How Has the IoT Fleet Management Market Size Evolved in Recent Years?
The iot fleet management market has seen considerable growth due to a variety of factors.
• The market size for IoT fleet management has experienced substantial growth in the past few years. The market is forecasted to expand from $7.96 billion in 2024 to $9.24 billion in 2025, with a compound annual growth rate (CAGR) of 16.1%.
The growth seen in the historical period is credited to several factors, including regulatory compliance requirements, increasing fuel prices, the need for operational efficiency, and a heightened emphasis on safety and security.
What are the Market Size and Expected Growth Rates for the IoT Fleet Management Market?
The iot fleet management market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the IoT fleet management market, as it is predicted to experience accelerated growth in upcoming years. The market is set to expand to $16.55 billion in 2029, growing at a compound annual rate (CAGR) of 15.7%.
Factors driving this growth through the forecast period include integration with autonomous vehicles, the expansion of e-commerce and last-mile delivery services, an increased uptake of predictive analytics, a shift towards sustainable transportation solutions, and the introduction of 5G connectivity. These trends anticipated for the forecast period include a move towards advanced analytics integration, speedy adoption of telematics solutions, advancements in technology, emphasis on cybersecurity, and a gradual shift towards predictive maintenance.
Which Key Drivers Are Propelling The IoT Fleet Management Market's Growth?
The IoT fleet management market is anticipated to grow due to increasing sales of fleet vehicles. Fleet vehicles, which are groups of vehicles owned or leased by a company or organization for business-related purposes such as delivery, service operations, or transportation, are seeing a rise in sales. This growth is spurred on by the heightened demand for commercial transport, economic development, and companies' desire to enhance or grow their vehicle fleets. Increased fleet vehicle sales also improve fleet management, enabling fleet managers to gather real-time data concerning vehicle health, fuel consumption, road behavior, and maintenance requirements. For example, the Society of Motor Manufacturers and Traders (SMMT), a British motor industry trade association, reported a noteworthy 21.0% boost in new light commercial vehicle (LCV) registrations in Britain in 2023, showcasing major investments made by businesses and fleets in 341,455 vehicles vital to the UK's economy. This increase in registrations also highlighted a historic rise in battery electric van (BEV) registrations, with 20,253 units registered, which aligns with the overall 21.0% growth. Hence, the increased sales of fleet vehicles are propelling the IoT fleet management market.
What Are The Key Segments Within The Global IoT Fleet Management Market?
The IoT fleet management market covered in this report is segmented –
1) By Platform: Device Management, Application Enablement Platform (AEP), Network Management
2) By Services: Professional, Managed
3) By Cloud Type: Public, Private, Hybrid
4) By Fleet Type: Public Buses, Passenger Cars (PC), Commercial Vehicles
5) By Application: Drive Time Analysis, Driver Information System, Fleet Analytics, Fuel Management, Remote Diagnostics, Routing Management, Tracking And Monitoring, Other Applications
Subsegments:
1) By Device Management: Device Configuration and Provisioning, Device Monitoring and Diagnostics, Firmware and Software Management
2) By Application Enablement Platform (Aep): Data Analytics and Reporting, IoT Application Development, Real-Time Monitoring and Alerts
3) By Network Management: Network Security and Access Control, Data Transmission and Communication, Network Optimization and Performance Monitoring
Pre-Book The IoT Fleet Management Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Influencing The Growth Of The IoT Fleet Management Market?
Leading firms in the IoT Fleet Management market are concentrating their efforts on creating innovative products, such as fresh fleet management systems, to boost functional efficiency and streamline real-time tracking. These fleet management systems are software or systems that supervise, control, and refine a fleet's operations by utilizing Internet of Things (IoT) technology to give immediate data about a vehicle's location, status, and performance. For instance, Trga Telematics, a software company based in Italy, introduced new fleet management systems known as ViaSat Fleet Start and Advanced in March 2024. These systems are built for light commercial vehicles and passenger cars and integrate flawlessly with Targa's existing IoT platform. By utilizing real-time data, these solutions help to enhance fleet management efficiency, assist businesses to cut costs, refine operational procedures, and safeguard against vehicle theft through features like stolen vehicle tracking.
Who Are the Key Players In The IoT Fleet Management Market?
Major companies operating in the IoT fleet management market are:
• Verizon Communications Inc.
• AT&T Inc.
• Intel Corporation
• International Business Machines Corporation (IBM)
• Cisco Systems Inc.
• Oracle Corporation
• Telefonica S.A
• Northrop Grumman Corporation
• Honeywell International Inc.
• Webfleet Solutions (Bridgestone Mobility Solutions B.V.)
• Telefonaktiebolaget LM Ericsson
• Trimble Inc.
• Viasat Inc.
• Sierra Wireless Inc.
• Geotab Inc.
• TomTom International B.V.
• Omnitracs LLC
• CalAmp Corp
• KORE Wireless Group Inc.
• Teletrac Navman US Ltd.
• Inseego Corp
• HydraForce Inc.
• Telit Communications PLC
• Aeris Communications Inc.
• Gurtam
• Fleet Complete
• Vnomics Corp
• Particle Industries Inc.
• Simon IoT LLC
• Monogoto Ltd
What Are The Regional Insights Into The IoT Fleet Management Market?
North America was the largest region in the IoT fleet management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
