New York, US, March 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Smart Fleet Management Market Information By Solutions, By Hardware, By Connectivity, By Transportation, and Region —Forecast till 2030”, The market share for smart fleet management is anticipated to grow at a CAGR of 15% from 2022 to 2030, reaching over 600 billion USD.
Smart Fleet Management Market Overview
The need to increase operational savings and improve vehicular safety is what is fueling the growth of the smart fleet management market. Also, the incorporation of connected car technologies into vehicles has made it possible for a number of solutions that can improve fleet operations. Also, a number of government policies and programmes designed to build a more dependable and secure transportation network are encouraging the development of intelligent transport systems. Government organisations have also advocated the use of linked vehicle technologies to cut down on energy use, minimise carbon emissions, and avoid traffic jams. The technologies can help fleet managers receive real-time data and make knowledgeable choices that can reduce costs and increase operational effectiveness.
The smart fleet management market was negatively impacted by COVID-19 because of commute limits. Regulatory and legislative changes, supply chain execution, working capital management, and reliance on labour were just a few of the problems the market had to deal with. Organizations did, however, prepare strategic cost-cutting plans to control the pandemic's effects. The need for smartfleet management hardware and software has increased in order to control and accommodate the escalating supply of necessities in the post-pandemic environment.
Prominent players in the smart fleet management market research include
- Continental AG,
- Cisco Systems Inc.,
- Sierra Wireless Inc.,
- Calamp Corp.,
- OTTO Marine Ltd.,
- Precious Shipping Co. Ltd.,
- Globecomm Systems
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During the course of the projection period, it is expected that the smart fleet management market would expand as a result of escalating government rules for the smart transportation system. To limit energy consumption, theft, and traffic accidents, numerous governing bodies around the world have set strict regulations. The operator is able to monitor driver performance, route management, fuel usage, and vehicle maintenance thanks to smart fleet management. The ability to download the entire fleet's data is offered by this technology, making it simple for the operator to implement cost-effective actions after examining the data. For instance, management can closely monitor fuel usage on a specific route and implement economical measures to reduce fuel usage.
Smart Fleet Management Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 600 billion |
| CAGR during 2022-2030 | 15.00% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solutions, Hardware, Connectivity, and Transportation |
| Key Market Opportunities | Increase in the use of cloud-based technology for smart fleet management solutions |
| Key Market Dynamics | Integration of real-time fleet monitoring systems in vehicles |
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Fleet managers may monitor their vehicles in real-time to see if drivers are following the recommended route or if there are detours. Cloud-based technologies like Al, IoT, and big data are used to collect information for fleet management.
For instance, Techwave Consulting Inc. monitors high-value products using sensors that can be implanted into cars as they connect to the cloud and transmit the data in real time.
The return on investment (ROI) of local fleet management enterprises is significantly impacted by the high cost of fleet management systems and other activities because they can hardly afford it. The smart fleet management market may be constrained by the expenses associated with enabling connectivity in the car. In terms of hardware, connection options, and telecom service fees, providing connectivity solutions in the vehicle externally results in increased costs for the consumer. These higher consumer expenses could have a big effect on the market. However, it is projected that factors such as labour costs, connection, and other factors will impede the expansion of local enterprises.
Smart devices and software are becoming fleet operators' go-to tools due to the rise in demand for connectivity and fleet management solutions. Cloud management solutions cover tracking assets, driver monitoring, fleet efficiency, and other related challenges. The backup and recovery of data and applications on secondary storage or infrastructure is also made possible by the cloud. In addition, many businesses are implementing various cloud models to get around the limitations of conventional fleet management platforms. For instance, fleet management-based solutions analyse fleets' information, such as fuel analytics, route planning, and driving patterns, to improve productivity and conserve fuel.
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These solutions are based on tracking Softweb's cloud-based solution, which is powered by big data analytics, Al, IoT, and other emerging technologies. Optimisation and tracking make up the solutions-based segments of the smart fleet management market. Due to the rising need for tracking software in the automotive industry, the fleet management systems market growth in the tracking category was noticeably high in 2021. Yet, due to the rising demand for route optimization algorithms in the automobile industry, optimization will have the strongest growth in the next years.
Based on hardware, the smart fleet management industry is divided into four categories: optimization, ADAS, tracking, and diagnostic. The market for smartfleet systems' highest market share in 2021 belonged to diagnostics. Diagnostic can help you avoid costly repairs by spotting faults long before they result in serious problems in the engine bay.
With adaptive features including cruise control, automated lighting, automatic brakes, GPS navigation, and interaction with smart devices to send alerts, the ADAS category experienced the fastest growth rate during the projection period.
The smart fleet management market is segmented into long-range communication, short-range communication, and cloud communication based on connection. Since it enables vehicle-to-vehicle and vehicle-to-infrastructure connection, which can be used to transmit a variety of information concerning traffic, position, routing, mapping, and navigation, among other things, short-range communication led the market for smartfleet management in 2021. Nonetheless, the category of cloud communications saw significant increase over the anticipated time since it provides improved security features that protect business-critical data gathered from diverse sources.
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The smart fleet management market has been divided into marine, rolling stock, and automobile categories based on transportation. The automotive segment commanded a substantial market share in 2021. Connected vehicle technologies can provide remote monitoring and management of numerous functions such as fuel management, vehicle idle time, route optimization, and predictive maintenance. Yet, because of ongoing government requirements as well as attempts to improve vehicle and road safety, the rolling stock category is expanding at the quickest rate.
The smart fleet management market in North America, Europe, Asia-Pacific, and the rest of the world have been segmented based on region. The largest market share was held by Asia-Pacific. The region with the highest CAGR during the predicted period will be North America.
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