Smart Fleet Management Market by Mode of Transportation (Roadways, Marine, Airways, and Railways), Application (Tracking, ADAS, Optimization, Fuel Cards, and Automatic Vehicle Identification), Connectivity (Short Range and Long Range), and Operation (Private and Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2027

Smart Fleet Management Market Outlook: 2027

The global smart fleet management market was valued at $38,245.6 million in 2019, and is projected to reach $98,656.5 million by 2027, registering a CAGR of 15.8%. Asia-Pacific was the highest revenue contributor, with a CAGR of 17.7%. Smart fleet management is an integration of fleet management technologies utilized to manage, maintain, and attain the optimum efficient operations of the fleet. It enables the digital technology application for maintenance and fuel management along with driver safety, telematics, tracking, and smart surveillance. In recent years, use of smart fleet management is rising at a considerable rate as it offers critical alerts, real-time alerts, driver behavior, anti-theft notifications, and safety alerts. Moreover, use of smart fleet management enhances safety, ensures compliance, and reduces costs. Smart fleet operators track the target transportation medium in real-time to reduce idle period and transportation costs, thereby increasing the operational efficiency of fleet management. The purpose of this is to provide effective fleet tracking, real-time monitoring, a dedicated remote server for fleet data, and security features in a single system.

 

Smart fleet management deals with tracking and maintenance of vehicles in a cost-effective, rapid, and accessible manner along with financing, driver management, and other features. It helps fleet owners to reduce the risks associated with staff cost, operations, and others. The benefits of adopting smart fleet management are reduced fuel & overall running costs, enhanced safety, and optimized fleet operations with real-time fleet tracking and monitoring. In recent years, use of smart fleet management is rising at a considerable rate as it offers critical alerts, real-time alerts, driver behavior, anti-theft notifications, and safety alerts. Moreover, use of smart fleet management enhances safety, ensures compliance, and reduces costs. Moreover, it benefits businesses that are significantly dependent on transportation of goods and services, with enhanced productivity and efficiency. With access to real-time fleet status and fleet data, fleet managers can perform operations more effectively and increase driver productivity.

 

The global smart fleet management is segmented based on mode of transportation, application, connectivity, operation, and region. Roadways, marine, airways, and railways are studied under the mode of transportation segment. By application, the market is categorized into tracking, ADAS, optimization, fuel cards, and automatic vehicle identification. Depending on connectivity, it is fragmented into short range and long range. By operation, the market is bifurcated into private and commercial. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

 

The key players operating in the global smart fleet management market are Cisco Systems, Inc., Continental AG, DENSO CORPORATION, Globecomm (Speedcast International Limited.), IBM, Samsung Electronics Co. Ltd. (Harman International Industries, Inc.), Tech Mahindra Limited, Robert Bosch GmbH, Siemens, and Sierra Wireless.

Key Benefits for Stakeholders

Key Market Segments