DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "IoT Fleet Management Market by Platform, Services, Cloud Deployment, Solutions, Fleet Type, and Region - Global Forecast to 2021" report to their offering.
The IoT fleet management market is projected to grow at a CAGR of 21.26% during the forecast period, to reach USD 8.28 billion by 2021.
The key factors driving the market are the requirement of high operational efficiency, integration of smart devices with vehicles, and upcoming regulations on fleet safety and security. However, key restraints such as lack of IoT infrastructure in developing countries, cost sensitivity of small fleet companies, and driver privacy concerns could affect the growth of this market.
The hybrid model is witnessing a potential growth opportunity in the market. The growth of the hybrid model can be attributed to benefits such as higher flexibility of data management and adequate data implementation privilege at lower costs. It enables data backup and recovery on cloud infrastructure. The shifting trend of subscription-based solutions is also emerging at a modest pace. These require uninterrupted cloud server with easy accessibility. The combined scalability and flexibility of virtual cloud server will accelerate the growth of the hybrid model market.
Commercial vehicles are estimated to be the largest segment in the IoT fleet management market, in terms of installed fleet solutions. The growth of this segment can be attributed to increasing trend of smartphone integration with vehicles, driver behavior monitoring, fuel efficiency, and fleet analytics.
Companies such as Daimler AG, Volvo Trucks, and Scania AB have already started working on this technology. Hence, the increasing focus of fleet companies to reduce operational cost has resulted in increased demand for IoT-enabled fleet solutions in commercial vehicles.
Market Dynamics
Drivers
- Need for Optimum Operational Efficiencies
- Rising Trends Towards Smartphone Integration With Vehicles
- Implementation of Eld Mandate and Other Anticipated Government Regulations
Restraints
- Cost Sensitivity of Small and Medium Sized Fleet Owners
- Lack of IoT Infrastructure in Emerging Countries
Opportunities
- Truck Platooning
- Cloud and Fog Computing Analytics
- New Prospects for Data Driven Services and Telecommunication Service Providers
Challenges
- Data Security and Safety Issues
- Concerns About Driver Privacy
Burning Issues
- Increased Adoption By Banking and Insurance
Companies Mentioned
- AT&T, Inc.
- Cisco Systems, Inc.
- Intel Corporation
- International Business Machines Corporation (IBM)
- Omnitracs
- Sierra Wireless
- Telefonica, S.A.
- Tomtom International BV
- Trimble, Inc.
- Verizon Communications, Inc.
For more information about this report visit http://www.researchandmarkets.com/research/l6zshn/iot_fleet
