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Smart Fleet Management Market size is set to grow by USD 241.6 billion from 2024-2028, Government regulations for fleet management boost the market, Technavio

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NEW YORK, June 7, 2024 /PRNewswire/ — The global smart fleet management market size is estimated to grow by USD 241.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.8% during the forecast period. Government regulations for fleet management is driving market growth, with a trend towards increasing adoption of telematics and autonomous vehicles, and growing incorporation of electronic vehicles in company fleet. However, fleet data management issues poses a challenge. Key market players include Avnet Inc., Cisco Systems Inc., CLM Fleet Management Plc, Continental AG, Cyrrup Solutions Pvt. Ltd., DENSO Corp., FleetGO Group Ltd., Fleetsmart, International Business Machines Corp., Oracle Corp., ORBCOMM Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Semtech Corp., Speedcast, Tech Mahindra Ltd., TomTom NV, Total Motion Ltd., and Trakm8 Holdings Plc.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Smart Fleet Management Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 8.8%

Market growth 2024-2028

USD 241.6 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.9

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 43%

Key countries

US, China, UK, Germany, and Japan

Key companies profiled

Avnet Inc., Cisco Systems Inc., CLM Fleet Management Plc, Continental AG, Cyrrup Solutions Pvt. Ltd., DENSO Corp., FleetGO Group Ltd., Fleetsmart, International Business Machines Corp., Oracle Corp., ORBCOMM Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Semtech Corp., Speedcast, Tech Mahindra Ltd., TomTom NV, Total Motion Ltd., and Trakm8 Holdings Plc

Market Driver

The global smart fleet management market is experiencing significant growth due to the integration of advanced technologies like telematics, adaptive headlights, and collision avoidance systems in commercial vehicles. This technology-driven shift is aimed at enhancing safety, reducing accidents, and optimizing fleet operations. In the trucking industry, the adoption of autonomous vehicles is anticipated, with China leading the way by investing over USD1.2 billion to convert its taxi fleets to electric vehicles, contributing to the market’s expansion. 

The Smart Fleet Management market is experiencing significant growth due to the increasing adoption of technology in transportation industries. Features like real-time vehicle tracking, predictive maintenance, and fuel efficiency are driving this trend. Companies are investing in cloud-based solutions to manage their fleets more effectively and improve overall productivity. Secure connectivity and cybersecurity are also key concerns as fleets become more digitally integrated.

The use of artificial intelligence and machine learning is becoming more common to optimize routes and reduce operational costs. Additionally, the integration of payment systems and electronic logging devices is streamlining processes and ensuring regulatory compliance. Overall, the smart fleet management market is transforming the way businesses manage their transportation assets. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

In the realm of fleet management, the integration of big data analytics is revolutionizing decision-making processes. With the rise of cloud and mobile solutions, an extensive volume of data is generated daily from various sources, including telematic platforms and GPS devices. This data is crucial for optimizing vessel performance, hull and machinery maintenance, and operations.However, managing this vast amount of information and ensuring its accuracy remains a challenge for fleet managers. Inaccuracies in worker data can lead to significant business losses. Despite these hurdles, the global smart fleet management market continues to grow, driven by the potential benefits of data-driven insights.The Smart Fleet Management market faces several challenges in implementing and optimizing technology solutions. Real-time tracking and monitoring of vehicles is crucial, but ensuring connectivity and data accuracy can be difficult. Consumption and cost management are also significant challenges. Diversity in vehicle types and sizes requires customized solutions. Integration with existing systems and processes can be complex.Security and privacy concerns must be addressed. Additionally, training staff to effectively use the technology and interpret data is essential. Collaboration and communication between stakeholders are key to successful implementation. Overall, the Smart Fleet Management market requires innovative and adaptable solutions to overcome these challenges.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

Application 1.1 Tracking1.2 ADAS1.3 Optimization1.4 Fuel cards1.5 Automatic vehicle identificationType 2.1 Roadways2.2 Railroad2.3 Marine2.4 AviationGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Tracking- Smart fleet management markets utilize advanced technologies to optimize vehicle operations. This includes real-time tracking, route planning, and maintenance scheduling. By enhancing efficiency, reducing costs, and improving safety, businesses can effectively manage their fleets and gain a competitive edge. Fleet management solutions enable companies to monitor fuel consumption, vehicle performance, and driver behavior, leading to improved productivity and better customer service.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Smart Fleet Management Market encompasses advanced solutions designed to optimize the connectivity and performance of various transportation mediums, including ships and road vehicles. These systems enable real-time monitoring, route management, and energy consumption analysis. Governing bodies worldwide have implemented legislations to ensure transport safety, leading to the increased adoption of smart technologies. Fleet operators benefit from smart transport systems through improved driver performance, fuel consumption reduction, and vehicle maintenance scheduling.

Real-time alerts and anti-theft notifications enhance security features, mitigating theft activities and reducing the risk of road accidents. Data analysis plays a crucial role in identifying trends and patterns, enabling proactive measures to prevent potential issues. Smart fleet management solutions leverage a remote server infrastructure for efficient data processing and analysis. The integration of security features ensures the protection of sensitive information, making these systems an essential investment for modern transportation businesses.

Market Research Overview

The Smart Fleet Management market is a rapidly growing sector that leverages technology to optimize the management of vehicle fleets. This includes real-time tracking, route optimization, predictive maintenance, and driver behavior analysis. The use of IoT sensors and GPS technology enables fleet managers to monitor vehicle performance and location in real-time, improving operational efficiency and reducing costs.

Additionally, machine learning algorithms can analyze data to identify trends and predict potential issues, allowing for proactive maintenance and reducing downtime. The market is expected to continue growing due to increasing demand for cost savings, improved safety, and regulatory compliance. Key features of smart fleet management systems include vehicle telemetry, driver behavior analysis, route optimization, and predictive maintenance.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationTrackingADASOptimizationFuel CardsAutomatic Vehicle IdentificationTypeRoadwaysRailroadMarineAviationGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style

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BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.

The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide.  According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists.  However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.

Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc.  This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.

Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.

Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.

Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.

The Halal Route application is free to download on both iOS and Android systems.

Read the full article at https://www.chula.ac.th/en/highlight/185916/  

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SOURCE Chulalongkorn University

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