market by Platform (Device management and Application Enablement Platform (AEP)); by Services (Professional and Managed); by Solutions (Drive Time Analysis, Driver Information System, Fleet Analytics, Fuel Management, Remote Diagnostics, Routing Management, Tracking and Monitoring, and Vehicle Maintenance); by Cloud Deployment Model (Hybrid, Private, and Public); by Fleet Type (Commercial Vehicles (CV), Passenger Cars (PC), and Public Buses): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016– 2024”.
According to the report, the global IoT fleet management market was valued at around USD 3,250 million in the year 2016 and it is expected to reach approximately USD 15,500 million by 2024. The global IoT fleet management market is expected to exhibit a CAGR of more than 21.5% between 2017 and 2024.
Browse through 28 Tables & 32 Figures spread over 110 Pages and in-depth TOC on "Global IoT Fleet Management Market: Industry Size, Share, Trends, Segments and Forecast 2016 – 2022”.
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Market Report Highlights:
- The increasing integration of the smart devices with the vehicles, the upcoming regulations on fleet safety and security, and the requirement for increased operational efficiency are factors triggering the growth of the IoT fleet management market.
- The rising adoption of IoT fleet management for various solutions such as remote diagnostics, routing management, fleet analytics, drive time analysis, tracking, and monitoring etc. are expected to propel the growth of the market over the forecast period.
- Lack of awareness about IoT benefits and its applications limits the growth of the market.
- Device management platform dominates the IoT fleet management market owing to the growing requirement for managing the increasing number of connected IoT devices.
- The rising demand for professional services is expected to drive the growth of IoT fleet management market over the forecast period.
- Professional services held the major market share in the global IoT fleet management market owing to its ability to manage the operational and the service costs of the enterprises.
- By solutions, routing management contributes the major share in the IoT fleet management market. This growth is due to the growing road freight traffic and the constant initiatives for developing innovative products.
- North America holds a dominant position in the global IoT fleet management market with around 37% market share in 2017.
- The U.S. is the leading country in the IoT fleet management market in North America.
- Owing to the flourishing e-commerce market in the countries such as Japan, India, and China the demand for efficient transportation system has increased. Thus it is expected that the IoT fleet management market will experience a significant growth in the Asia Pacific.
- Commercial vehicles (CV) fleet is expected to generate immense opportunities for the IoT fleet management market.
- The fewer developments and poor connectivity in the Middle East & Africa is one of the major concerns for the industry participants.
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According to the analysts and insight shared by industry experts during primary research, hybrid cloud deployment model is expected to open up many opportunities for the IoT fleet management market. Hybrid cloud deployment provides benefits of both private and public cloud deployments thus its adoption rate will be higher in the coming years.
The increasing adoption of the vehicular internet connectivity has positively impacted the IoT fleet management. With the integration of the IoT in the fleet management, many solutions have been introduced such as remote diagnostics, fuel management, fleet analytics, routing management, tracking and monitoring, vehicle maintenance, and drive time analysis. Owing to the development of these solutions the fleet operators are gaining profits as it helps them in minimizing their cost and time and maximizes their operational efficiency. Other factors that are influencing the growth of the IoT fleet management market are the upcoming regulations on fleet safety and security, integration of smart devices with the vehicle, and increasing demand for optimum operational efficiency.
Browse the full " IoT Fleet Management Market by Platform (Device management and Application Enablement Platform (AEP)); by Services (Professional and Managed); by Solutions (Drive Time Analysis, Driver Information System, Fleet Analytics, Fuel Management, Remote Diagnostics, Routing Management, Tracking and Monitoring, and Vehicle Maintenance); by Cloud Deployment Model (Hybrid, Private, and Public); by Fleet Type (Commercial Vehicles (CV), Passenger Cars (PC), and Public Buses): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016– 2024" report at https://www.zionmarketresearch.com/report/data-quality-tools-market
Device management, application enablement platform (AEP), and network management are the three type of platforms majorly used for IoT fleet management. The device management segment anticipates holding the major market share in the IoT fleet management market in 2017. As device management platform provides a smooth functioning of a system its adoption rate is higher.
The professional services segment anticipates contributing a major share in the global IoT fleet management market. But, the managed services segment is estimated to grow at the highest CAGR during the forecast period. Managed services are flexible and offer multiple functions handling thus helping in reducing the overall operational cost. The other driving factor for the growth of this segment is the growing trend of cloud hosting.
The routing management segment accounted for a major share in the global IoT fleet management market in 2017. In order to manage and avoid the unnecessary traffic hurdles, route management plays a vital role. The routing management solutions help the fleet providers in planning and monitoring their travel routes which help them in cost-saving owing to which its popularity is increasing in the global market.
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The major market players in the IoT Fleet Management market are Verizon Communications, Inc., Cisco Systems, Inc., AT&T, Inc., Trimble Inc., Tomtom International BV, International Business Machines Corp., Telefónica, S.A., Sierra Wireless, Inc., Intel Corporation, and Omnitracs, among others.
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The global IoT fleet management market is segmented on the basis of the platform, services, solutions, cloud deployment model, fleet type, and the geographical regions.
Global IoT Fleet Management Market: Platform Segment Analysis
- Device Management
- Application Enablement Platform (AEP)
- Network Management
Global IoT Fleet Management Market: Services Segment Analysis
- Professional
- Managed
Global IoT Fleet Management Market: Solutions Segment Analysis
- Drive Time Analysis
- Driver Information System
- Fleet Analytics
- Fuel Management
- Remote Diagnostics
- Routing Management
- Tracking and Monitoring
- Vehicle Maintenance
Global IoT Fleet Management Market: Cloud Deployment Model Analysis
- Hybrid
- Private
- Public
- Global IoT Fleet Management Market: Fleet Type Analysis
- Commercial Vehicles (CV)
- Passenger Cars (PC)
- Public Buses
Global IoT Fleet Management Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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