Global Smart Fleet Management Market Is Likely To Grow With A CAGR of 10.0%.

The global smart fleet management market size was valued at USD 365 billion in 2022 and is anticipated to reach USD 960 billion between 2023-2030. The smart fleet management market is expected to grow with a CAGR of 10.0% during the forecast period. The global smart fleet management market report offers a holistic evaluation of the market. Furthermore, the report provides a comprehensive analysis of market drivers, restraints, and the competitive landscape expected to play a substantial role in the market.

Smart fleet management utilizes advanced technologies to maintain and manage effective fleet operations. It ensures driver safety, intelligent surveillance, and several other digital applications vital for fleet management. The fleet management system encourages safe driving habits and offers continuous feedback regarding vehicle movements.

This review is based on a report by Zion Market Research, titled "Smart Fleet Management Market By Operation (Private And Commercial), By Connectivity (Cloud, Long, And Short-Range), By Application (Automatic Vehicle Identification, Fuel Cards, Optimization, ADAS, Tracking, And Others), By Mode Of Transportation (Railways, Airways, Marine, Roadways, And Others) And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2023-2030."- Report at https://www.zionmarketresearch.com/report/smart-fleet-management-market-size

Fleet operators pose a requirement for tracking their vehicles in real-time. Therefore, smart fleet management systems utilize advanced technologies like AI, big data, and IoT to collect all the vital data using the cloud solutions needed by owners. Additionally, the launch of innovative products integrated with smart fleet management systems helps vendors enhance their productivity and efficiency. Also, it offers cost reduction, wide area coverage, quick access, etc., which in turn will boost the growth of the global smart fleet management market. Such a landscape significantly lowers downtime, thereby lowering repair expenses and liabilities. There is a growing demand for shared mobility services in developed countries like the US. Therefore, there is a surge in the trend of vehicle subscription, ride-sharing, rental, vehicle leasing, etc.

Increasing awareness among the consumer regarding the economical shared mobility services is also likely to propel the growth of the global smart fleet management industry. Also, the growth in the market revenue is attributed to the wide adoption of remote sensing capabilities. New frontiers are using drones, satellites, etc., for remote data. Also, the fast-developing healthcare, transportation, and defense industries will further widen the scope of the global market during the forecast period.

Growing urbanization and industrialization all across the globe, particularly in developing and underdeveloped countries, is likely to positively impact the growth trajectory of the global smart fleet management market. These services are being highly integrated with various tech options like geo-fencing and automated cellular tracking to offer drivers a convenient driving experience. The high deployment cost of fleet management is anticipated to hamper the growth of the global market. Additionally, there are increasing cases of data theft and cyber-attacks, which are expected to slow down the growth trajectory of the global market.

The global smart fleet management industry can be segmented into operation, connectivity, application, mode of transportation, and region.

By operation, the market can be segmented into private and commercial. The commercial segment leads the global market due to the growing requirement for transportation vehicles for the purpose of moving equipment, goods, and people. The fleets are majorly supervised by the government or the big enterprises.

By connectivity, the market can be segmented into cloud, long, and short-range. The short-range segment accounts for the largest share of the global smart fleet management industry due to the need for vital information required by drivers. However, the cloud segment is the fastest-growing segment owing to the high demand for connectivity and fleet management solutions.

By application, the market can be segmented into automatic vehicle identification, fuel cards, optimization, ADAS, tracking, and others. The tracking segment is the fastest-growing segment of the global smart fleet management industry due to the increasing demand from end-users and companies to navigate and keep their eyes rolling on their vehicles. However, the ADAS segment is also anticipated to witness extensive growth in the forthcoming years owing to the requirement for monitoring the in-vehicle performance. Also, it supports the driver while being on roads by guiding various landscapes like lane departure, collision, etc.

By mode of transportation, the market can be segmented into railways, airways, marine, roadways, and others. The roadways segment swipes the largest share of the global market due to the growing initiatives by the government to upgrade the road infrastructure. Also, the railway segment is expected to grow significantly in the global smart fleet management industry due to the growing demand for railway transport globally, particularly from underdeveloped and developing nations.

Asia Pacific is likely to be the highest contributor in terms of market volume and revenue in the global smart fleet management marketplace. It is expected to grow with a CAGR of 17.9% during the anticipated period. There is a high increase in the commercial fleets in the region. Apart from this, sales and purchases of several other regular and high-end vehicles in the region are expected to propel the growth of the regional market. Also, the constantly growing population and increasing per capita income of the people is expected to aid the fast progress of the regional market. The rising rail infrastructure, rapid urbanization, increasing industrialization, and surge in international trade, among others, are some of the leading reasons for the rapid growth of the regional market.

North America accounts for the second-largest share of the global smart fleet management market. The increasing concerns regarding driver and vehicle safety are further expected to propel the growth of the regional market. There is an increasing need for tracking and monitoring of vehicles, thereby boosting the demand for the smart fleet management system.

Europe is also expected to witness steady growth in the forthcoming years due to the presence of strong market players in the region. Also, the increasing use of telematics and GNSS is further likely to positively impact the growth trajectory of the regional market in the forthcoming years.

Recent Developments:

• LILEE Systems, in January 2022 at CES 2022, launched its innovative autonomous vehicle and fleet management software. LILEE Systems is the leading company offering autonomous driving systems and transportation safety solutions.
• Siemens AG, in June 2022, launched Siemens Xcelerator, an open digital business platform to accelerate the digital revolution.
• Cisco System Inc launched App Dynamics Cloud in June 2021 to offer an outstanding digital experience.

Smart Fleet Management Market: Competitive Analysis

The key players in the global smart fleet management market include:

• TomTom Telematics
• Trimble
• KeepTruckin
• Ryder System
• LeasePlan
• Omnitracs
• Fleetmatics
• WABCO
• Verizon Connect
• Teletrac Navman
• Azuga
• Zonar Systems
• Donlen
• Geotab
• Samsara
• Others.

The global smart fleet management market is segmented as follows:

By Operation

• Private
• Commercial

By Connectivity

• Cloud
• Long
• Short-Range

By Application

• Automatic Vehicle Identification
• Fuel Cards
• Optimization
• ADAS
• Tracking
• Others

By Mode Of Transportation

• Railways
• Airways
• Marine
• Roadways
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of The Middle East & Africa

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