Internet of Things Fleet Management Market it is Poised to Experience High Adoption Rate Over the USD 16.86 billion by 2025
Mar 03, 2021: Internet of Things (IoT) Fleet Management Market is expected reach USD 16.86 billion by 2025, as the scope, product types and its applications are increasing across the globe. The Internet of Things (IoT) is the network of vehicles, physical devices, home applications, and the other items surrounded with software, electronics, actuators, sensors, and connectivity; which permits these objects to exchange and connect data. The Internet of Things Fleet Management market is expected to grow at a CAGR of 20.8% in the upcoming period.
The rate of adoption for IoT fleet management has triggered due to the introduction of vehicular internet connectivity. Increasing necessity for optimal operative competences and vehicle security is one of the important inclinations stimulating market development. Furthermore, growing compatibility of tablets, smartphones, and the other smart devices with vehicles has formed an entrance for internet connectivity facilities.
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On the other hand, factors such as growing price owing to application of IoT services and systems are disturbing market development. In the developing economies, lack of awareness among nations may hamper the growth of market in the forecast period. Internet of Things (IoT) Fleet Management market may be explored by management platform, services, cloud deployment, solution, applications, and geography. Internet of Things (IoT) Fleet Management may be explored by management platform as Device Management, Application Enablement, and Network Management.
Internet of Things (IoT) Fleet Management may be explored by service as Professional, and Managed. Internet of Things (IoT) Fleet Management may be explored by cloud deployment as Private, Public, and Hybrid. Private cloud deployment segment is dominating cloud deployment. Growing necessity for a safe environment is one of the prime factors driving the demand of the private cloud sector in the IoT fleet management in the forecast period. The private cloud type accounts for the substantial share worldwide. With protected firewalls, private clouds offer healthy cloud-based protected environment, and could be sustained by the IT division of any specific business.
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Internet of Things (IoT) Fleet Management may be explored by solution as Predictive Maintenance, Fleet Analytics, Fuel Management, Vehicle Tracking & Monitoring, Remote Diagnostics, and Driver Tracking & Monitoring. Internet of Things (IoT) Fleet Management may be explored by Applications as Commercial Vehicles, and Passenger Cars
North America has been at the forefront with regards to Internet of Things (IoT) Fleet Management market and will continue to rule the roost in the years to come. North America accounted for the major share of the Internet of Things (IoT) Fleet Management size analysis in 2016. and it is expected to maintain its foremost position during the upcoming period from 2014 to 2025. The marketplace for IoT fleet management in North America, especially in the U.S., is the most lucrative one and gaining robust traction from numerous features such as rapid technological advancements, initial acceptance of fleet management and stringent administrative orders to confirm security. North America is followed by the Asia-Pacific and Europe.
Some of the key players that fuel the growth of the Internet of Things Fleet Management market include Trimble Inc.; Cisco Systems, Inc.; AT&T; Verizon; IBM; Omnitracs; Intel Corporation; Sierra Wireless; Telefónica and Tomtom International BV. The key players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
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