Technology

Smart Device Integration With Vehicles To Drive The Global IoT Fleet Management Market Growth

Global IoT Fleet Management Market is expected to reach USD 15,500 million by 2024, growing at a CAGR of more than 21.5% between 2017 and 2024.

Fleet management is a role that assists the firms engaged in the transportation business to reduce or do away with the risk related to productivity, vehicle investment, enhances efficiency, and also offers conformity to government rules. Also, fleet management assists to decrease the cost linked to transportation by enhancing efficiency and cost in fleet operations. The incorporation of the IoT within the fleet management system intends at enhancing business prospects. IoT fleet management solutions will improve process-chain monitoring, supply-chain visibility, and much more.

The global IoT fleet management market is projected to be mainly driven by the incorporation of smart devices within vehicles. The advent of the IoT has enabled the vehicles to flawlessly link with the smart devices, thereby allowing emergency roadside help and real-time traffic notifications. The merging of IoT within fleet management aids in vehicle maintenance, fleet analytics, fuel management, time- & cost-saving, remote diagnostics, drive time analysis, tracking & monitoring, routing management, and also accomplishes the client requirements. The mounting use of smart devices by shipping firms is anticipated to drive the expansion of the IoT fleet management market during the years to come.

Further, the increasing need for fleet security and data management together with the rising requirement to cut the TCO (total cost of ownership) and attain fuel efficiency are also expected to boost the market growth. Other major factors propelling the expansion of the global IoT fleet management market include augmented need for optimized business operations, rising count of government consents for fleet safety, and real-time fleet monitoring.

Nevertheless, the dearth of IoT infrastructure in emerging economies is expected to obstruct the development of the global IoT fleet management market. In addition, inadequate technically well-informed employees and poor Internet connectivity are other factors that might hinder the market growth in the coming years. Also, though the increasing count of IoT devices is fueling the market expansion, there have also been noteworthy worries regarding data security and privacy. Over the past few years, there has been a momentous rise in cyber-attacks globally, thus the necessity to protect end-users from a possible attack is expected to play a vital part in shaping the expansion of the global IoT fleet management market.

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Also, the rising collaboration and partnership between top players in the global IoT fleet management market are anticipated to produce massive avenues. To cite, a Three-Year Fleet Card Contract was announced by Wex Inc. with Verizon in December 2017. Through this deal, WEX was to offer fleet cards summing up to over 25,000 to Verizon and will offer the communications company with added understanding into its fleet operations using the proprietary ClearView analytics platform of WEX.

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