McKinsey states that the worldwide market for fleet telematics hardware, software, and services is projected to achieve an annual growth rate of approximately 23% over the next six years, ultimately evolving into a $75 billion sector by 2025. Over the past few years, IoT has changed the general fleet management landscape, helping to overcome major challenges like high costs, manual resources, lack of transparency, and instant access to the data.
According to Transforma Insights, IoT-powered fleet management solutions have the potential to decrease fuel consumption by an average of 15%, and in some cases, even up to 25%. According to Berg Insight, North America, a substantial fleet of approximately 29.9 million vehicles is actively involved in commercial operations, 40.7 million in Latin America, and 41.1 million within the EU22+3 region.
With over 13% of our customers being from the automotive sector and 13% more from logistics, we have a strong understanding that IoT possesses high relevance to fleet telematics use cases.