A study by Transparency Market Research (TMR) on global Internet of Things (IoT) fleet management market has revealed that smartphone integrated real-time data is driving demand for fleet management services worldwide.
The study notes that an increasing number of transportation companies are integrating their tracking and monitoring, routing, fuel management and remote diagnostic processes using mobile technology.
The advent of Internet of Things has made it possible for automobiles to seamlessly connect to smartphones, and provide emergency roadside assistance as well as real-time traffic alerts.
According to Safetrac Limited General Manager Ruth Kang’ong’oi, more people are increasingly accessing the internet through mobile phones, which is playing an increasingly important role in the future of fleet management business.
‘’Mobile technology has evolved tremendously in ways which benefit businesses and their fleet. With smartphones or tablets, companies can employ active fleet monitoring without the need to buy additional equipment,’’ she said.
The IoT is made up of several smart devices such as sensors, mobile devices and cameras, all of which make use of wireless technology to communicate with each other.
This superior technology provides fleet operators with visibility into their vehicle location, fuel usage, speed and mileage and other insights into their mobile workforce.
The study also found out that the demand in the global IoT fleet management market will escalate at a highly impressive CAGR of 20.0% during the forecast period of 2017 to 2025.
It evaluates that the IoT fleet management market, across the globe, was worth merely KES 345 Billion in 2016 and estimates it to reach a valuation of KES 1.64 Trillion by the end of the forecast period.