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June 6, 2022

IoT fleet management to grow globally to $22.2bn by 2032

By Motor Finance

The global IoT fleet management market is expected to value US$22.2bn in 2032, against US$7.3bn in 2022, according to Dublin-based market research company FactMR.

The industry is likely to flourish at a compound annual growth rate (CAGR) of 11.5% during the forecast period from 2022 to 2032. 

From 2021 to 2022, the year-on-year growth rate is estimated at 19.6%. Development of the market can be attributed to the deployment of advanced connecting technologies in fleet management. Advanced technologies such as GPS, cloud-based, and big data analytics provide developed software, which is expected to offer various lucrative opportunities to the players.

With the advent of vehicular internet connectivity, there has been a rise in demand for developed methods to regulate the fleet. Moreover, with increasing demand for real-time fleet monitoring, with rising digitalisation, the industry is anticipated to flourish significantly in the forecast period. 

Players in the market are taking several initiatives to offer a modern software solution to manage the fleet. For instance, in August 2021, eBikeGo launched a developed AI and IoT-based fleet management system. The system is known as EBG-Matics which analyses vehicles and riders to augment efficiency.

Deployment of mobility-as-a-service by mobile industries and government authorities to monitor carbon emissions and reduce traffic congestion is projected to benefit the market in the assessment period. 

Key players in ride-sharing such as; Ola, Uber, Lyft, and DiDi are likely to grab the opportunities for autonomous fleet management in the forecast period. For instance, in July 2020, Ola Corporate disclosed a mobility service in the UK. The company aimed to diversify its mobility options and help in customising ride policy.

“Increasing integration of smartphones and vehicles is expected to offer a significant boost to the expansion of IoT fleet management market in the forecast period. Also, the growing concern of fluctuating costs of fuel and rising maintenance costs are likely to play a salient role in strengthening the demand for efficient IoT fleet management systems,” an analyst for Fact.MR said. 

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