IOT Fleet Management Industry to Grow to $22 Billion by 2032
The global market for IOT (Internet of Things) fleet management is expected to experience significant growth from 2022 to 2032. The valuation of the market is expected to be around $7.3 billion this year, but by 2032, it is expected to go as high as $22 billion. During this forecast period, it is expected that the industry will grow at a compound annual growth rate of about 11.5%. The year on year growth rate from 2021 to 2022 is expected to be around 19.6%. This growth in the market is expected because fleet management will integrate a number of advanced connecting technologies.
There are a number of advanced technologies, such as big data analytics, cloud computing and GPS, all of which are capable of offering developed software that can provide industry players with a number of lucrative opportunities. Since the concept of vehicular internet connectivity has been introduced, the demand for developed and advanced methods for fleet management has also seen a boost. As demand for fleet monitoring in real-time goes up and as digitalization continues to occur, it is expected that the industry will significantly flourish during the forecast period.
Some of the industry players have already taken a variety of initiatives for development of modern software that could come in handy for fleet management. For instance, a fleet management system based on IoT and a developed AI was launched by eBikeGo back in 2021. Called EBG-Matics, the system conducts an analyses of the riders and vehicles in order to ensure efficiency. Government authorities and mobile industries are expected to take advantage of mobility-as-a-service in order to cut down high traffic levels and for monitoring carbon emissions. This will also give the market a boost during the period highlighted.
During the forecast period, it is also expected that notable companies in the ride-sharing industry, which include Uber, Lyft, DiDiand Ola, will be ready to jump onto the autonomous fleet management bandwagon. A mobility service was introduced by Ola Corporate in July 2020 in the United Kingdom. The aim of the company was to develop a customized ride policy, while diversifying the options available for mobility. The US IoT fleet management space is expected to reach a valuation of $5.2 billion in the forecast period, while that of the UK will expand by almost 12.8%. The industry is also expected to have a 13% compound annual growth rate in India from 2022 to 2032.
In the same time period, the Japanese market will grow at a compound annual growth rate of 12.5% and China’s market value is expected to hit $1.5 billion. According to analysts, the IoT fleet management industry will continue to growth significantly due to the integration of vehicles and smartphones. The demand for efficient systems for fleet management is likely to rise because of increasing worries about fluctuating fuel costs and the increase in maintenance costs as well. Therefore, key players in the space are looking to expand their influence via mergers and acquisitions, collaboration and product development.
