Portland, OR, Nov. 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global IoT fleet management market generated $6.4 billion in 2021, and is estimated to reach $16 billion by 2031, witnessing a CAGR of 9.8% from 2022 to 2031. The report provides an in-depth analysis of top segments, changing market trends, value chains, key investment pockets, competitive scenarios, and regional landscape. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
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IoT Fleet Management Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $6.4 billion |
| Market Size in 2031 | $16 billion |
| CAGR | 9.8% |
| No. of Pages in Report | 353 |
| Segments covered | Application, Service, Platform, Type, and Region |
| Drivers | Technological advancements across transportation & logistics sector |
| Rise in use of cloud-based technology for smart fleet management solution | |
| Opportunities | Strengthening communication network |
| Better driver and vehicle safety | |
| Restrains | High price of fleet management system |
| Lack of uninterrupted & seamless internet connectivity |
Covid-19 Scenario:
- The Covid-19 pandemic created uncertainty in the market, due to disrupted supply chain, falling business confidence, and surge in panic among customers.
- Governments across the globe imposed strict restrictions regarding lockdown and social distancing. This led to a temporary shutdown of industries, which negatively affected the market.
The report offers detailed segmentation of the global IoT fleet management market based on application, service, platform, type, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps investors, market players, and new entrants in determining the sub-segments to be tapped into to achieve growth in the coming years.
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Based on application, the tracking and monitoring segment accounted for the highest share in 2021, contributing to more than one-fourth of the total share, and is expected to maintain its leadership status during the forecast period. In addition, the segment is expected to manifest the highest CAGR of 10.6% from 2022 to 2031.
Based on services, the professional segment held the largest share in 2021, accounting for more than half of the market, and is expected to maintain its dominance in terms of revenue by 2031. In addition, the segment is estimated to witness the largest CAGR of 10.3% during the forecast period.
On the basis of platform, the device management segment dominated the market in 2021, accounting for more than half of the global IoT fleet management market, and is projected to maintain its leading position throughout the forecast period. Furthermore, the segment is estimated to showcase the highest CAGR of 10.6% during the forecast period.
Based on type, the private segment held the largest share in 2021, contributing to more than two-fifths of the market. In addition, the segment is projected to register the highest CAGR of 10.7% from 2022 to 2031.
Based on region, the market across Asia-Pacific accounted for the highest share in 2021, contributing to more than one-third of the global IoT fleet management market, and is projected to continue its leadership status by 2031. In addition, the region is projected to portray the fastest CAGR of 10.6% during the forecast period.
Leading players of the global IoT fleet management market analyzed in the research include Cisco Systems Inc., AT&T Inc., Honeywell International Inc., Fleet Complete, International Business Machines Corporation (IBM), Intel Corporation, Omnitracs, Northrop Grumman Corporation, Telefonica S.A, Sierra Wireless, Trimble Inc., Tomtom International BV, Vnomics, Verizon Communications Inc., and Webfleet Solution (Bridgestone Mobility Solutions B.V.).
The report analyzes these key players in the global IoT fleet management market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
