Increased adoption of mobile technologies by fleet management companies is driving up demand for their services globally.
Consequently, the global Internet of Things (IoT) fleet management market is expected hit over $15 million in value by 2025, from just over $3 million last year.
A recent report by Transparency Market Research shows that demand for this market is expected to grow by 20 percent every year between 2017 and 2025, boosted largely by the increased popularity of smartphones and the need to optimize processes.
The proliferation of mobile devices and the advent of IoT has enabled firms to integrate, track and monitor fuel management and remote diagnostic processes.
The IoT is basically a network comprised of several smart devices including sensors mobile devices and cameras that use wireless technology to gather and share electronic information.
The report further notes that incorporating IoT in fleet management helps to manage labour costs, improve fleet maintenance procedures, increases response times and enhances customer satisfaction.
North America remains the most lucrative region for IoT fleet management market players with a number of original equipment manufacturers such as Daimler and Volvo trucks are already offering telecommunication and informatics (telematics) solutions.
Telematics solutions help facilitate data transmission in real time and made easier by the advancements in mobile technology and the increased penetration of smartphones.
Source: The East African