FELTON, California, Feb. 9, 2021
FELTON, California, Feb. 9, 2021 /PRNewswire/ -- The global smart fleet management market size is anticipated to reach USD 565.1 billion in the year 2025. It is anticipated to register growth with 7.7% CAGR during the forecasted period, 2017 to 2025. This growth can be attributed to the adoption of such solutions for carrying out activities like vehicle monitoring and tracking, fuel management, remote diagnostics and predictive maintenance.
The ADAS segment is anticipated to register the fastest growth owing to its rising adaptation of several autonomous vehicle technologies. The remote diagnostics segment is anticipated to show growth in the upcoming years due to its ability for analyzing data of vehicles and predicting the component failure.
The short-range communication segment is expected to hold the largest share across the global market due to its feature of allowing communication between vehicle and infrastructure thereby guiding the driver about the position, traffic, navigation, and mapping. On the other hand, the cloud connectivity segment is also expected to witness growth owing to its rising adoption among small and medium fleet sized owners. Also, ease of usage and scalability as desired by the operators coupled with the low ownership cost for optimization of the operations are anticipated to boost the market growth in the upcoming years.
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The Europe and North America is expected to hold significant share across the global market due to the availability of seamless connectivity coupled with the increasing influence of wireless connectivity. The region of Asia Pacific is expected to grow at a significant growth rate from 2017 to 2025.
The smart fleet management market includes key players such as Continental AG; Siemens AG; Cisco Systems, Inc.; and IBM Corporation. They are engaged in product engagement and innovation for gaining a competitive advantage. Also, several marketing strategies like collaborations with other stakeholders and product launching are being undertaken by these players to widen their reach and expand their product portfolio.
Further key findings from the report suggest:
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Million Insights has segmented the global smart fleet management market on the basis of transportation, hardware, connectivity, and region:
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