The global smart fleet management market was valued at USD 307.2 billion in 2017 and is anticipated to grow at a CAGR of 8.4% during the forecast period. Smart fleet offers real-time tracking of vehicles for increased operational efficiency and reduced transportation costs. Use of smart fleet solutions enables fast access to transport, easy maintenance, and fuel efficiency. It also provides functionalities such as route management, fuel consumption, vehicle maintenance, and driver performance. These systems offer a dedicated server for fleet data, which is then used for analyzing, measuring, and making decisions for cost efficiency and enhance safety. Smart fleet systems can be easily integrated into transportation infrastructure for simplified and efficient operations of fleets.
The major driving factors of the smart fleet management market include increasing demand for real-time tracking and monitoring of fleet, rising need for automation of processes to increase efficiency, and requirement to reduce overall operating cost. The growing need to decrease energy consumption, reduce vehicular emissions, and prevent road congestions results in increased adoption of smart fleet management solutions. Smart fleet solutions are increasingly being used to increase fuel efficiency of fleets and cater to the need for high speed networks. Growing safety concerns, and favorable government regulations are factors expected to support the growth of the market. Advancements in technologies such as IOT and connected cars would boost the adoption of smart fleet solutions during the forecast period. However, high initial investment, and associated complexities are expected to restrict the growth of smart fleet management market.
The global Smart Fleet Management market is segmented on the basis of mode of transport, application, mode of connection, and region. Based on mode of transport, the market is segmented into automotive, rolling stock, and marine. The application segment is categorized into tracking, diagnostics, optimization, and others. The mode of connection includes short range communication, long range communication, and cloud. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC, Latin America, and MEA. North America smart fleet management market is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America accounted for the largest share in the global Smart Fleet Management market in 2017.
The leading players in the smart fleet management market include Cisco Systems, Inc., Robert Bosch GmbH, Denso Corporation, Sierra Wireless, Inc., Orbcomm, Inc., Siemens AG, Zonar Systems, Inc., IBM Corporation, Continental AG, OTTO Marine Limited, Harman International Industries, Inc., Globecomm Systems, Inc., and Globecomm Systems, Inc. among others. These vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base.