A new market research report on the Global Smart
Fleet Management market has introduced by KD Market Insights. The
report is dedicated to in-depth industry analysis of the global Smart Fleet
Management market. The Global Smart Fleet Management analysis is broken down on
different segmentation levels including Market By Modes of
Transportation, By Application, By Connectivity.
The global smart fleet management market was
valued at $276.56 billion in 2017, and is projected to reach $537.53 billion by
2025, registering a CAGR of 8.9% from
2018 to 2025. In 2017, Asia-Pacific accounted for the highest share in the
global smart fleet management market.
Smart fleet solution is a fully integrated system used in
automotive to simplify creation of effective maintenance plans. Smart fleet
management services use software based on AI, IoT, and data analytics to
enhance vehicle budget, driver management, fuel management, and vehicle
telematics of aircraft & marine. Moreover, it benefits businesses that are
significantly dependent on transportation of goods and services, with higher
productivity and efficiency. It integrates commercial, technical, or operational
requirements and restrictions. With access to real-time fleet status and fleet
data, fleet managers can perform operations more effectively and increase
driver productivity. The smart fleet management market forecasted from year
2018-2025 by considering all the driving factors that influence equally to the
smart fleet management market applications.
The
global smart fleet management market segmented
based on mode of transportation, application, connectivity, and region.
Roadways, marine airways, and railways are studied under the mode of
transportation segment. By application, the market is categorized into
tracking, ADAS, optimization, and others. Depending on connectivity type, it is
fragmented into short range and long range. Region wise, it is analyzed across
North America, Europe, Asia-Pacific, and LAMEA. The smart fleet management
industry size is calculated by considering all the countries shipments and
traction technologies used in vehicles globally.
The
growth of the smart fleet management market is driven by rise in incorporation
of real-time fleet monitoring systems in automobiles, increase in use of
cloud-based technology for smart fleet management solutions, and improvement in
vehicle monitoring & fuel management. Furthermore, advent and integration
of IoT and information, communication, & technology (ICT) into industries
such as automobiles, logistics, and transportation drive the market growth. In
addition, continuous tracking of driver behavior, vehicle tracking, real-time
visibility, driver management, and others has resulted in significant market
growth.
Furthermore, introduction of effective communication network with emergence of 4G, 5G, and other wireless technologies; growth in vehicle replacement market and increase in international trade fuel the market growth. However, price concerns of fleet owners and cyber security concerns restrain the market growth. Rise in awareness about better driver & vehicle safety and enhancement of business decisions for fleet owners are expected to offer lucrative opportunities for the fleet management businesses soon. The smart fleet management market trends are decided based on the market forecast from 2018 to 2025. One of the major factors that driving the smart fleet management market share is due to the rise in demand for the features such as incident detection, access control, and speed limit enforcement with major advanced safety & security features. Moreover, as per the core definition, the smart fleet management industry is only depending on the sales and latest innovation is done in monitoring & controlling the latest advanced featured cars.
Furthermore, introduction of effective communication network with emergence of 4G, 5G, and other wireless technologies; growth in vehicle replacement market and increase in international trade fuel the market growth. However, price concerns of fleet owners and cyber security concerns restrain the market growth. Rise in awareness about better driver & vehicle safety and enhancement of business decisions for fleet owners are expected to offer lucrative opportunities for the fleet management businesses soon. The smart fleet management market trends are decided based on the market forecast from 2018 to 2025. One of the major factors that driving the smart fleet management market share is due to the rise in demand for the features such as incident detection, access control, and speed limit enforcement with major advanced safety & security features. Moreover, as per the core definition, the smart fleet management industry is only depending on the sales and latest innovation is done in monitoring & controlling the latest advanced featured cars.
The key players operating
in the smart fleet management market include Cisco Systems, Inc., Continental
AG, DENSO CORPORATION, Globe COMM (Speed cast International Limited.),
International Business Management Corporation, Samsung Electronics Co. Ltd.
(Harman International Industries, Inc.), Tech Mahindra Limited, Robert Bosch
GmbH, Siemens, and Sierra Wireless.
Incorporation of real-time fleet
monitoring systems in automobiles
Fleet
operators can track their vehicles in real-time and check if drivers are
following the suggested path or if there are diversions. For such fleet
management, cloud-based solutions such as AI, IoT, and big data are used to
collect primary data. In addition, Techwave Consulting Inc. are using sensors
that can be embedded in vehicles to monitor high-value goods, as they connect
to the cloud and transmit the data in real time. Furthermore, activities that
are crucial in smart fleet management include vehicle & driver tracking,
asset management, two-way communication, driver safety & time management, rescheduling
the delivery task, and others. Moreover, introduction of innovative products
and advantages of using smart fleet management services such as quick access
& response, wide-area coverage, and cost reduction help vendors to increase
their productivity, efficiency, which boost the demand for smart fleet
management services.
Increase in use of cloud-based
technology for smart fleet management solutions
With
increase in demand for connectivity and fleet management solutions, smart
devices and applications have become the go-to tools for fleet operators.
Tracking assets, driver monitoring, fleet optimization, and other related
issues are addressed by cloud management solutions. Furthermore, cloud enables
the backup and recovery of data and applications on a secondary storage or
infrastructure. In addition, many organizations are deploying different cloud
models to overcome the drawbacks of traditional fleet management solutions. For
instance, apart from tracking Softweb’s cloud-based solution powered by big
data analytics, AI, IoT, and other emerging technologies, smart fleet
management-based solutions analyze every information of fleet such as route
planning, fuel analytics, and driving patterns to improve productivity and fuel
savings. Moreover, AI and machine learning capabilities facilitate autonomous
dispatching & routing and empowers fleet managers to predict vehicle health
and driving habits based on a vehicle’s utilization with lower maintenance
requirements and cost-effectiveness. All these factors together significantly
contribute toward the growth of the market.
Enhanced vehicle monitoring and
fuel management
Owning
to lack of technical know-how about fuel monitoring tools, many conventional
fleet operators are facing the issues to measure accurate consumption of fuel
required for vehicles. Thus, by leveraging the Internet of Things (IoT), fuel
can be controlled. Specially designed sensors are embedded in the fuel tanks
that send notifications to the user’s mobile handsets and computers about the fuel
level in vehicles through the public cloud. Moreover, IoT helps smart fleet
management by identifying the driver behavior with the help of sensors embedded
in the vehicle. This includes the number of hours that the driver is driving,
harsh braking, slow & speed driving, consistency in the speed limit,
frequent halts, and harsh acceleration. Based on the acquired data, smart fleet
management solutions can warn drivers to change the behavior in a way to
control the vehicle. Such innovations in the field of vehicle & fuel
monitoring are expected to create demand for smart fleet management services.
Price concerns of fleet owners
High
cost of fleet management systems and other activities majorly affect the return
on investment (ROI) of local fleet management businesses, as they can barely
afford it. As per the statistics given by Expert Market, installation cost for
a fleet management system can reach up to $100 for advanced tier system. The
additional costs incurred while providing connectivity in the vehicle may act
as a restraint for the smart fleet management market. Providing connectivity
solutions in the vehicle externally incurs additional expenses to the consumers
in the form of hardware, connectivity solutions, and telecom service charges.
These additional costs bestowed upon the consumer may have a significant impact
on the smart fleet management market. In addition, costs of labor,
connectivity, and other activities are anticipated to hinder the growth of
local businesses.
Cyber security concerns
Smart
fleet management is a relatively new technology. Events such as unauthorized
access to multiple vehicle connectivity solutions or breaking into the
in-vehicle connectivity system can act as a restraint for the smart fleet
management market. The major security concern is that the hacker has access to
the computer system of the vehicles as well as to the data that it collects and
stores. These parameters are responsible to hinder the smart fleet management
market growth.
Better driver and vehicle safety
Real-time
monitoring, geofencing, advanced driver assistance systems (ADAS), and
diagnostic features are incorporated in railways, marine transport, and
automotive, due to increase in demand for fleet safety and security in
transportation of goods and passengers. According to experts, fleet management
is expected to grow rapidly in the developing nations. Asia-Pacific has
witnessed strong adoption of fleet management solutions such as the
installation of global positioning system (GPS) in commercial vehicles, due to
regulatory mandates. Tracking and follow-up of fleet and driver are the major
tasks of a fleet manager. Number of accidents have increased at a considerable
rate, which has become a crucial matter to be handled by the fleet owners.
Moreover, safety and security of the both driver & vehicle has always been
crucial from the perspective of consumers as well as auto manufacturers. In
case of accidents, these smart fleet management operated vehicles can send an
SOS message along with the coordinates of the driver’s location. In case of
theft, owners can track their vehicles instantly using a smartphone app
developed for this purpose. Therefore, increase in need for safety and security
is expected to boost the growth of the smart fleet management market.
Enhancement of business decisions
for fleet owners
Rise
in adoption of web-based services and availability of advanced communication
technology provide immense growth opportunities for fleet management
businesses. Major technologies used in the market include telematics, GPS
tracking system, M2M communication, and others. The development in telematics
and M2M devices shipment suggests that with strong communication network, fleet
management activities can be easily handled, and will have a quick access &
response mechanism. Moreover, several solutions offered in the market collect,
manage, explore, interpret, and analyze the driving data of a particular
driver. Such smart fleet management solutions generate a huge volume of data,
providing an opportunity for superior consumer experience and establishing new
business avenues in autonomous driving.
Development of intelligent
transportation system
The
safety services offered in smart fleet management are an appropriate example of
cutting-edge aftermarket asset & operation-based management technology,
which involves sharing data between the vehicle and humans. Safety is a
combination of telecommunication and automobile technology used to improve
vehicle efficiency, reduce fuel consumption & maintenance cost, enhance
security & safety measures, and assist the driver to enhance his overall
driving experience. Advance driver assistance system (ADAS) is another feature
of the smart fleet management that helps the driver find the most appropriate
route to reach the destination. in addition, it prompts alert messages
regarding traffic jams and parking space availability. All these fleet
operation-based features provide intelligent transportation systems, which are
designed to improve the overall driving experience.
KEY BENEFITS FOR STAKEHOLDERS
-
This study presents analytical depiction of the smart fleet management market
analysis along with the current trends and future estimations to depict the
imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.
- The current smart fleet management market size is quantitatively analyzed from 2018 to 2025 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.
- The current smart fleet management market size is quantitatively analyzed from 2018 to 2025 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
KEY MARKET SEGMENTS
By Modes of Transportation
- Roadways
- Marine
- Railways
- Airways
- Roadways
- Marine
- Railways
- Airways
By Application
- Tracking
- ADAS
- Optimization
- Others
- Tracking
- ADAS
- Optimization
- Others
By Connectivity
- Short Range
- Long Range
- Short Range
- Long Range
By Region
North
America
- U.S.
- Canada
- Mexico
Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
LAMEA
- Latin America
- Middle East
- Africa
- U.S.
- Canada
- Mexico
Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
LAMEA
- Latin America
- Middle East
- Africa
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Research Report with TOC @ https://www.kdmarketinsights.com/product/smart-fleet-management-market-amr
Table of
Content
CHAPTER 1: INTRODUCTION
1.1.
Report description
1.2. Key benefits for stakeholders
1.3. Key market segments
1.4. Research methodology
1.2. Key benefits for stakeholders
1.3. Key market segments
1.4. Research methodology
1.4.1.
Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1.
CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1.
Market definition and scope
3.2. Key findings
3.2. Key findings
3.2.1.
Top impacting factors
3.2.2. Top investment pockets
3.2.3. Top winning strategies
3.2.2. Top investment pockets
3.2.3. Top winning strategies
3.3.
Porter’s five forces analysis
3.4. Market share analysis, 2017
3.5. Market dynamics
3.4. Market share analysis, 2017
3.5. Market dynamics
3.5.1.
Drivers
3.5.1.1.
Integration of real-time fleet monitoring systems in vehicles
3.5.1.2. Increase in use of cloud-based technology for smart fleet management solutions
3.5.1.3. Enhance vehicle monitoring and fuel management
3.5.1.2. Increase in use of cloud-based technology for smart fleet management solutions
3.5.1.3. Enhance vehicle monitoring and fuel management
3.5.2.
Restraints
3.5.2.1.
Price concerns of fleet owners
3.5.2.2. Cyber security concerns
3.5.2.2. Cyber security concerns
3.5.3.
Opportunities
3.5.3.1.
Better driver and vehicle safety
3.5.3.2. Enhancement of business decisions for fleet owners
3.5.3.3. Development of intelligent transportation system
3.5.3.2. Enhancement of business decisions for fleet owners
3.5.3.3. Development of intelligent transportation system
CHAPTER 4: SMART FLEET MANAGEMENT
MARKET, BY MODE OF TRANSPORTATION
4.1.
Overview
4.2. Roadways
4.2. Roadways
4.2.1.
Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market analysis, by country
4.2.2. Market size and forecast, by region
4.2.3. Market analysis, by country
4.3.
Marine
4.3.1.
Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market analysis, by country
4.3.2. Market size and forecast, by region
4.3.3. Market analysis, by country
4.4.
Airways
4.4.1.
Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast, by region
4.4.3. Market analysis, by country
4.4.2. Market size and forecast, by region
4.4.3. Market analysis, by country
4.5.
Railways
4.5.1.
Key market trends, growth factors, and opportunities
4.5.2. Market size and forecast, by region
4.5.3. Market analysis, by country
4.5.2. Market size and forecast, by region
4.5.3. Market analysis, by country
CHAPTER 5: SMART FLEET MANAGEMENT
MARKET, BY APPLICATION
5.1.
Overview
5.2. Tracking
5.2. Tracking
5.2.1.
Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market analysis, by country
5.2.2. Market size and forecast, by region
5.2.3. Market analysis, by country
5.3.
ADAS
5.3.1.
Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market analysis, by country
5.3.2. Market size and forecast, by region
5.3.3. Market analysis, by country
5.4.
Optimization
5.4.1.
Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market analysis, by country
5.4.2. Market size and forecast, by region
5.4.3. Market analysis, by country
5.5.
Others
5.5.1.
Key market trends, growth factors, and opportunities
5.5.2. Market size and forecast, by region
5.5.3. Market analysis, by country
5.5.2. Market size and forecast, by region
5.5.3. Market analysis, by country
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New York, USA 12207
+1 (518) 300-1215
Email: sales@kdmarketinsights.com
Website: www.kdmarketinsights.com
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