IoT Fleet Management Market To Report Lucrative Growth, Revenue To Surge To US$15,500 Million By 2024
With the presence of a large pool of participants, the global IoT fleet management market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Verizon Communications Inc., Intel Corporation, AT&T Inc., and Cisco Systems Incorporation are some of the key vendors of across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the IoT fleet management market study.
Citing an instance, SensLynx, a wireless GPS fleet tracking & asset management system solution provider, has developed a new GPS Management Accelerator Program for resellers. In a key event that can create ripples across the IoT fleet management market, in July 2018, Ooredoo has launched innovative IoT fleet management services that are projected to help firms’ ascent to new levels of competitiveness through vehicle fleets, drivers, and routes. Reportedly, Ooredoo fleet management helps in effectively transmitting data on its secured network via its IoT connect platform for purpose of business decision making.
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As estimated in this report, the global IoT fleet management market stood at US$3,250 million in 2016. Witnessing a tremendous rise during the period from 2017 to 2024, the revenue in this IoT fleet management market is expected to reach US$15,500 million by the end of the forecast period. The key types available in this IoT fleet management market are network management, device management, and application enablement platform. Among the three, the demand for device management is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
High Acceptance of IoT In Fleet Sector To Soar The Market Expansion
“Rising internet connectivity trend witnessed across the fleet is likely to drive the growth of IoT fleet management industry over the coming years,” says the author of this IoT fleet management market study. Apart from this, the introduction of IoT technology in fleet management has also helped fleet operators to optimize operational efficiency and minimize time & cost efficiency. In addition to this, strict legislations on fleet security and integrating of smart equipment with vehicle are projected to generate lucrative avenues for the IoT fleet management market over the years to come.
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Strong Network Infrastructure To Support North America’s Regional Dominance
Regionally, North America has been leading the worldwide IoT fleet management market and is anticipated to continue on the dominant position in the years to come, states the IoT fleet management market study. Robust network infrastructure, implementation of strict legislations, and rapid acceptance of technologically advanced products is the main factor behind the dominance of the North America IoT fleet management market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional IoT fleet management market.