Smart Fleet Management Market to Grow at Over 6% CAGR until 2024

Technological advancements and increasing onshore and offshore activities to propel global smart fleet management market through 2024

According to a report published by TechSci Research on “Global Smart Fleet Management Market By Transportation, By Connectivity, By Hardware, By Solutions, By Region, Competition, Forecast & Opportunities, 2024”, global smart fleet management market is projected to grow at a CAGR of over 6% during 2019-2024 on account of increasing emphasis on energy/fuel efficiency in vehicle operations in addition to the need for high-speed networks. Moreover, advancements in Internet of Things (IoT) and wireless technology are expected to bring new capabilities to these systems, thereby fueling demand for smart fleet management market globally. Additionally, increasing mobile connectivity to deliver safer, cost-effective and greener services is anticipated to augment global smart fleet management market during forecast period.

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In terms of connectivity, smart fleet management market is categorized into short range communication, long range communication and cloud. Among these, short range communication type led global smart fleet management market in 2018. Short range communication technology can be used to share information regarding traffic jams, position, and best possible route and can also help in avoiding collisions. These advanced systems would also help to reduce traffic fatalities and increase operational efficiency thereby contributing to growth of short range communication market.

Regionally, Asia-Pacific was estimated to be the largest market for smart fleet management market in 2018, owing to increasing transport facilities in countries like Japan, China, and India and stringent safety regulations in these countries. Moreover, changing government approach towards fleet operators, driver, passenger, and goods safety has imposed many regulations, which mandate transportation OEMs to deliver vehicles with installed safety features. Additionally, smart fleet management market is further driven by the legislations regarding transport safety, advancements in technology, and increasing demand for large ships and vessel containers across the globe.

 “Demand for smart fleet management is increasing across the globe owing to rising need to achieve higher operational efficiencies and enhance vehicular safety. In addition, integration of connected car technologies within vehicles has enabled a variety of solutions that can help enhance fleet operations. Moreover, various government regulations and initiatives aimed at creating more reliable and secure transportation network are resulting in development of intelligent transport systems, which is further positively influencing global smart fleet management market.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Smart Fleet Management Market By Transportation, By Hardware, By Connectivity, By Solution, By Region, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global Smart Fleet Management market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global Smart Fleet Management market.

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