Europe and U.S. Mandate Telematics Equipment, Boosting IoT Fleet Management

The global IoT fleet management market (物联网车队管理市场) is projected to reach a valuation of US$ 7.3 billion in 2022. By 2032, sales are expected to soar to US$ 22.2 billion, with the market experiencing an impressive growth rate of 11.8% CAGR between 2022 and 2032. Growing need to reduce fuel emissions and enhance fleet operating efficiency is expected to act as a significant driver. IoT fleet management software allows the drivers to follow routes, identify crowded highways, do predictive maintenance, and other tasks, improving fuel efficiency. Government obligations to improve fleet safety standards is one of the primary drivers propelling the growth in the market. Rising incidence in road fatalities due to excessive traffic is encouraging governments across the globe to tighten regulations, improving the adoption of IoT fleet management systems.

Key Takeaways

North America is anticipated to dominate the global IoT fleet management market throughout the forecast period, with the U.S. leading the charge. The U.S. market is expected to achieve a valuation of US$ 5.2 billion between 2022 and 2032, underscoring its significant role in driving regional growth. The routing management segment, in particular, is set to lead in terms of application, demonstrating a robust growth rate of 11.2% CAGR during this period. This growth highlights the increasing emphasis on optimizing fleet routes to enhance efficiency and reduce operational costs.

In terms of cloud deployment, the private cloud category is projected to witness substantial growth, registering a CAGR of 12.4% throughout the forecast period. This trend indicates a growing preference for more secure and customizable cloud solutions within the fleet management sector. International markets are also set for impressive growth; in Japan, sales of IoT fleet management systems are expected to rise at a 12.5% CAGR over the assessment period. Similarly, the U.K. market is forecasted to experience a surge in demand, with an anticipated growth rate of 12.8% CAGR between 2022 and 2032. These figures reflect the global momentum towards adopting advanced fleet management technologies to improve operational efficiencies and adapt to evolving market demands.

List of Key Companies Profiled in The Report

• IBM Corporation
• AT&T Inc.
• Intel Corporation
• Verizon Communications Inc.
• Oracle Corporation
• Others

Growth Drivers

The rising integration of advanced technology in electric cars and their compatibility with smartphones is expected to drive market growth. The growing need for real-time fleet monitoring and rapid digitization in the automotive industry will further propel demand. Additionally, the implementation of mobility-as-a-service by government authorities to reduce carbon emissions and traffic congestion is likely to benefit the market significantly. These factors collectively highlight the increasing adoption of IoT fleet management solutions to enhance efficiency and sustainability in the transportation sector.

Notable Developments

Noteworthy developments in the IoT Fleet Management market include collaborations between technology providers and automotive manufacturers to create integrated solutions. The introduction of AI-driven predictive maintenance algorithms, enabling preemptive identification of potential issues, is a notable development. Additionally, the market is witnessing the implementation of sustainability-focused features, such as electric vehicle integration and eco-routing, aligning with global efforts towards greener transportation. These developments highlight the continuous innovation within the IoT Fleet Management space, paving the way for more efficient and sustainable fleet operations.

Competitive Landscape:

Players in the market are collaborating along with diverse value chain stakeholders and end users. In order to provide innovative solutions and gain a competitive edge, companies are likely to invest extensively in research and development. They are also adopting mergers and acquisitions as their primary approach to strengthen their global footprint, in addition to developing new products and forming alliances.

For instance,

• In December 2021, GPS insight announced the purchase of FieldAware field service automation software, a Software Company for field service, telematics software, and fleet management.
• In January 2020, in California, Eleos Technologies and Geotab Inc. formed a strategic alliance to introduce "UNIFY." Transportation software as a service is offered by Eleos Technologies. The UNIFY platform intends to provide FMCSA-compliant ELD and customized fleet management systems for augmented solutions and insights.