IoT Fleet management industry projected global market size of $22.2bn by 2032
The global IoT fleet management market is expected to value $22.2bn in 2032, against $7.3bn in 2022. The industry is likely to flourish at a CAGR of 11.5% during the forecast period from 2022-to 2032.
From 2021-to 2022, the Y-o-Y (year-on-year) growth rate is estimated at 19.6%. Development of the market can be attributed to the deployment of advanced connecting technologies in fleet management. Advanced technologies such as; GPS, cloud-based, and big data analytics provide developed software, which is expected to offer various lucrative opportunities to the players.
With the advent of vehicular internet connectivity, there has been a rise in demand for developed methods to regulate the fleet. Moreover, with increasing demand for real-time fleet monitoring, with rising digitalisation, the industry is anticipated to flourish significantly in the forecast period.
Players in the market are taking several initiatives to offer a modern software solution to manage the fleet. For instance, in August 2021, eBikeGo launched a developed AI and IoT-based fleet management system. The system is known as EBG-Matics which analyses vehicles and riders to augment efficiency.
Deployment of mobility-as-a-service by mobile industries and government authorities to monitor carbon emissions and reduce traffic congestion is projected to benefit the market in the assessment period. Key players in ride-sharing such as; Ola, Uber, Lyft, and DiDi are likely to grab the opportunities for autonomous fleet management in the forecast period. For instance, in July 2020, Ola Corporate disclosed a mobility service in the U.K. The company aimed to diversify its mobility options and help in customising ride policy.
Key Takeaways from the Market Study
- The global IoT fleet management market to value $22.2bn by 2032
- Global IoT fleet management industry to project a growth rate of 11.8% from 2022-2032
- The US market to value $5.2bn by 2032
- Market in the UK to expand at 12.8% by 2032
- Industry in India to exhibit a CAGR of 13% from 2022-2032
- Market value of China expected to secure $1.5bn by 2032
- Japanese market to grow at a 12.5% CAGR during the forecast period
- The Private segment to flourish at 12.4% from 2022-2032
- The routing management segment to expand at 11.2% during the assessment period
“Increasing integration of smartphones and vehicles is expected to offer a significant boost to the expansion of IoT fleet management market in the forecast period. Also, the growing concern of fluctuating costs of fuel and rising maintenance costs are likely to play a salient role in strengthening the demand for efficient IoT fleet management systems.” Remarks an analyst at Fact.MR.
Key players in the global IoT fleet management are focusing on expanding their influence through product development, collaboration, and mergers and acquisition among others. Recent key developments among players are:
- In December 2021, GPS insight announced the acquisition of FieldAware field service automation software, Developer Company for field service, telematics software, and fleet management.
- In January 2020, Geotab Inc. launched ‘UNIFY’ in a strategic partnership with Eleos Technologies in CA. Eleos Technologies is a Software-as-a-Service provider for transportation. The UNIFY platform aims to offer customised fleet management systems and FMCSA-compliant ELD for augmented solutions and insights.
These insights are based on a report on IoT Fleet Management Market by Fact.MR.