Since most vehicles are now equipped with several types of sensors, it’s a simple matter to track driver behavior, optimize fuel efficiency, and collect a wealth of data that can be used to improve fleet management. More and more, smart devices such as laptops, smartphones, and other devices that use the Internet, have made it more possible to effectively manage many different types of vehicles.
This is true for both trucks and cars, and the Internet of Things will provide some very definite advantages, such as quick transport and greater travel-based accuracy. These things will become the drivers for spurring the global IoT fleet management market in the future so that it becomes almost universal in application.
Overview of the IoT Fleet Management Market
There is a huge demand for operational efficiencies and vehicle security among company vehicles and trucking firms, and this is driving the rapid development of the IoT fleet services market. Coupled with the increased capabilities of tablets, smartphones, and other intelligent devices, this has paved the way for a whole slew of Internet services to be provided by way of IoT technology.
In terms of provided solutions, the IoT fleet management market can be broken down into several categories such as fuel management, field vehicle tracking, and monitoring, remote diagnostics, driver behavior, and monitoring, predictive maintenance, and fleet analytics. The two primary areas where IoT fleet management will apply are in the area of passenger cars and commercial vehicles such as trucks, capable of hauling goods from point to point.
Between these two categories, it is anticipated that the passenger car segment will grow more rapidly than will other commercial vehicles. A big part of the reason for this surging popularity is because of the vastly increased usage of smartphones concerning passenger vehicles. That type of growth is not quite so prominent in commercial vehicles and roadway trucks.
Trends of Fleet Management
It is widely considered likely that all IoT innovation will find a ready and willing audience among both commercial vehicles and passenger cars in the coming years, due to the coming government laws and activities regarding smart transportation systems. These regulations are driving rapid advancement in the improvement of vehicle network technologies, and assuring that ready acceptance will be one of the results of that rapid development.
These innovations provide some very appealing advantages such as security, safety, and much greater capability for monitoring. However, for all those advantages to be realized and to work appropriately, they must be coupled with a strong framework. For developing nations such as India and Mexico, there will probably be greater difficulty in penetrating these markets, since the corresponding technology developments are not as readily available. Another potential obstacle to the rapid increase of the market scope for IoT technology could be concerned about protecting business-critical information and providing adequate information security against cybercriminals.
Market Analysis of IoT Fleet Management
Having reached the age of the Internet of Things, fleet management can now focus a great deal of attention on the activities of vehicle drivers, as well as the cars and trucks themselves. This is largely due to the ready availability and the compatibility of smartphones and those associated vehicles. At least one-third of all fleet management professionals said in a recent poll that they cannot currently easily contact individuals from their company funding departments.
This fact has kept them from developing and disseminating information relative to fleet expenditures, so several decision-makers are still in the dark about fleet concerns. Most fleet management professionals are well aware that reducing costs is a primary issue for their companies, so having any deficiency in communication will definitely work counter to their stated objectives. That makes it all the more important that vehicles be equipped with the latest technology for sensors and for transmitting information back to a central headquarters for analysis.
Global Outlook on Fleet Services
The global outlook for IoT fleet management is generally broken down along continental lines, i.e. North America, South America, Asia and the Pacific, Europe, the Middle East, and Africa. As you might expect, North America and Europe have the biggest share of the total market at present and are anticipated to continue that pace into the future.
Other regions around the world, however, are expected to emerge as very lucrative areas for investment, especially the Middle East and Africa, South America, and Asia and the Pacific. In those areas, it is expected that the increased availability of needed technology will drive greater implementation of fleet management services, as these lesser developed countries catch up to Europe and North America.
There are several rapidly emerging fleet management suppliers, which are positioning themselves to become major players in the fleet management market. This is one aspect which is expected to drive critical development in the fleet management market in North America in the coming years.
In Europe, the European Commission has been collaborating with other nations and with internal companies to improve the development of IoT. Ireland and the United Kingdom are currently very strong contenders in the race to develop fleet management systems that dominate the market.
Among all emerging markets, the Asia Pacific market is deemed to be the most rapidly developing throughout the most recent forecast. This is because smart devices are soaring in popularity, and development on vehicle deals is driving the fleet management market strongly upward. There is also a tremendous opportunity for growth in these areas, so you can expect them to become strong players in the future fleet management market.