San Francisco, 27 September 2018 - According to a report published by Grand View Research, Inc.; the global smart fleet management market is expected to achieve around USD 565.1 billion by 2025. Rising requirement to accomplish greater operational efficiencies and to improve vehicular safety can propel the market over the forecast period (2018 to 2025).
Implementation of government rules and efforts intended to create reliable and secure transportation network are supporting the development of intelligent transport systems. This factor is anticipated to spur the growth of the market for smart fleet management. Government agencies are also encouraging adoption of connected vehicle technologies to reduce road congestions, energy consumption, and overall carbon footprint. These solutions can assist fleet operators to get real-time information and to make inform decisions. They can assist in saving cost and improving operational efficiency. In addition, deployment of technologies like connected cars and vehicular communications has empowered variety of solutions to enhance safety, tracking, and monitoring of vehicle. This factor is anticipated to propel the adoption in the market over the forecast period.
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Smart fleet management solutions in fleet analytics, predictive maintenance, fuel management, driver performance tracking and monitoring, and remote diagnostics can enhance operational efficiency, productivity, and cost saving. This factor is anticipated to propel the growth of the global market in the forthcoming years. However, requirement of high capital investment, deployment complexity, and lack of network infrastructure in emerging countries can restrict the growth. In addition, possibility of data loss and concerns regarding cyber attacks may also hinder the market expansion to an extent over the forecast period.
The worldwide smart fleet management market can be segmented on the basis of transportation, hardware, connectivity, and region. Based on transportation, the market can be categorized into rolling stock, automotive, and marine. The automotive segment is anticipated to continue exhibiting the fastest growth at a CAGR of around 8.2% through 2025.
As per hardware, the market can be classified into tracking, remote diagnostics, Advanced Driver Assistance Systems (ADAS), and optimization. The ADAS segment is likely to witness the fastest growth in the years to come. Rising implementation of automation along with execution of strict regulatory framework for vehicular safety can drive the expansion. ADAS integrates components like image processing units, radars, sensors, and Light Detection and Ranging (LiDAR) to enhance safety and to avoid accidents. Their adaptive features like Global Positioning System (GPS) navigation, automated lighting and brakes, and cruise control can be integrated with smart devices to deliver alerts for enhanced driving experience. This is one of the major contributing factor for the demand of ADAS.
On the basis of connectivity, the market for smart fleet management can be divided into short-range, long-range, and cloud. The short-range communication segment is expected to continue dominating the market over the forecast period. This technology enables vehicle-to-vehicle and vehicle-to-infrastructure communication. This can be utiliz to share information regarding traffic, navigation, routing, mapping, and position. The technology is vital for ADAS, which can trigger safeguard measures to avoid vehicle collisions. The cloud connectivity segment is likely to grow at a CAGR of nearly 8.8% during the forecast period on account of scalability, flexibility, and low cost of cloud services. The advanced security features of cloud solutions can protect business-critical information received from multiple sources. This is a major driver for the cloud segment.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific is likely to grow at a steady pace on account of increasing demand for premium fleets, efficient transportation, and high implementation of government regulations. However, implementation of connected technologies with lack of proper network infrastructure in developing countries like India and Mexico can hinder the growth across emerging regions. North America and Europe are likely to showcase significant growth in the forthcoming years due to sufficient availability of strong wireless connectivity infrastructure in developed countries. This has enabled extensive investment in telematics solutions among fleet operators.
Key companies operating in the smart fleet management market include Cisco Systems, Inc.; Orbcomm, Inc.; Sierra Wireless, Inc.; Zonar Systems, Inc.; and Siemens AG. Most market participants are emphasizing on product innovation and business collaborations. The companies are extensively investing in research and development (R&D) activities to develop technologically advanced and autonomous vehicles, sensors, Internet of Things (IoT) devices, and ADAS. They are also expected to adopt business strategies like mergers and acquisitions (M&A) to enhance their global and product portfolio.
Grand View Research has segmented the global smart fleet management market on the basis of transportation, hardware, connectivity, and region:
Smart Fleet Management Transportation Outlook (Revenue, USD Billion, 2014 - 2025)
- Automotive
- Rolling Stock
- Marine
Smart Fleet Management Hardware Outlook (Revenue, USD Billion, 2014 - 2025)
- Tracking
- Remote Diagnostics
- ADAS
- Optimization
Smart Fleet Management Connectivity Outlook (Revenue, USD Billion, 2014 - 2025)
- Short Range Communication
- Long Range Communication
- Cloud
Smart Fleet Management Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- Europe
- Asia Pacific
- Rest of World
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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