New York, NY, March 27, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Smart Fleet Management Market [By Mode of Transport (Automotive, Rolling Stock, Marine); By Mode of Application; By Mode of Communication; By mode of Solutions; By Mode of Region]: Market size & Forecast, 2023-2032” in its research database.
“According to the latest research analysis, the global smart fleet management market size/share is anticipated to be valued at approximately USD 455.41 Million in 2022 and is projected to hit a revenue of around USD 989.13 Million by 2032, at a CAGR of around 8.1% between 2023 and 2032.”
What is Smart Fleet Management? How Big is Smart Fleet Management Market Size & Share?
- Report Overview
Smart fleet management is a consolidation of fleet management technologies used to handle, sustain and acquire the prime, systematic operations of the fleet. The rapidly rising demand for the smart fleet management market can be attributed to enabling digital technology applications for sustenance and fuel management together with driver safety, telematics, tracking, and smart surveillance.
The requirement to obtain higher operational productivity and improvise vehicular safety is the central factor driving the market's growth. Further, the integration of fettered car technologies within vehicles has warranted a multitude of solutions that can assist in improvising fleet operations. The Internet of Things, AI, and data analytics may boost industry growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key data covered in the market report
- Global and country market trends.
- Comprehensive mapping of industry parameters.
- Attractive investment proposition.
- Competitive strategies adopted by leading market participants.
- Market drivers, restraints, opportunities, and their impact on the market.
Some of the Top Market Players Are:
- Cisco
- CalAmp
- IBM Corporation
- CHAINWAYTSP CO. Ltd.
- Continental AG
- DENSO CORPORATION
- BMW
- HARMAN International
- Otto Marine Limited.
- Robert Bosch GmbH
- Siemens AG
- Globe COMM Systems Inc
- TomTom International BV
For Additional Information on Key Players, Download a PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/smart-fleet-management-market/request-for-sample
Key factors driving market growth
- The growing usage of connected vehicle technologies to push the market
Several government regulations and resourcefulness inclined to generate a more dependable transportation network are advocating the advancement of intelligent transport systems. The smart fleet management market size is expanding as several government agencies have also been fostering the usage of connected vehicle technologies to lessen energy consumption, cut down carbon emissions, and circumvent road overcrowding.
Smart devices and software have restored traditional tools due to the need for fleet operators for connectivity, and fleet management solutions have increased. Smart fleet management market sales are soaring as cloud management solutions deal with many factors, such as tracking assets, observing drivers, optimizing fleets, and other related issues. Moreover, the cloud permits it to back up and recoup data and applications on a secondary storage system or infrastructure.
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Recent trends influencing the market
Activation of big data analytics and AI to drive the market
Several businesses are deploying several cloud models to persuade the constraints of traditional fleet management platforms. For instance, smart fleet management-based solutions scrutinize fleet data such as route planning, fuel analytics, and driving patterns to enhance productivity and save fuel. This is in addition to tracing Softweb’s cloud-based solution activated by big data analytics, AI, IoT, and other emerging technologies.
Artificial intelligence and machine learning proficiencies warrant independent dispatching and routing and provide fleet managers the potential to forecast vehicle health and driving practices based on vehicle use, lower maintenance, and cost-effectiveness. Each of these segments has a notable influence on market growth.
Segmentation assessment
- The diagnostic segment accounted for the largest market share
Based on application, the diagnostic segment accounted for the largest market share. Smart fleet management market demand is on the rise due to the fact that diagnostics assist in avoiding costly repairs by detecting liabilities long before they result in grave issues in the engine bay. However, the ADAS classification encountered the speediest growth rate over the expected period due to its obtainability of customizable elements, including automated brakes, GPS navigation, automated lighting, cruise control, and interaction with smart devices to send alerts.
- The optimization segment projected to grow at a high CAGR
Based on solutions, the optimization segment is projected to grow at a high CAGR over the forecast period. Smart fleet management market trends include the rising need for tracking software in the automotive industry, and the fleet management system's market growth in tracing classification was distinctly high.
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Smart Fleet Management Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 989.13 Million |
| Market size value in 2023 | USD 491.53 Million |
| Expected CAGR Growth | 8.1% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Cisco, CalAmp, IBM Corporation, CHAINWAYTSP CO., Ltd., Continental AG, DENSO CORPORATION, BMW, HARMAN International, Otto Marine Limited., Robert Bosch GmbH, Siemens AG, Globe COMM Systems Inc, and TomTom International BV. |
| Segments Covered | By Transport, By Application, By communication, By Solution, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- Growing demand for strict safety norms to propel the Asia Pacific market
Asia Pacific held the largest smart fleet management market share as there was a rise in transport facilities in advancing countries such as Japan, India, and China. The growing demand for smart fleet management and strict safety norms will drive the market. With an escalation in the acceptance of connectivity technology, the market for telematics and ADAS would grow in the Asia Pacific region.
North America held the second-largest market share in the industry because of the extensive acquisition of real-time tracking solutions covering industries for systematic corporate operations. Vehicle monitoring systems are being more broadly used by US automakers such as General Motors, Ford, and Fiat Chrysler. A factor impacting the sector's expansion is this region's early adoption of digital technologies.
Browse the Detail Report “Smart Fleet Management Market [By Mode of Transport (Automotive, Rolling Stock, Marine); By Mode of Application; By Mode of Communication; By mode of Solutions; By Mode of Region]: Market size & Forecast, 2023-2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/smart-fleet-management-market
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Recent developments
- In June 2022, the Siemens Xcelerator, an open digital business platform to accelerate digital transformation, was launched by Siemens.
- In May 2022, the new sensors to safeguard the battery of electrified vehicles were launched by Continental AG company.
The Key Questions Answered in This Report
- What will be the market size and growth rate in the forecast year?
- What are the key factors driving the industry?
- What are the main trends that are positively impacting the market growth?
- What growth opportunities does the market offer?
- What are the key outcomes of Porter’s five forces model?
- What are the names of key players working in the industry?
- What growth strategies are the companies considering to stay in the market?
Polaris Market Research has segmented the smart fleet management market report based on Mode of Transport, Application, Communication, Solutions and region:
By Mode of Transport Outlook
- Automotive
- Rolling stock
- Marines
By Application Outlook
- Tracking
- Diagnostic
- Optimization
- Others
By Communication Outlook
- Short Range Communication
- Long Range communication
- Cloud
By Solutions Outlook
- Vehicle Tracking
- Fleet Optimization
By Region Outlook
- Asia Pacific (Japan, India, China)
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, France)
- Latin America (Brazil)
- Middle East & Africa
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