The IoT fleet management market is projected to grow at a CAGR of 21.26% during the forecast period, to reach a market size of USD 8.28 billion by 2021. With the growing number of fleet vehicles, increased maintenance cost, and volatile fuel prices across the globe, there is an increased concern for fleet companies to achieve high operational efficiency with reduced cost. According to a research study conducted by Argonne National Laboratory in 2015, approximately 1 billion gallons of fuel was wasted because of excessive truck idling, which cost around USD 3 billion yearly.
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Increasing global fleet vehicle sizes and rising need for improved operational efficiency and reduced maintenance cost is expected to spur the growth of Market
With the growing number of fleet vehicles, the increasing road freight traffic, and environmental pollution level all over the world, it becomes a challenge for the fleet owners to keep watch of their fleets. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA) statistics, the sales of commercial vehicles had experienced significant growth of approximately 20% during the period of 2011–2016 worldwide. Also, as per the same OICA publication, global vehicle parc increased from 1.02 billion units in 2010 to 1.24 billion units in 2015.
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• Fleet management solution providers
• Software developers and providers
• Telecommunication service providers
• Fleet operators
• Transportation authorities
• Mass transit authorities
• Legal and regulatory authorities
The device management platform is expected to dominate the mentioned market. It is estimated to be the largest and fastest growing market during the review period. It enables device authentication, remote access, monitoring, and troubleshooting and offers security features against hacking and malware attacks. The OAuth 2.0 and OpenID Connect 1.0 are the authorization models that enhance the device authentication that works with IoT server. Also, the increased use of personalized devices such as smartphones and tablets will boost the market for device management platform in IoT fleet.
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• What is the percentage contribution of the following segments to the IoT fleet management platform market? What are the key factors that would drive the growth of the market segments during the next five years?
• The study indicates that routing management and vehicle maintenance are expected to dominate the Mentioned market, by solutions. What are the key factors that would drive these market segments during the next five years?
Some of major players in the IoT fleet management market include AT&T, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Verizon Communications, Inc. (U.S.), TomTom International BV (Netherlands), Trimble, Inc. (U.S.), IBM Corporation (U.S.), Omnitracs (U.S.), Sierra Wireless (Canada), Intel Corporation (U.S.), and Telefonica S.A. (Spain).
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