Is your fleet smart? If not, now might be the time to consider how to add some intelligence to your equipment, as the market is expected to grow significantly, offering new opportunities for construction companies in the future.
The global smart fleet management market is projected to reach $462.48 billion by 2022. The major factors responsible for the growth of the market include the introduction of advanced technologies such as fleet optimization and real-time monitoring systems in rolling stock, automotive, and marine transport as well as rising awareness about fleet tracking, driver monitoring, and enhanced safety.
Smart fleet management with tracking system uses vehicle tracking system to track the vehicles in real-time. The purpose of this system is to provide effective fleet tracking, realtime online monitoring, a dedicated remote server for fleet data, and security features in a single system. This is a money-saving tool because this helps to reduce fleet idle time, measure maintenance cost, and improve driver’s behavior.
The fleet management reports can also be downloaded to understand the data better or used for important decision making. Managers can get the reports of fuel efficiency based on the route taken. The market for these technologies is growing rapidly, and regulatory bodies in Europe and North America are planning to mandate some of these technologies.
The Asia-Pacific market is projected to witness the highest growth from 2017 to 2022. Additionally, the adoption of telematics application to reduce transportation cost and enhance safety along with growing demand for tracking of fleets has resulted in the growth of demand for rolling stock segment, which in turn has boosted the market for smart fleet management in this region.
