A recent study by Transparency Market Research (TMR) suggests that the number of IoT participants is growing.
The report found that the demand in the global market for the Internet of Things (IoT) fleet management will escalate at a highly impressive CAGR of 20% during the forecast period of 2017 to 2025.
According to the study, the IoT fleet management market across the globe was worth US$3,34million in 2016 and is estimated it to reach a valuation of US$15,870million by the end of its forecast period.
As far as market segmentation is concerned, the TMR report rates private cloud as most in-demand cloud type, while the IoT fleet management market gains maximum demand from the tracking and monitoring of commercial vehicles, which itself is the most profitable fleet type segment.
The report also found that corporating IoT with fleet management helps in managing fuel and labor costs and improves fleet maintenance procedures.
Written from press release by Leah Alger