The global fleet management software market size was USD 16.89 billion in 2020. The market is projected to grow from USD 19.58 billion in 2021 to USD 59.08 billion in 2028 at a CAGR of 17.1% in the 2021-2028 period. This crucial information is published by Fortune Business Insights™ in its report titled, “Fleet Management Software Market, 2021-2028.”
As per our research team, fleet management software provides
properties such as real-time tracking, repairs, intelligent transportation, and
driver security. For example, owing to its geofencing solution, the companies are
enabled to detect vehicle locations, such as departure, terminus, road course, and
functioning duration. This safeguards the security of the fleet along with its operatives,
and the supplies parted for distribution. Therefore, this, in turn, is expected to reinforce the
fleet management software market growth during the forecast period.
List
of Key Players Covered in the Fleet Management Software Market Report
- Verizon Connect (Atlanta U.S.)
- Geotab Inc. (Oakville, Canada)
- Trimble Inc. (California, U.S.)
- GPS Insight (Arizona U.S.)
- Omnitracs, LLC (Texas, U.S.)
- MiXTelematics International Ltd (Texas, U.S.)
- Fleet Complete (Toronto, Canada)
- NexTraq, LLC (Georgia, U.S.)
- GPSTrackit (Georgia, U.S.)
- Inseego Corp. (California, U.S.)
- Automotive Rentals Inc. (New Jersey, U.S.)
- Cisco Systems Inc. (California, U.S.)
- AT&T Inc. (Texas, U.S.)
- Ctrack (Inseego Corp.)
- IBM Corporation (New York, U.S.)
- Tomtom NV (Amsterdam, Netherlands)
Report
Coverage
The report presents a systematic study of the fleet management software market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities are offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
Drivers
and Restraints
Combination of Linking Technologies
into Fleet Management Software to Spur Growth
The fleet management industry has entered into the age of
digitalization already, providing enhanced vehicle-to-infrastructure connection
and driver-vehicle communications. The varied technologies such as artificial
intelligence, machine learning, cloud solutions, big data analytics, and GPS
has taken fleet management to an amplified level altogether. Alongside upgraded
processes, the software targets elevating fleet performance and surging service
superiority.
For example, Fleetx, which is a smart fleet management software, utilizes
machine learning, predictive analytics, artificial intelligence, and sensor
devices to assist fleet executives in refining security proficiency and aids in
channelling insightful choices in a budget-effective manner.
Read
a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/fleet-management-software-market-100893
Supply of Vital Products amid COVID-19
Pandemic to Fuel Market Growth
The COVID-19 pandemic has considerably altered
the day-to-day schedule of everyone. As numerous industries have switched to work
from home and have willingly elected for such guidelines, the industries such
as transport, service, field facility providers, energy, shipping, and trading,
among others, are functioning to the complete latent to deliver crucial
services and goods. Owing to the disaster and supply chain commotion, the shipping
and logistics industries are experiencing severe risks. This has led to an
increase in demand for fleets, drivers, dispatchers, organizers, and others
fleet operators dramatically.
Moreover, FMCG, trade, farming medications,
and various other indispensable service suppliers are unable to ship the deposited
products on account of the decreased number of carriers. The demand for fleet
management software augmented to accomplish and satisfy the incessant supply of
necessities.
Regional
Insights
Increasing Usage of Real-time Tracking
Solutions to Help North America Grow
North America held the maximum fleet management software market
share in 2020 and is estimated to dictate the global market. This is owing to
the large-scale disposition of real-time tracing software by companies for unified
business functioning. Rising implementation of vehicle tracking systems, increasing
demand for innovative software from automotive giants such as General Motors,
Ford, and Fiat-Chrysler, coupled with the factor that the U.S. being the primary
implementer of digital technologies are attributable to the growth of the
market in this region. The region stood at USD 5.88 billion in 2020 in terms of revenue.
Europe holds the second largest market share on account of Germany
remaining as the biggest automobile sector core across the globe. Commercial
vehicle fleets carry out a significant role in the European economy.
Asia Pacific is probable to be the rapidly growing region in the
foreseeable future owing to the rising radio cab industry and surging inclination
towards transportation services in this region. The existence of a huge number
of production units in leading countries such as China, Japan, and India is additionally
anticipated to augment the growth of the market for fleet management software
in Asia Pacific region.
Competitive
Landscape
Tactical Alliance of Chief Players
with Vehicle Producers to Magnify Business Opportunities
The significant fleet management software providers are fixated on product extension by making huge investments in the novel
research and development regarding the software. The corporations are joining
forces with technology suppliers to deliver better fleet management with its radical
tracing, precise GPS, and better backing to the drivers. Likewise, these giant players are keen on entering
into tactical collaborations with diverse automobile manufacturers in order to provide
unconventional fleet management software solutions.
Industry
Development
June 2020:
Geotab
Inc. declared a collaboration deal with Volvo Trucks, which provides telematics
solutions and stages such as fleet management, diagnostics, agreement, and
driver backup across North America. The company also surveys the vehicle position
by gaining access to driver performance records, movement reports, and distribution
timetables.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/fleet-management-software-market-9168
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