Newark, NJ, May 23, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global smart fleet management market is expected to grow from USD 327.97 billion in 2019 to USD 648.73 billion by 2027, at a CAGR of 8.9% during the forecast period 2020-2027. Asia-Pacific region is projected to grow at the highest CAGR over the forecast period. Asia-Pacific region has the largest market share for the smart fleet management due to increased transport facilities which are increasing the demand for the market.
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Key players in the global smart fleet management market are Cisco Systems, Inc., Continental AG, DENSO CORPORATION, Globecomm (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. Continental AG has collaborated with the China Automotive Technology & Research Center to work in the field of automotive industry. To monitor high-value goods, Techwave Consulting Inc. is using sensors that can be embedded in vehicles due to connectivity to the cloud and the real-time data transmission.
The type segment includes airways, railways, marine, and roadways. It is beneficial for businesses which are dependent on the transportation of goods along with higher efficiency and productivity. The application segment includes optimization, ADAS, tracking, remote diagnostic, short-range communication, and long-range communication. Short-range communication increases operational efficiency and reduces traffic fatalities. Short-range communication is used in sharing of information related to the best possible route, traffic jams and positions. Advanced driver assistance systems (ADAS) and remote diagnostic are incorporated in marine transport and railways as the demand for fleet safety and security in the transportation of goods is increasing.
From the perspective of both the consumers as well as auto manufacturers, safety and security of the both driver & vehicle is an important factor in the transportation. Fleet management activities can be easily done with the help of innovations and advancement in the field of M2M devices shipment and Telematics. It also results in quick response and access mechanism. Cost reduction and wide area coverage are beneficial for vehicle owners to increase the efficiency and productivity. Autonomous dispatching and routing is done with the help of artificial intelligence and machine learning capabilities. Smart fleet management is also useful in empowering fleet managers to estimate driving habits and vehicle health. It is based on a vehicle's utilization with cost-effectiveness and lower maintenance requirements which boosts the demand for the market. These factors are mainly contributing to the growth of the Smart fleet management market.
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About the report:
The global smart fleet management market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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