Global Fleet Management Software Market

Fleet Management Software Market Size, Share, Growth Analysis, By Deployment(Cloud Based, On Premises), By Industry(Power, Automotive) - Industry Forecast 2024-2031


Report ID: SQSG45F2009 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 70 | Figures: 75

Fleet Management Software Market Dynamics

Fleet Management Software Market Driver

  • The supply and logistics industries have been heavily pushed by the exponential growth of omnichannel shopping sectors to embrace cutting-edge IoT solutions, such as alarm systems, asset trackers, and vital and complex fleet management software, to satisfy the expanding demand. It enables GPS tracking and geofencing and assists customers who own commercial vehicles in measuring fuel use, driver behavior, and other factors. Since the logistical sector of the economy depends entirely on the transformation of goods for delivery to any location on the planet, performance might be adversely affected by any stoppage. The demand for an efficient logistical operation has increased due to the e-commerce boom, which fuels the growth of the Fleet Management Software Market
  • Every industry aims to produce the most at the lowest cost. For fleet managers, the expense associated with fleets accounts for a sizable amount of the business' operational costs. By optimizing routing, maintaining vehicle security, boosting driver safety, and enhancing the performance and lifespan of fleet vehicles, fleet management systems aid fleet owners in making more money. Additionally, it aids in the visualization of fleet performance and the determination of the drivers or cost-saving categories that need to be improved. Fleet management assists managers in downsizing fleet cars, offering maintenance management, cutting fuel expenses and travel distances, changing driver behavior, and reducing administrative costs. Fleet owners gain a competitive edge thanks to the advantages, which increase the efficiency of their business operations at a lower cost.

Fleet Management Software Market Restraint

  • Operators are attempting to use more sophisticated fleet solutions, such as cloud-based software to handle wide-area coverage for improved operation management, in order to satisfy the expanding needs in the logistic business. However, to avoid the risk of cyber security and unauthorized access to the system, tracking and monitoring the fleet requires top standalone applications or software as a service solution, both of which are expensive. These elements are thought to impede the expansion of the fleet management software market.
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FAQs

Fleet Management Software Market size was valued at USD 18.2 billion in 2019 and is poised to grow from USD 20.73 billion in 2023 to USD 67.38 billion by 2031, growing at a CAGR of 18.3% in the forecast period (2024-2031).

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. 'Verizon Connect', 'Geotab', 'Omnitracs, LLC ', 'Teletrac Navman', 'Trimble', 'Fleetmatics (Verizon)', 'TomTom Telematics (Bridgestone)', 'GPS Insight', 'Wheels Telematics', 'Fleetio', 'Fleet Complete', 'GpsGate', 'Samsara', 'Azuga', 'Movolytics', 'MiX Telematics', 'NexTraq (Michelin)', 'Quartix', 'Cartrack', 'MyGeotab'

The supply and logistics industries have been heavily pushed by the exponential growth of omnichannel shopping sectors to embrace cutting-edge IoT solutions, such as alarm systems, asset trackers, and vital and complex fleet management software, to satisfy the expanding demand. It enables GPS tracking and geofencing and assists customers who own commercial vehicles in measuring fuel use, driver behavior, and other factors. Since the logistical sector of the economy depends entirely on the transformation of goods for delivery to any location on the planet, performance might be adversely affected by any stoppage. The demand for an efficient logistical operation has increased due to the e-commerce boom, which fuels the growth of the Fleet Management Software Market

Large amounts of data have been produced as a result of telematics being implemented in fleets. Because of this, fleet managers are worried about two important security issues: privacy and vulnerability to cybercriminals. Fleet-related data includes private information like the model of the vehicles, the identities of the drivers, and travel routes. The information can be used to do evil deeds or crimes, such as carjackings and premeditated crimes. End users are deterred from employing telematics solutions for a variety of reasons, including data privacy violations. Several data-related rules and regulations are gradually being implemented, and governments are currently keeping an eye on the issue.

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

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