Global Fleet Management Software Market By Service (Managed and Professional); By Solution (Vehicle Maintenance & Diagnostics, Fleet Analytics & Reporting, Operations Management, and Performance Management), By Deployment Type(On premises and cloud); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Fleet management software market size was valued 14.6 Bn in 2021 and is expected to reach 56.6 Bn by 2031, at a CAGR of 14.6% in the forecast period.
Fleet management helps businesses to monitor and operate their vehicles in an inexpensive, easy, and open manner. Functions include monitoring and diagnostics of cars, financing, driver control, etc. It helps businesses, which rely heavily on transport, minimize, or fully eliminate risks regarding employee expenses, operations, and other activities. The advantages of fleet management are reduced fuel & operating costs, increased safety, and streamlined fleet operations, with real-time fleet tracking and monitoring. It provides group-level applications and services for helping front-line supervisors, managers, and employees across production, and transport activities.
The key factors that fuel the expansion of the fleet management market are expansion in the use of wireless technology, obligatory integration of ELDs, the need for operative fleet competence, and increased international commerce. Due to the benefits like fast access & reaction, wide-scale coverage, and cost reduction, which helps vendors enhance their performance, efficiencies, and ROI, the effect of deployment of wireless technology in fleet management will soon be significant.
Global Fleet Management Software Market has been segmented based on service, solution, deployment model, and location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
The cloud segment is anticipated to register XX% of the volume share and is expected to grow at the highest CAGR.
Global Fleet Management Software Market is segmented by deployment type into On-premises and cloud. The cloud deployment model allows consistency in operations and fast real-time implementation for organizations. This is the reason why cloud virtual data room applications gain greater popularity than on-premises applications in virtual data rooms. It also offers a range of advantages including reduced running cost, quick deployment, and greater connected resources scalability.
Global Fleet Management Software market is segmented by solution into Vehicle Maintenance & Diagnostics, Fleet Analytics &Reporting, Operations Management, and Performance Management.
The Professional segment is anticipated to register XX% of the volume share and is expected to grow at the highest CAGR
Global Fleet Management Software market is segmented by service into Managed and Professional. Among services, the Professional segment is expected to play a greater role in the fleet management market services field. The driving factors for professional services in regions like North America and Europe are stringent regulatory requirements, thus generating a growing need for consultancy, implementation, and integration services. During the projected period, the management services segment is anticipated to see a higher CAGR due to a rising emphasis on major corporations' principal operations.
The growing need for workforce management
The market is primarily driven by the changing work dynamics and increasing population managed by SMSE’s in developing economies such that of India and China. Moreover, an increase in practices like the adoption of cloud applications and smartphone penetration across various markets is anticipated to fuel market growth.
Internet penetration and wireless technology:
Wireless technologies improve various systems used for different industries due to the worldwide implementation of the Internet of Things (IoT). Wireless technology plays an essential role in driving the economies of various regions around the world. Numerous potential nations all around the world contribute to the country's market economy. The benefits provided by fleet management software like certifying a streamlined flow of tracking and maintaining the workforce in an organization.
Lack of awareness
This growth is hampered by the lack of awareness in certain developing regions. Most small and medium-sized businesses, in particular, are not expected to adopt the program and follow the same conventional methods. They are not aware of the benefits of the automated fleet management software system in the industry and thus feel reluctant to use them.
North America is anticipated to dominate the market with an XX% market share in 2019 growing at a CAGR of XX% over the forecasted period.
With a share value of US$ XX billion, North America held the largest industry in 2019. North America globally is projected to account for the highest proportion of the total market for Fleet Management Software in 2019, because advances from research and development and technology are a key focus in the advanced economies of the U.S. and Canada. The second and third largest fleet management markets in North America were Europe and the Asia Pacific. The fast-growing radio cab industry, in emerging economies like India and China with the majority of them implementing web-based and mobile business applications, is anticipated to grow at the highest pace in Asia-Pacific.
Asia Pacific: China, Japan, India, and Rest of Asia Pacific
Europe: Germany, the UK, France, and Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
The key players in the fleet management software market focus primarily on product innovations through the use of technological advancements. The organization will sustain its brand identity internationally through its alliance signatures, contracts, joint ventures, financing, and the creation of new offices around the world. For instance, Geotab, Inc. in April 2019 has agreed to acquire a service provider for BSM Technology and Asset Management. By introducing the Geotab solution, BSM clients would have access to driving patterns, vehicle efficiency, accident detection, and more both in government as well as vertical industrial areas such as the construction and service and rail industry.
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