The rising demand for optimum operational efficiency, increased profitability, improved fuel economy, reduced maintenance cost, and vehicle and smartphone integration have collectively resulted in the growth of the IoT Fleet Management Market. The IoT fleet management market is estimated to grow at a CAGR of 21.26% during the forecast period, to reach a market size of USD 8.28 billion by 2021.
The implementation of safety and security-related regulations, specifically in the Americas and European regions, has led to the introduction of several advanced products in the IoT fleet management market. For instance, in December 2016, the Federal Motor Carrier Safety Administration (FMCSA) published its final rule regarding the adoption and use of Electronic Logging Devices (ELD). The rule requires the implementation of ELD compliance within two years from the date of publishing. The FMCSA has, however, allowed fleets and drivers to use devices that meet the current standard for Automatic On-Board Recording Devices (AOBRD) until December 2019. Also, in 2014, the European Union (EU) had plans to introduce telematics-related mandates for services such as emergency call (e-Call) and Stolen Vehicle Tracking (SVT) services for vehicles. Such regulations/mandates have created a promising opportunity for fleet management solutions as well as service providers for fleet vehicles.
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The Asia-Oceania market for IoT fleet management is estimated to grow at the highest CAGR during the forecast period. The growth of the Asia-Oceania market can be attributed to increased sales of fleet vehicles and demand for personal vehicles. For instance, in 2014, the Chinese government implemented the regulations for installing telematics and satellite positioning system in commercial vehicles. Further, the Australian government allocated a fund of USD 320 million in 2013 for developing the Nation Building Program to build and upgrade the national roadway network with advanced transportation technologies. In 2014, the Indian government also made the installation of GPS devices in public transit buses compulsory in 32 cities for safety and security. The rising necessity of safety and security measures is expected to increase the demand for the IoT fleet management market.
Owing to the growing requirement of high-level, real-time monitoring of fleet vehicles for efficient route planning, vehicle maintenance, navigation, diagnostics, and fuel management, a reliable and fast communication channel is required for data transmission and processing. In the current scenario, 3G connectivity is used widely while some regional governments are also planning to implement 4G LTE connectivity for more effective and faster communication. For instance, the U.S. Department of Transportation (DOT) is investigating the possibility of 4G LTE-Advanced and other long-range technology to support the connected vehicle program. Also, along with the emergence of 5G technologies, a few telecommunication providers such as AT&T, Inc. (U.S.) and Verizon Communications, Inc. (U.S.) have planned to offer this connectivity solution in the near future. Thus, the availability of lightning-fast data transmission speed allows fleet solution providers to offer quick and enhanced services to their clients, which in turn augurs well for the growth of the IoT fleet management market.
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With the advent of IoT in fleet management, cloud storage and fleet analytics play a crucial role in handling critical data and attaining higher customer satisfaction. Some of the analytical tools such as big data analytics and SAS (IBM) offer solutions for managing and analyzing to produce result-oriented valuable information. This gives an opportunity to analytics companies to leverage their business in the fleet management market. The increased implementation of fleet management solutions brings more favorable opportunities for data analytics solutions providers.