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(USGovernment-News.Com, February 13, 2019 ) According to the new market research report "IoT Fleet Management Market by Platform (Device Management, Application Enablement Platform, and Network Management), Services (Professional, Managed), Cloud Deployment (Public, Private, Hybrid), Solutions, Fleet Type, and Region - Global Forecast to 2021", published by MarketsandMarkets™, The IoT fleet management market is projected to grow at a CAGR of 21.26% during the forecast period, to reach USD 8.28 billion by 2021.
The key factors driving the market are the requirement of high operational efficiency, integration of smart devices with vehicles, and upcoming regulations on fleet safety and security.
“The Americas region is estimated to be the largest market for IoT fleet management”
The Americas region is expected to dominate the IoT fleet management market during the forecast period. The market in this region is growing due to increasing technological advancements, regulatory compliances, and noticeable government initiatives. For instance, the U.S. General Services Administration (GSA) states the rules and regulations for public sector fleet vehicles that are being offered to the federal government. Also, in 2015, the U.S. Department of Transportation introduced a strategic plan for implementing the Intelligent Transportation System (ITS) over a period of next five years. Under this plan, R&D activities have been carried out to improve the country’s transportation infrastructure. Furthermore, increasing awareness of the benefits of telematics in countries such as Brazil and Mexico would also fuel the IoT fleet management market in the Americas region. This would lead to higher usage of IoT for faster data communication between the vehicle and backend server to achieve enhanced analytics and decision making.
The report provides detailed profiles of the following companies:
• 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.) • Telefonica S.A. (Spain)
“Cloud hybrid model is expected to grow at the highest CAGR during the forecast period”
The hybrid model is witnessing a potential growth opportunity in the market. The growth of the hybrid model can be attributed to benefits such as higher flexibility of data management and adequate data implementation privilege at lower costs. It enables data backup and recovery on cloud infrastructure. The shifting trend of subscription-based solutions is also emerging at a modest pace. These require uninterrupted cloud server with easy accessibility. The combined scalability and flexibility of a virtual cloud server will accelerate the growth of the hybrid model market.
“Commercial vehicles are expected to be the largest market for IoT fleet management, by fleet type”
Commercial vehicles are estimated to be the largest segment in the IoT fleet management market, in terms of installed fleet solutions. The growth of this segment can be attributed to the increasing trend of smartphone integration with vehicles, driver behavior monitoring, fuel efficiency, and fleet analytics. Also, testing of some innovative technologies such as automated trucks/platooning is currently at a nascent stage and will strongly influence the market in the near future. Companies such as Daimler AG, Volvo Trucks, and Scania AB have already started working on this technology. Hence, the increasing focus of fleet companies to reduce operational cost has resulted in increased demand for IoT-enabled fleet solutions in commercial vehicles.
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