The IoT fleet management market is projected to grow at a CAGR of 21.26% during the forecast period, to reach a market size of USD 8.28 Billion by 2021. The growth of this market can be attributed to the increasing requirement of real-time fleet monitoring that helps in predictive maintenance, understanding driver behavior, and need to improve business profitability. In addition, increased demand for optimum operational efficiency is one of the key factors that could drive the growth of the IoT fleet management market in the near future.
The IoT fleet management market is dominated by a few global players and comprises of several regional players. The key market players are AT&T, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Verizon Communications, Inc. (U.S.), TomTom International BV (Netherlands), Trimble, Inc. (U.S.), IBM Corporation (U.S.), Omnitracs (U.S.), Sierra Wireless (Canada), Intel Corporation (U.S.), and Telefonica S.A. (Spain). These players have adopted new product development as a key strategy to gain traction in the global IoT fleet management market. For instance, Sierra Wireless (Canada) introduced two new products, namely, ‘AirLink MG90’, an advanced vehicle networking platform with LTE connectivity and ‘AirLink MP70’, an LTE connectivity router to provide reliable and fast connectivity solutions for mass transits and fleet vehicles. Likewise, Verizon Communications, Inc. (U.S.) launched a new product, “Expressfleet,” a fleet management solution for small business enterprises. Expressfleet includes a plug-in device that is fitted into the OBD port and offers complete monitoring of fleet performance including vehicle tracking, fuel management, vehicle diagnostics, and driving behavior.
AT&T, Inc. (U.S.) adopted the strategy of new product development to retain its position in the IoT fleet management market. For instance, in 2016, the company launched ‘AT&T Fleet Complete,’ a GPS-based solution for fleet, asset, and mobile workforce management. This solution was designed for commercial fleets and other business customers to track, monitor, and manage vehicles, and high-value asset management. The company also adopted the collaboration strategy to develop innovative fleet products and expand its product portfolio. In September 2015, the company partnered with Telogis, Inc. (U.S.), a telematics and fleet management solution provider, to offer connectivity solutions for mobility and workforce management. This solution provides connectivity for all sizes of commercial vehicles, from light trucks to 18-wheelers and heavy commercial vehicles.
Cisco Systems, Inc., (U.S.) adopted partnerships as a key strategy to strengthen its market position. In 2016, it partnered with Salesforce (U.S.), a CRM company, for developing a solution by merging its IoT & contact center platforms with Salesforce Sales Cloud & IoT Cloud. This partnership helped to merge Cisco Spark and WebEx platform with Sales Cloud & Service Cloud through the Salesforce Lightning Framework. In the same year, the company collaborated with Reliance Group (India) to launch “UNLIMIT,” which offers IoT solutions for four different industry verticals including connected cars and fleet management in the Indian market. It also completed the acquisition of Jasper (U.S.), an IoT services provider, which enabled the company to develop a comprehensive IoT service platform for different industry verticals including usage-based insurance for connected cars, predictive maintenance, and asset tracking for commercial fleet management.
IoT Fleet Management Market by Platform (Device Management, Application Enablement Platform, and Network Management), Services (Professional, Managed), Cloud Deployment (Public, Private, Hybrid), Solutions, Fleet Type, and Region - Global Forecast to 2021
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