worldwide smart fleet management market is projected to reach approximately USD 629.5 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the surging need to monitor and track fleets to boost operational efficiency and decrease costs propels the smart fleet management market growth. Businesses are increasingly espousing smart fleet management systems to enhance efficiency and manage huge fleet volumes. The escalating need for rapid pace networks further expedites the adoption of smart fleet management systems across the world.
As per the report, several other factors propelling the market growth include increasing need to lessen operating costs, upsurge profitability, and circumvent road accidents and congestions. Emerging new markets, the rising requirement to track driver behavior, and burgeoning safety concerns are anticipated to substantially influence market demand in the years to come.
Key findings of the smart fleet management market report are listed below:
- Based on the mode of transport, the automotive segment led the worldwide market with respect to revenue, in the year 2017.
- In terms of regional distribution, North America held the biggest share of the global smart fleet management market, in the year 2017.
Speaking of regional bifurcation, North America is projected to dominate the global market over the estimated period. Substantial investments by businesses to enhance fleet operations accompanied by favorable regulatory outlook pertaining to transport safety drive market growth in the region. The report cites that the technological enhancements and introduction of advanced systems by key players has surged the adoption of smart fleet management systems in the region.
Asia-Pacific smart fleet management market is anticipated to witness the highest growth rate globally over the projected period. This growth can be attributed to the economic growth in nations such as India and China, and surging investments in boosting fleet efficiency. Expansion of notable industry players into these nations to tap market potential further escalates market growth.
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The report bifurcates the mode of transportations in this market into marine, rolling stock, and automotive. Deployment of smart fleet management solutions in the automotive sector provides fuel management, remote monitoring, route optimization, and remote diagnostics together with other functionalities. The automotive sector is set to experience robust growth in the coming years on account of burgeoning safety concerns and stringent government regulations relating to vehicular emissions, thereby boosting market growth, cites the study.
The report segments the smart fleet management market based on communication as long range communication, short range communication, and cloud. The application spectrum of the smart fleet management market is sub-divided into diagnostics, tracking, optimization, and others, as per the research.
The competitive landscape of the smart fleet management market comprises organizations such as Globecomm Systems, Inc, Harman International Industries, Inc., OTTO Marine Limited, Continental AG, IBM Corporation, Zonar Systems, Inc., Siemens AG, Orbcomm, Inc., Sierra Wireless, Inc., Denso Corporation, Robert Bosch GmbH, and Cisco Systems, Inc. For business growth, these organizations majorly employ tactics like new product introduction, collaboration, acquisition, and geographical expansion.