According to a new report by Market Research Future (MRFR), the global market for smart fleet management has been expected to expand at a significant rate during the forecast period (2016-2023) owing to the growing production of vehicles. Operators keep track of factors such as maintenance and route management, and fuel consumption through smart fleet management system. The system provides a dedicated server for security and fleet data which enables operators to analyze cost-effective data and enhance safety.
Future Drivers and Constraints Affecting the Market
Stringent government regulations to increase demand and safety by fleet operators to track vehicles, thus reducing the cost of transportation and rising demand for connectivity are anticipated to stimulate the market growth over the forecast period. Several government agencies are also promoting the use of connected vehicles to curtail energy consumption, reduce carbon emissions, and avoid road congestion. Reduction of operating as well as transportation cost encourages players in the market, thus fueling the market growth globally.
On the flip side, high cost associated with smart fleet management system is predicted to inhibit the market growth globally. On the other hand, privacy and security concerns will act as a major restraining cause for the market. Moreover, the continuous increase in travel routes and fleet sizes result in higher complexity of the system and is anticipated to act as another restraining factor in the growth of the market. Scarcity of sufficient network infrastructure, specifically in regions like Mexico and India can hinder the market growth over the review period. Also, data-loss and cyber attacks are also anticipated to diminish the growth of the market.
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Global Smart Fleet Management Market Segmentation
Globally, the market for smart fleet management has fragmented due to the presence of regional and global vendors. The market has been segmented based on transportation, connectivity, hardware, solution, and region.
The market has been segmented into automotive, rolling stock, and marine, based on transportation. Among these, the automotive segment is estimated to expand over the assessment period due to the growing adoption of roadways for international and domestic airport.
The market has been segmented into tracking, optimization, ADAS, and diagnostic based on hardware. Among these, the ADAS systems segmentation is expected to showcase a significant growth rate due to the high adoption of such systems in passenger cars, especially in regions like Europe and North America. Governments in the Asia Pacific region like China and India are focusing on mandating such systems to enhance the safety of passengers.
The market has been segmented into cloud, short-range communication, and long-range communication based on connectivity. The vendors are focused on providing cloud solutions to their customers with the increasing advancements in cloud technology.
The market has also been segmented into fleet optimization and vehicle tracking based on solution. Fleet operators are leveraging the emergence of Internet of Things by equipping vehicles with wireless technology to improve scalability and connectivity. This is further predicted to boost the market in the coming years.
Asia Pacific to Provide Huge Opportunities
Geographically, the smart fleet management market has been spanned across North America, Europe, Asia Pacific, and Middle East and Africa. Among these, the Asia Pacific region is anticipated to provide huge opportunities to the smart fleet management market. Strict government mandates coupled with improving infrastructure and transportation facilities are expected to drive the market in this region. The China and Indian government authorities encourage equipment manufacturers to implement such systems in vehicles in order to enhance the safety of the drivers. Moreover, the improving socio-economic conditions in Thailand, India, and Indonesia have led to the increasing demand for premium segment fleets which is anticipated to impact the market growth positively over the forecast period.
Regions like Europe and North America are also anticipated to witness a rapid growth during the assessment period. Presence of major manufacturers coupled with sophisticated technology offers solid base for smart fleet management firms in these regions. The R&D activities and technological developments in Europe and North America are expected to provide opportunities for the market to expand at a rapid pace. Moreover, the established automotive industry also aids in the growth of the market in these regions. Also, the increasing number of commercial fleets in the US and Europe widens the customer base to house major manufactures for smart fleet management system.
Zonar, the leader in smart fleet management technology has announced a program which enables technology solution providers to sell Zonar solutions to schools and business. Authorized resellers can support and sell Zonar solutions, thus creating new opportunities for partners.
The prominent players operating the market growth for smart fleet management are Cisco Systems Inc., Harman International Industries Inc., Globecomm Systems Inc., IBM Corporation, Precious Shipping Co. Ltd., Continental AG, Sierra Wireless Inc., Calamp Corp., Siemens AG, Robert Bosch GmbH., Denso Corporation, OTTO Marine Ltd., and more.
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