Market Overview:
The Global Fleet Management Software Market is expected at USD 15.86 Billion in the year 2021 and is predicted to reach USD 32.49 Billion by 2028, with a CAGR of 12.7% over the forecasted period.
The fleet management software application helps with data storage, processing, aggregating, monitoring, reporting, and exporting for a company’s or government’s fleet of vehicles. Real-time GPS insights may be used by industries that employ fleet management software to track their fleet’s whereabouts. Cost reductions, greater security, lower fuel consumption, and other advantages have all emerged from the usage of fleet management software. The geofencing solution in fleet software can track the departure, direction, destination, and operation hours. Due to several benefits like maintenance, smart transportation, real-time monitoring, and others, the market for fleet management software has grown. Fleet management software is used by a variety of companies to maintain track of their vehicles. The use of wireless technologies in conjunction with fleet management software improves fleet performance while also lowering the burden on fleet managers. Wireless technology, such as global positioning systems and vehicle monitoring systems, assists in providing unmatched insight into the efficiency of the fleet. By recording vehicle speed, forceful braking, and other aspects, these wireless devices also improve driver behavior.
Market Dynamics and Factors:
Live monitoring, which decreases the number of steps required to communicate position and status, is included in the fleet management software solution, as are algorithm-based predictions, which are frequently used in food distribution, transportation, and other industries. The market’s growth has been supported by the advantages of fleet management software solutions, such as the capacity to shift to automated systems and others. Because of the increased popularity of internet applications, fleet management software for industries including manufacturing, transportation, and construction has been developed and made available. The internet’s availability has alleviated the challenges related to fleet vehicle management as a consequence of technological advancements.
Vehicle telematics such as monitoring and diagnostics, driver management, speed management, and health and safety are all made possible by the availability of high-speed internet. The availability of high-speed internet has led to the introduction of driver management systems, which ensure driver registration, insurance risk management, and other services. Driver control systems reduce fuel consumption while also increasing vehicle maintenance costs. All of this is feasible because of the internet and the technological advancements that have resulted from internet usage.
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Fleet Management Software Market Report Highlight:
- By Type, the Cloud segment is anticipated to dominate the Fleet Management Software. Flexibility, cost-effective pricing, and software-as-a-service are all advantages of cloud computing. Fleet management software solutions are now routinely employed in a cloud-based network as a result of the development of cloud-based internet services.
- By Service, the Professional segment is likely to dominate the Fleet Management Software Market. Professional service has several benefits including experienced and seamless management and high client satisfaction likely to boost the market.
- By End User, the Logistics segment is expected to dominate in Fleet Management Software Market. It is used in the logistics industry because it is dependent on the movement of goods from one location to another. This program facilitates fleet management software and collaboration while increasing performance, decreasing operating costs, and adhering to government regulations.
- North America is likely to dominate the Fleet Management Software due to the widespread implementation of real-time tracking systems across sectors for smooth company operations Automobile firms in the United States, such as General Motors, Ford, and Fiat-Chrysler, are increasingly using vehicle monitoring systems. In addition, the area is an early user of digital technology, which contributes to the region’s market growth.
- Europe is a fastest growing region in Fleet Management Software Market. The European economy relies heavily on commercial vehicle fleets. According to the European Automobile Manufacturers Association, over 18.5 million automobiles, lorries, buses, and vans are built each year in Europe, making it one of the strategic sectors. This is projected to increase demand for software in the region.
Major Key Players for Fleet Management Software Market:
- Fleetilla LLC
- GPS Insight
- Lytx Inc
- FleetMatics
- Fleetmatics Group PLC
- LiveViewGPS
- ManagerPlus
- Azuga Inc
- Melton Technologies Inc
- Geotab
- Prova Systems LLC
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Key Industry Development:
March 2021, GM collaborated with Fleet Complete, a Canada-based fleet IT solutions provider, to develop an improved OnStar fleet management software solution in Mexico. The software for GM Mexico’s cars was developed and implemented in collaboration with Fleet Complete. The program is meant to offer fleet managers with real-time vehicle data that is relevant and valuable.
June 2021, LocoNav, a fleet software firm located in India, has secured USD 37 million to expand into the emerging market.
Fleet Management Software Market Segmentation:
By Type
- Cloud
- On-Premises
By Services
- Managed
- Professional
By Application
- Manufacturing
- IT & Telecom
- Retail
- Logistics
- Education
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For this report, Introspective Market Research has segmented the Fleet Management Software market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Fleet Management Software Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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