USD 18.2 billion
Report ID: SQSG45F2009 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 70 | Figures: 75
Global Fleet Management Software Market size was valued at USD 18.2 billion in 2021 and is poised to grow from USD 20.73 billion in 2022 to USD 67.38 billion by 2030, growing at a CAGR of 18.3% in the forecast period (2023-2030).
Software for fleet management performs a variety of tasks, including, among others, finance for vehicles, vehicle maintenance, tracking and diagnostics, driver and vehicle management, speed and fuel management, and health and safety management. Since the market for these solutions is still in its infancy, there are many chances for the sellers.
Due to the benefits it offers, like a quicker time to market, high efficiency, more features, and a cheaper cost than on-premise, vendors in the industry are choosing cloud products. For example, Zoho Corporation is relying on innovations like the cloud, the Internet of Things (IoT), and artificial intelligence (AI) to use IRDA's predictions. For instance, WebNMS said that by incorporating AI and machine learning into its fleet management solutions, a midsized fleet of 25–50 cars could save 10-15% on fuel.
Telematics is starting to revolutionise the way organisations plan and organise their employees. Technology for fleet management has several advantages for companies of all sizes. They can effectively monitor operations thanks to it, and it acts as a digital road map for encouraging safe and efficient driving. This has the potential to lower risk while also lowering costs. It has evolved into a vital tool for enterprises in many ways.
Fleet management must prioritise driver safety above anything else. According to a recent study, speed is "at the heart of the problem with road safety" and "in about 30% of the fatal incidents speed is an important contributory element." Because of this, a fleet management system's primary focus is on the performance and behaviour of the drivers. The ability to receive notifications and alerts concerning risky driving practises in close to real-time is a key advantage of fleet management software. For instance, fleet tracking tools like dashboard cameras enable fleet managers to keep an eye on any instances of speeding, forceful braking, or sharp turns made by their drivers.
US Fleet Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 18.2 billion
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Global fleet management software market is segmented based on the Deployment, Industry, and region. Based on the Material Type, the Global Fleet Management Software Market is segmented as Cloud Based, On Premises and Hybrid. Based on Industry, the fleet management software market is segmented as Power, Automotive, Mining, Oil and Gas, Aerospace and Defense, Utility, Logistics and Transportation. Based on Region fleet management software market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Fleet Management Software Market Analysis by Deployment
Based on the Deployment, the Fleet Management Software market is bifurcated into Cloud Based, On Premises and Hybrid. The cloud-based sector is expected to account for more than 50% of the market in 2028, owing to the rising demand for operational efficiencies and the necessity for novel monitoring systems to handle rising fuel prices. The proprietors of the UK limited company can manage fuel operational difficulties with the help of a new fuel card management app that Shell Fleet Solutions UK launched in March 2021. On both iOS and Android platforms, the Shell Fleet App offers information on driver fuel card charges. The demand for intelligent fuel management programs increased passenger automobile mobility, and other pertinent variables are therefore boosting the expansion of the fleet management software industry.
Fleet Management Software Market Analysis by Industry
Based on Industry, the Fleet Management Software market is segmented into Power, Automotive, Mining, Oil and Gas, Aerospace and Defense, Utility, Logistics and Transportation. Logistics and transportation are expected to account for the biggest proportion of more than 54.6% till 2028, owing to rising global trade activity, significant E-commerce sector growth, and the introduction of cloud-based technologies for smart mobility. To assist the start of the e-commerce sector across India, the largest luxury car manufacturer in the country, Mercedes Benz India, introduced a number of digital initiatives in October 2019. These initiatives included "Mercedes me Adapter" and "Mercedes Connect." The development of connected networks and the expansion of IoT solutions are accelerating market expansion. The MESMA 48 platform, which offers greater acceleration than ICE competitors, was introduced by Mahindra Electric Mobility in September 2020 for EVs such as three-wheelers, quadricycles, and other light electric vehicles.
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North America is expected to control the Fleet Management Software market share. The North American market will benefit from the soaring demand for vehicle monitoring systems throughout the manufacturing and transportation sectors in the United States and Canada. Additionally, the automotive and logistics industries have taken the lead. Notably, the adoption of real-time tracking technologies has grown significantly across end-use industries, sparking a rush of advancements throughout the area. Due to the expanding presence of the automotive and heavy manufacturing industries, the market for fleet management software in Europe will experience notable expansion. In addition, strong demand for passenger automobiles in the UK, France, and Germany has accelerated the move toward linked vehicles. In addition, stakeholders anticipate that the commercial fleet will gain momentum due to the growing demand for fleet timing, material scheduling, and tracking.
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Global fleet management software market is somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Fleet Management Software Market Top Player's Company Profiles
Fleet Management Software Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Fleet Management Software Market Analysis, in terms of deployment, increased demand for operational efficiencies and the need for novel monitoring systems to deal with rising fuel prices, the cloud-based sector is predicted to account for more than half of the market by 2028. Based on Industry global fleet management software market is divided into Power, Automotive, Mining, Oil and Gas, Aerospace and Defense, Utility, Logistics, and Transportation based on distribution channel. The largest share is anticipated to be in logistics and transportation
|Market size value in 2021||USD 18.2 billion|
|Market size value in 2030||USD 20.73 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Fleet Management Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fleet Management Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG45F2009