The Smart Fleet Management Market is to Touch $94.5 Billion by 2030; advancements in telematics technology and the increasing adoption of IoT solutions in transportation propels market growth.

The Smart Fleet Management Market size is estimated to reach $94.5 billion by 2030, growing at a CAGR of 19.4% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Smart Fleet Management Market – By Deployment (Cloud Based, On Premises and Hybrid), By Offerings (Operation Management, Asset Management, Driver Management, Fuel management, Vehicle Maintenance & Leasing, Security and safety features and Others), By End-User (Power, Automotive, Mining, Oil and Gas, Aerospace and Defense, Utility, Logistics and Transportation and others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Rapid growth in sensor technology and the increasing adoption of artificial intelligence are fueling the growth of the Smart Fleet Management industry during the forecast period.

North America led the Smart Fleet Management Market in 2023 with a 41.3% share, followed closely by Europe, driven by extensive adoption of asset tracking devices across various industries. The shift from traditional retail to e-commerce has further boosted demand for efficient logistics, fueling market growth. Volvo Trucks introduced Volvo Connect in October 2023, a comprehensive fleet management portal offering digital services, analytics, and reports to enhance fleet performance. This integrated solution optimizes operations by providing real-time insights and tools for improved profitability and efficiency. Asia Pacific is anticipated to experience the fastest market growth, driven by a competitive landscape, expanding connected solutions, and increasing demand from online platforms. These factors underscore the positive trajectory of the Smart Fleet Management Market. 

The rapid expansion of e-commerce has profoundly influenced the supply and logistics sectors, compelling them to adopt advanced IoT solutions such as alarm systems, asset trackers, and sophisticated Smart Fleet Management technologies to meet escalating demands. Ford Pro™ launched a comprehensive fleet management suite in September 2022, streamlining operations with software solutions that simplify paperwork, manage data, monitor fleet health, analyze driver behavior, and optimize costs. The logistic industry's reliance on efficient product transportation globally underscores the critical need for uninterrupted performance. The surging e-commerce boom has intensified this demand, thereby driving significant growth in the Smart Fleet Management Market.

The increasing popularity of autonomous driving cars and electric vehicles (EVs) has driven substantial growth in the Smart Fleet Management Market. This trend is fueled by the growing demand for connected cars and EVs worldwide, which enhances driver performance, facilitates remote fleet management access, and enables real-time communication. Consumers are increasingly attracted to advanced driver assistance systems (ADAS), onboard connectivity, sensors, and environmentally friendly driving experiences offered by EVs. In May 2023, Inseego launched a new support portal aimed at improving fleet customer experience by streamlining request resolution through efficient ticket allocation and tracking by specialists. These advancements underscore the pivotal role of Smart Fleet Management solutions in meeting modern transportation needs and driving market growth. 

Key companies profiled in the Smart Fleet Management Market are Geotab Inc., ZF Friedrichshafen AG, Verizon Connect, Trimble Inc., Omnitracs, LLC, GPSTrackit, Zonar Systems, Inc., WorkWave LLC, Bridgestone Group, Samsara Inc. and others.