At 8% CAGR, Global Smart Fleet Management Market Share to Surpass $900 Billion By 2026

Global smart fleet management market in 2019 was approximately USD 525 Billion. The market is expected to grow at a CAGR of nearly 8% and is anticipated to reach around USD 900 Billion by 2026.

Pune, India - October 14, 2020 /MarketersMedia/ —

Smart fleet management plays a vital role in regulating the entire transportation system ranging from vehicle production to vehicle re-marketing. The smart fleet management system involves vehicle tracking, safety management, speed management, accident management, vehicle maintenance, fuel management, and driver management, etc. Besides vehicle management, the smart fleet management industry offers driver management and operation management solutions. The global smart fleet management market is likely to drive considerably in the coming years owing to the rising adoption of fleet management analytics. Moreover, the extensive usage of real-time vehicle tracking & fleet monitoring, the growing need for automation for efficiency enhancement, and multiple efforts to slash the operational costs are some of the key factors driving the global smart fleet management market.

According to the research report, the global smart fleet management market in 2019 was approximately USD 525 Billion. The market is expected to grow at a CAGR of nearly 8% and is anticipated to reach around USD 900 Billion by 2026.

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Favorable regulations imposed by governing bodies and mounting safety concerns are projected to flourish the smart fleet management market during the study timeframe. The global industry is anticipated to perceive a substantial boom throughout 2020–2026 owing to the advancements in technologies such as interconnected vehicles and the internet of things (IoT). However, bulky investments for setting up industry and multiple intricacies associated with it are likely to impede the smart fleet management market in the next few years.

Some of the key players driving the global smart fleet management market are IBM, Robert Bosch GmbH, Continental AG, Sierra Wireless, Denso Corporation, Tech Mahindra Limited, Cisco Systems Inc., Siemens, and Samsung Electronics Co. Ltd., among others.

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By hardware, the “ADAS systems” segment to dominate the global smart fleet management market during the study timeframe

Based on the hardware segment, the global smart fleet management market is categorized into tracking, optimization, ADAS, and remote diagnostics. Among all, the ADAS systems segment to hold the major revenue share of the global smart fleet management industry from 2020 to 2026. The segment dominance is attributed to the increased adaptability of ADAS systems in all passenger cars operating in North America and Europe-like advanced economies.

The Asia Pacific to hold a considerable share of the global smart fleet management market in the coming few years

In 2019, Asia-Pacific captured the major revenue share generated by the global smart fleet management market. The region is expected to attain the leading position throughout the forecast period owing to the growing demand for transportation facilities in rapidly developing countries such as India, Japan, and China.

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This report segments the global smart fleet management market as follows:

Global Smart Fleet Management Market: Hardware Segmentation Analysis

Tracking
Optimization
ADAS
Remote Diagnostics

Global Smart Fleet Management Market: Transportation Segmentation Analysis

Automotive
Rolling Stock
Marine

Global Smart Fleet Management Market: Connectivity Segmentation Analysis

Short Range Communication
Long-Range Communication
Cloud

Global Smart Fleet Management Market: Solutions Segmentation Analysis

Fleet Optimization
Vehicle Tracking

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