Smart Fleet Management Market Outlook 2031:
The global smart fleet management market size was valued at USD 462.48 Billion in 2022 and is projected to reach USD 924.50 Billion by 2031, expanding at a CAGR of 8% during the forecast period 2023 - 2031. The growth of the market is attributed to growing need for higher operational efficiencies.
Smart fleet management can be said as an integration of fleet management technologies utilised to maintain, manage, and attain the optimum economical operations of the fleet. It allows the digital technology application, for additional efficient maintenance, and fuel management together with driver safety, tracking, and smart surveillance.
The COVID-19 pandemic has forced several governments around the world to impose emergency lockdown and close down offices, schools, and colleges. As a result, most companies are operating remotely, and data security and sharing, have been the outmost concern for companies. As such, it has resulted in increasing adoption of enterprise key management solutions.
Smart Fleet Management Market Drivers, Restraints and Opportunities
- Global demand for reliable, and secure transportation network, is a major driving factor for market growth.
- Increasing adoption of connected vehicle technologies, to reduce energy consumption, is another factor estimated to drive the market during forecast period.
- Lack of adequate network infrastructure, act as a major restraint factor for market growth.
- Increasing concerns of cyber-attacks, and data loss, can hamper the market growth.
- Increasing demand for securing confidential information is expected to create lucrative opportunities for the market players.
Scope of the Smart Fleet Management Market Report
The report on the global smart fleet management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Fleet Management Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Connectivity (Cloud, Long range communication, and Short range communication), Hardware (Optimization, Tracking, ADAS, and Remote Diagnostics), and Transportations (Marine, Automotive, and Rolling Stock)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Continental AG; Cisco Systems, Inc.; IBM Corporation; Robert Bosch GmbH; Sierra Wireless; Siemens AG; Zonar Systems, Inc.; and Tech Mahindra;
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Smart Fleet Management Market Segment Insights
The short range communication segment is projected to hold major market share
Based on connectivity, the market is divided into cloud, long range communication, and short range communication. The short range communication segment is projected to hold major market share.
Short-range communication technology permits vehicle-to-vehicle and vehicle-to-infrastructure communication, which might be accustomed to sharing a myriad of knowledge relating traffic, position, routing, mapping, and navigation. ADAS use this information to reinforce transport safety by triggering safeguard measures and avoiding collisions.
The ADAS segment is anticipated to grow at a rapid pace
On the basis of hardware, the market is fragmented into optimization, tracking, ADAS, and remote diagnostics. The advanced driver assistance systems (ADAS) segment is anticipated to grow at a rapid pace.
While many governments are continuing to supply regulative mandates for transport safety, the adoption of autonomous vehicle technologies is growing. Fleet operators are backing fleet management software solutions, which modify predictive maintenance, and further help in fleet improvement by tracking and managing diagnostic information remotely.
The automotive segment is projected to expand at a robust CAGR
In terms of transportations, the market is segmented into marine, automotive, and rolling stock. The automotive segment held the major market share in 2020 and is projected to expand at a robust CAGR during the forecast period.
Connected vehicle technologies modify remote observation and management of varied operations such as remote diagnostics, and fuel management. These solutions adapt fleet operators to optimize their fleet operations and lower business risks.
North America is anticipated to dominate the market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market.
Technological proliferation increased penetration of digital services across all major verticals, and therefore, increased cargo transportation has resulted, in the rapid adoption of smart fleet systems in North America.
Segments
The global smart fleet management market has been segmented on the basis of
Connectivity
- Cloud
- Long range communication
- Short range communication
Hardware
- Optimization
- Tracking
- ADAS
- Remote Diagnostics
Transportations
- Marine, Automotive
- Rolling Stock
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the smart fleet management market include Continental AG; Cisco Systems, Inc.; IBM Corporation; Robert Bosch GmbH; Sierra Wireless; Siemens AG; Zonar Systems, Inc.; and Tech Mahindra.
Most players are actively working on collaborations, strategic alliances and developing new solutions, for the vision positioning systems industry.
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