Smart fleet management is a fully integrated system employed to simplify creation of effective maintenance plans. It integrates commercial, technical or operational requirements and restrictions. It also provides a fully integrated suite of solutions, which includes flight and business operations, reservations and distribution, fleet management and maintenance, human resources, and financial reporting. The smart fleet management offers timely and relevant data for optimum business decisions that can intensely lower costs; increase revenues; and improve customer experience. Smart fleet management also provides a wide range of critical alerts, real-time alerts, driver behavior and anti-theft alerts, and safety alerts. Use of smart fleet management enhances safety; reduces costs; and ensures compliance.
The smart fleet management helps keep drivers harmless by observing driver behavior and alerting the driver of actions that may pose a risk to his/her safety. With access to real-time fleet status and fleet data, fleet managers can perform operations more effectively and increase driver productivity. Smart fleet management offers a broad range of tools to meet the needs of fleets of all sizes. Fleet operators track vehicles in real time to lessen transportation costs and idle time and thereby, increase the operational efficiency. The purpose of smart fleet management is to deliver effective real-time monitoring, fleet tracking, and security. With the adoption and advancement of smart fleet management solutions, driver behavior can be monitored and maintenance costs can be measured.
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Smart fleet management solutions comprise operation management, driver management, and vehicle management solutions. Increasing adoption of smart fleet management analytics is anticipated to drive the smart fleet management market in the next few years. Other driving factors include increasing demand for fleet monitoring and real-time tracking, rising requirement for automation of processes to enhance efficiency, and requirement for reducing overall operating costs. The growing need to lessen energy consumption, reduce vehicular emissions, and prevent traffic congestions leads to increased adoption of smart fleet management solutions.
Smart fleet management solutions are increasingly being used to improve fuel efficiency of fleets and meet the need for high-speed networks. Growing safety concerns and favorable government regulations are expected to drive the smart fleet management market during the forecast period. Advancements in technologies such as IoT and connected cars is likely to boost the adoption of smart fleet solutions during the forecast period. However, high initial investments and associated complexities are expected to restrict the smart fleet management market between 2018 and 2026. Use of IoT and telematics may bring opportunities in smart fleet management which may expand exponentially.
The smart fleet management market can segmented based on solution, hardware, and geography. In terms of solution, the smart fleet management market has been segmented into fleet scheduling, inventory management, vendor management, and others. The smart fleet management has control features such as efficiently controlled inventory stocking levels and re-order points. It automatically reviews invoices and purchase orders. Based on hardware, the smart fleet management market has been segmented into ADAS, remote diagnostics, and others. With the adoption of smart fleet management solutions, a service provider or transporter can measure maintenance costs and monitor driver behavior.
The global smart fleet management market is expanding at a rapid pace. Regions such as North America are looking forward to adopting smart fleet management solutions. In terms of geography, the global smart fleet management market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is projected to be the leading smart fleet management market in 2018 due to growing transport facilities in countries such as India, China, and Japan. The smart fleet management market in the region is driven by regulations about transport safety.
Some of the leading companies in the global smart fleet management market are Denso Corporation, CarTrack Technologies Co. Ltd, General Motors, ChainwayTSP Co., Ltd., Infineon Technologies AG, Magellan and Trimble Navigation Ltd., Zonar Systems, and Workwave LLC.