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The next decade of physical economy industries (e.g. Transportation & Logistics, Construction, Field Services, Public Sector) won’t be defined by new trucks, roads, or drivers. It will be defined by software, and IoT.

A quiet revolution is underway inside the world’s fleets, where telematics, AI, and real-time sensors are converging into a single operating system for the physical economy. What started as a niche compliance tool is now becoming the backbone of how goods, assets, and people move.

The result: a $50 billion platform race where efficiency, safety, and intelligence converge, and only a few players will own the data layer of the global supply chain.

In partnership with

Fleet management used to mean tracking vehicles. Today, it means orchestrating entire ecosystems.

The modern IoT platform sits at the intersection of four converging product pillars: telematics, video safety, asset tracking, and value-added solutions.

Telematics remains the foundation, transmitting data on location, engine status, and driver behavior. But the next wave of growth comes from integration.

AI-powered video safety is transforming from a nice-to-have into a regulatory standard, using multi-angle cameras and machine learning to prevent accidents before they happen. Asset tracking is expanding visibility to every trailer, tool, and piece of equipment, a game-changer for construction, logistics, and energy.

And surrounding it all, software marketplaces are embedding predictive maintenance, routing, and workflow automation directly into the platform. These aren’t add-ons. They’re how providers expand ARPU, reduce churn, and lock in customers for life.

This is the logic of platform convergence: data moves from being a byproduct to becoming the core product.

Scale in fleet management used to mean more vehicles. Now it means more data.
Geotab’s acquisition of Verizon Connect’s international commercial operations marks a turning point.

Overnight, Geotab extended its reach across Europe and Australia, adding hundreds of employees and thousands of customers. But more importantly, it secured a massive new stream of connected data, the raw material for its AI models.

The company’s push into native video safety, previously the domain of partners like Lytx and Netradyne, underscores a clear strategic shift: own the full stack. That move may alienate some ecosystem allies, but it positions Geotab to capture the full economics of an integrated platform, data, analytics, and applications.

Meanwhile, rivals are doubling down on differentiation. Samsara $IOT ( ▼ 4.39% ) continues to perfect its cross-selling playbook, pushing routing, navigation, and connected wearables to deepen customer dependency.

Motive is betting on a unified AI architecture that stitches together vehicles, assets, and workflows into one interface. Motive, Samsara, Geotab, Powerfleet, and Solera are racing to become the de facto operating system for the physical economy.

The fleet management platform has become a textbook example of SaaS economics applied to the real world.

Recurring revenue, high retention, and multiple cross-sell opportunities make it a magnet for investors. Samsara $IOT ( ▼ 4.39% ), commands a premium valuation, a reward for its growth and its ability to sell more software to the same customers.

Powerfleet $AIOT ( ▼ 3.14% ) a smaller peer, trades at a fraction of that multiple, giving investors clear visibility into the upside potential once scale and cross-sell maturity kick in.

The next test will come when Motive goes public. Market chatter suggests the company is preparing for an IPO, after winning the IP battle against Samsara, which would introduce. If Samsara set the benchmark for growth and valuation, Motive could set the tone for profitability and integration.

This is no longer a telematics market. It’s a recurring-revenue software market with trucks attached.

For telecom operators, cloud providers, and AI infrastructure players, fleet management represents a strategic beachhead into the industrial IoT.

Every connected vehicle and asset generates terabytes of real-time data, which requires connectivity, edge processing, and secure cloud storage. The platform players can’t win alone; they depend on low-latency 5G, scalable compute, and AI services from hyperscalers.

For CFOs and strategy teams, the takeaway is simple: IoT fleet management isn’t just another vertical. It’s a proving ground for how AI and connectivity can converge to automate physical operations at scale. The winners here will likely define the blueprint for connected logistics, smart cities, and industrial automation.

This convergence is also reshaping the competitive logic of the TMT ecosystem. The same principles that govern platform dominance in software —network effects, switching costs, and data compounding— are now playing out in the physical economy. Those who control the feedback loops between sensors, software, and operations will define the next decade of productivity.

Over the next 12–24 months, expect three forces to define the race:

By 2030, the term “fleet management” will likely disappear. What remains will be a global operating system for the physical economy —one that connects vehicles, assets, and workers through a single AI-powered cloud.

By 2030, the term “fleet management” will likely disappear. What remains will be a global operating system for the physical economy —one that connects vehicles, assets, and workers through a single AI-powered cloud.

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