Seoul, South Korea - Jongno District Office in Seoul Metropolitan City will integrate Socar (KRX: 403550)'s Fleet Management System Solution (FMS) into its sanitation vehicles.
Why it matters:
This partnership represents a significant step forward in the ever-evolving mobility industry, promising to improve urban traffic safety and the environment.
The Key Points
- The FMS, a cloud-based Internet of Things (IoT) solution, is designed to provide an integrated management system for various vehicles, including commercial and specialty vehicles.
- Socar's system collects real-time data through dedicated terminals installed in vehicles. This data includes a range of metrics, from vehicle status and location to driving habits and the external environment.
- This holistic view enables comprehensive, real-time management - a critical feature in the coming era of autonomous driving.
- In addition to working with the Jongno District Office, the company is testing its FMS with major companies such as Lotte Global Logistics, HYUNDAI Glovis, VCNC, and Rico.
The Big Picture
These developments come as the mobility industry underscores the need to monitor crewless vehicles closely.
Companies and governments are gearing up to remain relevant and proactive in the coming industry shifts.
Jongno District expects multiple benefits from this integration. Immediate feedback mechanisms can prevent accidents and protect vehicle drivers, workers, and residents.
An improved safety record can also lower vehicle insurance premiums. Efficiency is also expected to increase, especially in the city's sanitation department.
For example, real-time tracking of sanitation vehicles can ensure a quick response to urgent garbage collection requests, improving residents' convenience and the city's cleanliness.
While the initiative will start with sanitation vehicles, the Jongno-gu office plans to expand it to other work vehicles in its fleet.
According to a study by research firm Markets and Markets, the global FMS sector is expected to grow at a CAGR of 10.5% through 2026, reaching an estimated $33.9 billion.
