According to a new report by Grand View Research, Inc. the global Internet of things (IoT) fleet management market size is expected to touch USD 16.86 billion by 2025. This growth is indicative of how introduction of vehicular internet connectivity has triggered the adoption rate for IoT fleet management.
IoT fleet management includes various solutions such as vehicle tracking & monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and driver performance tracking & monitoring. These solutions increase the operational efficiency of fleet operators and also assist them in reducing expenses.
The report indicates that this fleet management market will be exhibiting a CAGR of 20.8% during the forecast period 2018-25. Domicile of prominent IoT technology companies such as AT&T, Cisco Systems, Inc., Intel Corporation, Verizon, and IBM is estimated to foster the growth prospects for the market.
The success of the IoT technology depends upon seamless connectivity. The report highlighted that the presence of strong wireless connectivity infrastructure in regions such as North America and Europe has facilitated the widespread adoption of IoT fleet management. Hence, it is anticipated that these regional markets will witness remarkable growth in the coming years.
As per other key findings of the report, the booming e-commerce market in countries such as India and China has created the demand for efficient transportation systems. Thus, the Asia Pacific IoT fleet management market is anticipated to be the most promising region during the forecast period. Considering, significant increase in cyber-attacks around the world over the past few years, the need to safeguard end users from a potential attack is likely to play an important role in determining the growth of the IoT fleet management market. Read more…