IoT Fleet Management Market : Industry Insights, Trends and Forecast upto 2025
The global IoT fleet management market is driven by the growing need for high operational efficiency, upcoming regulations on security and safety of fleet, and integration of smart devices with vehicles. IoT fleet management helps in real time fleet monitoring and optimized business operations, thus driving their demand. The rising number of fleet vehicles, escalating maintenance cost, and volatile fuel prices worldwide will propel the demand for IoT fleet management. It is estimated that the hybrid model will show a potential for a healthy growth. The ability to backup data on cloud and recover the same, higher flexibility offered, in terms of management of data and implementation of data privilege at low cost are some of the reasons why the hybrid model will experience growth in the forecast period. Another trend which can be expected to become popular is the shift to subscription-based solutions. On the other hand, some of the challenges faced by the global IoT fleet management market include, a lack of infrastructure in emerging economies, and cost sensitivity of small players within the market. The driver privacy concerns will also impact the growth of the global IoT fleet management market. Obtain Report Details @ http://www.transparencymarketresearch.com/iot-fleet-management-market.html In an IoT fleet management ecosystem, real time data can be collected from individual vehicles and subsequently analyzed, helping both the drivers and fleet operators. Total Cost of Ownership (TCO) of a vehicle consists of acquisition cost, operation cost and depreciation cost. IoT technology helps fleet operators to minimize TCO of vehicle through fleet management software, improves fuel efficiency and driver safety by optimizing vehicle route and monitoring vehicle tire pressure. An IoT application enabled platform (AEP) is a form of platform-as-a-service. An AEP platform-as-a-service is a type of cloud computing service allowing fleet operators to develop, run and manage software without building or maintaining infrastructure to maintain software. By platform, the market is segmented into drive management, application enabled platform (AEP), and network management. By solution, the market is segmented into drive time analysis,