The Internet of Things technology market in the fleeting industry is expected to reach approx. USD 18,858 million by the end of the year 2025. Also, the global IoT fleet management market is expected to grow at a CAGR of 21.6% by the year 2026, which is a rapid increase in the demand for IoT technology in fleeting operations.
IoT in the Fleet Industry
The Internet of Things is a revolutionary concept that is transforming the transportation sector at all levels. Whether the fleet managers want to monitor their in-transit products in real-time or manage the entire supply chain through a single dashboard, IoT technology comes with a one-stop solution. It is scalable, flexible, and customizable as per the business requirements, enabling simplified operations among fleet managers.
Remote Fleet Connectivity
IoT benefits the managers with remote fleet management services through the use of advanced software and hardware resources. It enables remote connectivity to keep track of the fleeting assets and allows the authorities to stay connected with the drivers and other key personnel. With great innovations being involved in transportation via IoT, remote management of the fleet is emerging to create more effective and efficient fleets. The most innovative concept is the connected fleet, where smart solutions are installed to check the fleets for seamless operability remotely.
Smart Data Management
Large fleets generate comparatively huge data that requires proper structuring and management. Fleet managers are enjoying ample benefits regarding data management by installing IoT solutions for specific requirements. The solution uses a safe cloud platform to store the fleet data and allow the managers to access it whenever and from wherever they require. The data is processed through a well-structured IoT architecture, which is always ready to analyze and predict the results for effective decision-making. IoT-based smart data management provides a knack for better understanding the supply chain process among fleet operators and gives the transportation sector the much-needed technological transformation to increase profitability.
Environment-Friendly Operations
We are gradually on the verge of facing the consequences of the damage done in the past years to the climate. With the rising global warming and air pollution due to excess vehicular usage, the transportation authorities are seeking to implement smart solutions to comparatively reduce their carbon footprint. By using the Internet of things technology, fleet managers can easily anticipate their actions and take measurements wherever it is required. The IoT-based solution is a complete package that provides accurate route optimization, monitors drivers’ driving habits, proactively calculates the fuel consumption and load, and preventive maintenance of the fleet vehicles.
Cost Savings
As a fleet manager, it becomes very difficult to keep a real-time check upon large fleets. This increases the involvement of human labor and fleet handling costs. The fleet operators install IoT-powered solutions and enhance their services at a pocket-friendly budget to reduce such expenses. IoT automates the assets from the fleet industry, offering the managers a full-fledged solution, which operates through regular smartphones or gadgets. The use of technologies like IoT makes it worth every penny for the fleet operators to manage the supply chain processing and that too in an appropriate amount.
Real-time Vehicle Monitoring
It is likely for the fleet drivers to commit unintentional mistakes like not knowing the routes, rash driving, taking longer halts, which directly impact the product delivery timings. For this, IoT provides a permanent solution to keep a real-time check on every fleet vehicle. The sensor devices and gateway connectivity allow real-time vehicle monitoring, which triggers instant notifications on the connected dashboard. These notifications enable quick decision-making among the managers and enhance the fleet's performance. IoT-powered real-time monitoring checks the vehicles’ condition, fuel consumption patterns, driver safety, transparent communication among the manager and fleet drivers, and overall maintenance schedules.
Process Automation
IoT solution has pre-installed sensor devices, which automatically extract data from the assets. The involvement of an IoT-powered solution provides an automated data collection from the environment, enabling the IoT architecture to process it further for user-friendliness. The entire fleet management proceeds with smart measures, using IoT as the most advanced and automated technology. Moreover, IoT comprises actuators and IP addresses for better connectivity and identification, enabling decision-making based on sensors' data. Thus, every process around the fleet sector is automated and extends its performance according to the business requirements.
Transparency
The transformation of Internet of Things has become the most necessary phase in the transportation industry to modernize traditional approaches. IoT technology is a data-driven concept that rapidly transforms transparency in the transportation sector. It tracks essential goods, mobile and immobile assets, and other consignments during their transportation. So, to carry out huge imports and export of goods, the fleet managers must deal with third-party logistics transparently. Biz4Intellia IoT-enabled solutions provide a viable measure for the same by revolutionizing end-to-end visibility potential amongst every product. This, in turn, builds potential relationships with the clients and trust between the concerned parties.
