According to a recent study published by Allied Market Research, technological advancements in the transportation sector have magnified the growth of the IoT in fleet management market. It is estimated that the global IoT in fleet industry will reach $16 billion by 2031, creating a compound annual growth rate of 9.8 percent during the forecast period 2022 to 2031. Being aware of barriers and specific use cases can set organizations up for success.
It’s no secret that maintaining a successful fleet business is difficult. Unexpected upkeep, possible vehicle theft, rising fuel costs, and poor driver behavior can all contribute to pitfalls in fleet management. IoT can help mitigate these issues. Advancing technologies have made it much easier to protect drivers and operate vehicles more efficiently and safely.
Opportunities of IoT in fleet include improved visibility into driver productivity, real-time data to measure performance, predictive maintenance, and simplified logistics with eSIM. The benefits of IoT in fleet solutions are crucial to the rapidly growing industry, and the impact has proved to be comprehensive.
In-vehicle video solutions, or video telematics, refer to a camera system that connects and monitors driver behavior and vehicle performance by using GPS technology. Data is captured, stored, and delivered in real-time to managers to help fleets remain safe on the roads. These solutions increase visibility into vehicle’s productivity, which can reduce the risk of collisions and property damage.
Artificial intelligence (AI) can play an important role in driver safety and fleet management. In-vehicle video paired with AI and analytics provide real-time alerts to managers that help monitor driver behavior, such as eye movement and situational awareness on the road.
Frost & Sullivan published a report that found video telematics lowered driver distraction by 80 percent, reduced speeding by 65 percent, and increased seatbelt usage by 70 percent.
What is an eSIM, and how is it transforming the fleet industry? An eSIM, or an embedded SIM, is a SIM card that provides the ability to remotely exchange carriers. It eliminates the need of physically switching cards, allowing multiple carrier profiles, and creating longer-lasting connectivity.
eSIM for fleet can mean global resilient coverage with maximized ROI and superior remote security – data is transmitted rapidly and reliably as encryption supplies an additional layer of protection.
KORE is here to provide seamless, future-proofed connectivity for your fleet systems. KORE expert, Sunder Somasundaram, Senior Vice President of Fleet Management, explores these topics further in our upcoming webinar, “Navigating New Solutions in Fleet: eSIM, Video Telematics, and More” on December 8th at 11 a.m. ET hosted by FleetOwner.
Learn how fleet risks can be avoided and minimized with IoT. Registration is open now.