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The global smart fleet management market generated $38.24 billion in 2019, and is predicted to reach $98.65 billion by 2027, according to a report by Allied Market Research. The market will grow at a CAGR of 15.8% over the next seven years.
Per Allied Market Research:
- Integration of real-time fleet monitoring systems in vehicles, increase in utilization of cloud-based technology for smart fleet management solutions, and improved vehicle monitoring and furl management will help grow the market
- Concerns related to prices and cyber security restrain the market growth.
- The industry is expected to observe greater sales thrust for smart fleet technology post COVID-19, owing to its operational feasibility to attain safety measure.
