IoT (Internet of Things) is – quite literally – one of the driving powers behind fleet management. Advancements in technology over the past decade and continuing into the next accelerate solutions to facilitate fleet companies with smarter and safer daily operations. Preeminent solutions include in-vehicle video, stolen vehicle recovery, GPS tracking systems, and more.
What does IoT look like in fleet management, and what does it mean for fleet managers? IoT for fleet means IoT-enabled solutions that use sensors and monitors to track performance of individual vehicles to improve operations, lessen costs, and reduce risk to drivers. Precise factors such as driver behavior and exact location are taken into consideration when identifying the status of trips and routes.
With the marketplace expanding, adopting IoT in fleet management has the potential to produce enhanced productivity and efficiency. According to a report published by Allied Market Research, the global IoT fleet management market was valued at $6.4 billion last year (2021) and is projected to reach nearly $16 billion by 2031, yielding a compound annual growth rate of 9.8 percent from 2022 to 2031.
According to Automotive Fleet, the average commercial fleet driver travels between 20,000 to 25,000 miles in one year. Consumer drivers only drive between 12,000 and 15,000 miles per year, resulting in a 1/15 ratio of being involved in an accident. Given the comparison in miles traveled, it stands to reason that fleet drivers have increased exposure to being involved in a collision.
Gaining access to in-vehicle video solutions is one way to monitor the safety and well-being of drivers that may be at risk of collisions. IoT vehicle video solutions facilitate live streaming, event-based notifications, stream video history, and more.
Being proactive when it comes to vehicle recovery is crucial – that’s why vehicle theft prevention sends you instant alerts when your vehicle is not where it’s supposed to be. Tracking devices and satellite connectivity allow fleet managers to be proactive with law enforcement to simplify recovery. IoT can offer comprehensive services to track assets, people, and vehicles within your team.
The need to monitor fuel costs, tire pressure, wear and tear, and mileage, also known as predictive maintenance, is significant to fleet productivity. Unexpected repairs are impossible to plan for but measuring performance with real-time data can help you be proactive with your vehicles. This results in lower costs and increased productivity, so you can focus on your customer satisfaction and maximizing business operations.
KORE enables fleet solutions that make deploying your needs easier. We mitigate the complexities that weigh down your choices to ensure you feel peace of mind for the safety of your drivers and the status of your vehicles. KORE provides expert IoT solutions and unified connectivity that best fit your fleet needs.
To learn more about how IoT can simplify fleet management, check out our Location-Based Services demo here.