Fleet managers have the ability to keep an eye on their vehicles in real time to determine whether or not drivers are adhering to the suggested path. Fleet management uses cloud-based tools like AI, IoT, and big data to gather key data. For instance, Techwave Consulting Inc. uses sensors that might be installed in automobiles to track valuable goods while establishing a real-time connection to the cloud and exchanging data. In addition, asset management, two-way communication, driver safety, time management, rescheduling delivery assignments, and other activities are crucial to smart fleet management.
Global Smart Fleet Management Market Driving Factors and Challenges
Drivers: Vehicle digitization: The rapid digitization of automobiles is one of the main drivers of the smart fleet management sector's expansion. The market benefits from the need to boost productivity, profitability at lower costs, and operational efficiency.
The cost of transportation is growing:
The transportation and logistics sectors are further impacted by the need for effective fleet management due to the growing size of their fleets, which guarantees vehicle security and prompt delivery.
Challenges: It is expected that costly and sophisticated technologies, along with a lack of adaption in developing nations, will impede industry growth. In addition, the market for smart fleet management is anticipated to face hazards related to safety and security, as well as issues with pricing and quality.
Impact of COVID-19 on Global Smart Fleet Management Market
The COVID-19 pandemic is producing market uncertainty by disrupting supply chains, hindering firm expansion, and instilling fear in specific client sectors. Fleet managers are expected to focus on working capital management, and major investments in cutting-edge technology are uncommon. Smart fleet management technology, on the other hand, is projected to experience a jump in sales due to its operational viability in accomplishing safety measures and operational cost-effectiveness. In the short term, players in smart fleet management are managing fleet operations by cutting fleet budgets, extending equipment lifecycles, reducing levels of personnel, and lowering remuneration to battle the financial depression.
Smart Fleet Management Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Cisco Systems, Inc, Robert Bosch GmbH, Tech Mahindra Limited, Siemens, Continental AG, Sierra Wireless, Samsung Electronics Co. Ltd. (Harman International Industries, Inc.), Globecomm Systems Inc. (Speedcast International Limited), International Business Machines Corporation (IBM), DENSO CORPORATION.
Global Smart Fleet Management Market Segmentation:
By Mode of Transportation: Based on the Mode of Transportation, Global Smart Fleet Management Market is segmented as; Roadways, Marine, Airways, Railways.
By Application: Based on the Application, Global Smart Fleet Management Market is segmented as; Tracking, ADAS, Optimization, Fuel Cards, Automatic Vehicle Identification, Others.
By Connectivity: Based on the Connectivity, Global Smart Fleet Management Market is segmented as; Short Range, Long Range.
By Operation: Based on the Operation, Global Smart Fleet Management Market is segmented as; Private, Commercial.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.