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 Insights

Global 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).

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.

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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

Product ID: SQSG45F2009