Smart Fleet Management Market is Expected to Reach USD 582.9 Billion by 2027

Increasing adoption of smart fleet management analytics is anticipated to fuel the demand of Smart Fleet Management market over the coming years

The global smart fleet management market was valued at USD 386.8 billion in 2020, and it is expected to reach USD 582.9 billion by 2027, with a CAGR of 8.7%, during the forecast period.

Smart fleet management system enables operators to check on factors like fuel consumption, vehicle maintenance, route management, and driver performance. These systems provide a devoted server for fleet data and security in a single system, that is further expected to increase the market share in the coming years. The adoption of this technology further allows the operator to monitor the driver behaviour and measure maintenance costs. In addition, these systems ease the downloading of the fleet data to analyse, measure and make cost effective decisions to improve/enhance safety. For instance, the managers can analyse the fuel efficiency of a vehicle based on the route opted. These factors are expected to propel the smart fleet management market during the forecast period.

Advancements in Internet of Things (IoT) and wireless technology will provide opportunity to the global market. An increase in the mobile connectivity to deliver safer, cost-effective, and greener services is expected to Fuel the smart fleet management market over the forecast period. The increasing cost of this system and complexity associated with it hinders the market growth. Continuously growing fleet sizes and the routes travelled increase the complexity of the system. The abundant amount of data generated by continuous location tracking of the vehicles is likely to challenge the industry growth. Technological advancements across IoT and connected cars are likely to propel the adoption of smart fleet solutions during the forecast period. In addition, the adoption of IoT and telematics may bring opportunities in smart fleet management which may expand exponentially.

Telematics service providers and OEMs in the smart fleet management market are focus on developing solutions to confirm compatibility with future standards to rise ease-of-maintenance and scalability. Telematics providers are also focus on developing the integrated modules and SIMs to connect to cellular networks as vehicles travel between urban & rural areas, network provider boundaries, and cellular network boundaries from 2G to 3G and 4G. These modules are intended to achieve scalability and optimum coverage that remain compatible with the changing technology.

Bosch Limited, Continental AG, DENSO CORPORATION, Harman International Industries, Inc., Siemens AG, IBM Corporation, Sierra Wireless, Cisco, Calamp Corp., Precious Shipping Public Company Limited among others are the major players in the global Smart Fleet Managements market.

Key Findings:

• Based on transportation, the automotive segment was dominating the market in the year 2020
• Based on hardware, the ADAS is expected to grow with the highest CAGR during the forecast period
• Based on connectivity, the cloud connectivity is expected to hold major share in the global smart fleet market during the forecast period
• Based on regions, the Asia Pacific region is anticipated to capture a significant portion of the global water dispenser market during the forecast period.

Recent News:

• In April 2017, Smart Cube launches fleet management system Smart Fleet. Smart Fleet enables a centralized view of a company’s vehicle fleet, irrespective of the number of suppliers and supports better decision making with comprehensive visualization, analysis and reporting tools.
• P&L Software, a firm based in the UK focuses on developing software for the waste management industry. The company has developed an integrated waste system that comprises a software suite with modules consisting of tailored features that is catering specific to customer requirements. Increasing government subsidies are attracting new companies that are entering this market.