Smart fleet management assists the tracking and maintenance of vehicles rapidly and cost-effectively. According to Inkwood Research, the global smart fleet management market will evolve at a CAGR of 7.87% during the forecast period of 2019-2027. In terms of revenue, the global market amounted for $XX billion in 2018 and is projected to reach a value of $670.76 billion by 2027. The rising need for streamlining fleet management, growing concern about vehicle safety and emission accompanied by other factors drives the growth of the global smart fleet management market.
The global smart fleet management market includes segments based on application, connectivity, and transportation mode. The long-range communication, cloud, and short-range communication are sub-segments of connectivity. Further, the rising demand for fleet safety and security in the transportation of goods and passengers resulted in the incorporation of real-time monitoring, geofencing, diagnostic features and others in railways, automotive, and marine transport. As a result of this, the global smart fleet management market will flourish at a significant pace in the upcoming years.
On the basis of geography, the global smart fleet management market is classified into several regions, namely Asia Pacific, Europe, North America, and Rest of World region, which includes Latin America, Middle East & Africa. The Asia Pacific region is expected to grow at the highest CAGR during 2019-2027 owing to the booming e-commerce industry and stimulated demand for efficient transport/ logistics operations. The region also provides the fastest-growing market for smart fleet management because of rising demand for smart transportation in the region.
The eminent players in the global smart fleet management market are Continental AG, Omnitracs LLC, I.D. Systems, IBM Corporation, Sierra Wireless Inc., Zonar Systems Inc., Tech Mahindra Limited, Denso Corporation, Cisco Systems Inc., Orbcomm Inc., Robert Bosch GmbH, and Siemens AG.