Fleet management can monitor their vehicles in real time to evaluate whether or not drivers are following the recommended route. To collect critical data, fleet management employs cloud-based solutions like as AI, IoT, and big data. Techwave Consulting Inc., for example, employs sensors that might be installed in autos to track valuable products while maintaining a real-time link to the cloud and exchanging data. Furthermore, smart fleet management requires asset management, two-way communication, driver safety, time management, rescheduling delivery assignments, and other operations.
According to SPER market research, ‘Smart Fleet Management Market Size- By Transportation, By Application, By Connectivity, By Operation- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Smart Fleet Management Market is predicted to reach USD 808.39 billion by 2033 with a CAGR of 10.1%.
Drivers:
Automobile digitalization: One of the primary drivers of the smart fleet management sector’s growth is the fast digitization of autos. The need to increase productivity, profitability at lower costs, and operational efficiency helps the market.
The expense of transportation is rising: The transportation and logistics sectors are being impacted further by the requirement for comprehensive fleet management as their fleets grow in size, ensuring vehicle security and fast delivery.
Challenges:
It is projected that expensive and advanced technologies, as well as a lack of adaptation in emerging countries, will stymie industry expansion. Furthermore, the market for smart fleet management is expected to confront risks linked to safety and security, as well as pricing and quality difficulties.
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Impact of COVID-19 on Global Smart Fleet Management Market
The COVID-19 epidemic is causing market uncertainty by interrupting supply chains, stifling business growth, and generating panic in specific client industries. Major expenditures in cutting-edge technology are uncommon, and fleet managers are expected to focus on working capital management. Smart fleet management technology, on the other hand, is expected to see an increase in sales due to its operational viability in achieving safety measures as well as operational cost-effectiveness. To combat the financial slump, participants in smart fleet management are managing fleet operations by decreasing fleet budgets, prolonging equipment lifecycles, reducing personnel counts, and lowering remuneration. Globally, COVID-19’s negative impacts are already being felt, and by 2020, they will be a major factor in environmental cleanup. A public health emergency was declared by the World Health Organization (WHO) in response to the COVID-19 epidemic. The illness has killed multiple people and spread to over 100 countries. The global export-import, tourism, manufacturing, and banking sectors have all suffered significant losses. The downward pressure on the global economy has accelerated once more after the first signs of recovery. The virus outbreak has exacerbated the already dangerous characteristics of the world’s slow-growing economy.
Smart Fleet Management Market Key Players:
Additionally, some of the market key players are Cisco Systems, Inc, Robert Bosch GmbH, Tech Mahindra Limited, Siemens, Continental AG, Sierra Wireless, Samsung Electronics Co. Ltd. (Harman International Industries, Inc.), Globecomm Systems Inc. (Speedcast International Limited), International Business Machines Corporation (IBM), DENSO CORPORATION.
Smart Fleet Management Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Mode of Transportation: Based on the Mode of Transportation, Global Smart Fleet Management Market is segmented as; Roadways, Marine, Airways, Railways.
By Application: Based on the Application, Global Smart Fleet Management Market is segmented as; Tracking, ADAS, Optimization, Fuel Cards, Automatic Vehicle Identification, Others.
By Connectivity: Based on the Connectivity, Global Smart Fleet Management Market is segmented as; Short Range, Long Range.
By Operation: Based on the Operation, Global Smart Fleet Management Market is segmented as; Private, Commercial.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Smart Fleet Management Market Future Outlook
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