When there are so many companies entering the fleet industry, it can be difficult for an untapped opportunity to stand out. The fact is, the global fleet industry is only set to grow. According to Forrester Research, the global fleet market will reach $6 trillion by 2021. The fleet industry is poised for massive growth and helping to drive it is the rapid adoption of IoT and Artificial Intelligence (AI & Machine Learning).
Fleets are using IoT and AI to manage their vehicle fleets, payment systems, and supply chains. This is leading to the evolution of the fleet industry from outdated and bureaucratic to digitized and collaborative. The changes have been so rapid that the scope of the industry has been left largely untapped. Here are three reasons why you should be investing in fleet startups today:
The Future of the Fleet Industry
The IoT revolution has been transformative in the field of security. By monitoring and controlling key aspects of a fleet, such as garage doors, roofing, air conditioning, and lighting, manufacturers can ensure that the equipment is working as intended. This leads to a more consistent customer experience with fewer missed or delayed deliveries. Additionally, fleet managers can better understand their fleet and make informed purchasing decisions.
The Evolving Scope of the Fleet Industry
New technology is allowing the industry to expand dramatically. The proliferation of the internet and mobile technology means that the scope of the industry has been left largely untapped. Connected cars, trucks, and buses allow for new methodologies to be tested. These could include real-time tracking, Predictive Maintenance, and Predictive Diagnostics. Additionally, the ability to link remote sensors, devices, and vehicles allows for more accurate tracking and a more detailed view of the condition and performance of the vehicles in the fleet.
The Rise of AI and Machine Learning
Machine Learning is at the heart of modern artificial intelligence. With AI becoming a household name, it has become even more important for the industry to advance quickly. The ability to teach an AI system to learn and improve over time is what sets machine learning apart from other technologies. With the full potential of AI and machine learning now coming into focus, the scope of the fleet industry can be easily seen.
The Disruption Factor in the Fleet Industry
The adoption of IoT and AI by the fleet industry has been rapid. As more and more fleet management systems are upgraded with these technologies, it has led to a large number of changes. These have included the need for more documentation, the adoption of language barriers, and the need for printers and scanners to support the increased volume of paperwork. With the need for autonomy becoming more common, the need for human judgment has become more important. This has led to better-implemented driver distraction techniques and the development of Human-Machine Interactions (HMI).
Why You Should Be Investing in Fleet Startups
When you look at the full potential of the fleet industry, it is easy to see why it is worth investing in start-ups. The industry is set to grow by leaps and bounds over the next decade. With a high uptake of IoT and AI across the fleet, the demand for digital services will skyrocket. Companies that can provide innovative digital solutions will thrive in this new environment.
The future of the fleet is bright. With the adoption of IoT and AI, the scope of the industry has been left largely untapped. The full potential of the industry is now being realized and the opportunities for companies to get involved are limited only by their imagination and willingness to learn. The future of the fleet is very exciting indeed.