How AI can help the Fleet Industry Solve its Most Persistent Problems
The fleet industry has faced challenges related to operational inefficacies, theft, fleet maintenance since time immemorial. Today AI is helping to solve these and other persistent problems of the industry. Is it possible to eliminate these challenges completely? Perhaps not, but with AI-powered solutions, it is possible to face these with greater efficiency.
Artificial intelligence (AI) has woven its way into many aspects of our lives. Just a few years ago, most of us depended on paper maps for direction. We struggled while searching the internet to find a store or restaurants that we were looking for. Now we simply whip out our phones or speak into our smart speakers to instantly get personalized recommendations and insightful advice.
Today, AI-based recommendation engines are delivering the same level of accessibility, accuracy, and speed to the transportation, logistics, and mobility industry, making the transport of goods and people safer, faster, and more economical. Given the rapid adoption of smart fleet management solutions powered by AI, Grand view research expected the size of the market to reach USD 565.1 billion by 2025. The report further states:
“The market is anticipated to register a CAGR of 7.6% from 2017 to 2025. Recently vehicular communication technology has increased the acceptance of smart fleet management solutions, which enable vehicle tracking and monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and driver performance tracking and monitoring, etc.”