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Region : Global | Latest Update: Sep, 2019 | Published Date: Jul, 2019 | Report ID: FBI100893| Status : Published
The global fleet management software market, valued at US$ 14,047.6 Mn in 2018, is projected to reach US$ 46,584.7 Mn by the end of 2026, exhibiting a CAGR of 16.52%.
The global market is expected to have remarkable growth in the forecasted period owing to the fleet owners’ growing focus on fleet effectiveness. Demands from the end-user industries for real-time tracking of the fleet, cloud-based fleet management software solutions deployments, operation competency, rising concerns regarding the fleet safety, mandatory government regulations, and implementation of electronic logging device(ELD) has accelerated the growth of the global market. Fleet management software enables organizations that rely heavily on transportation to reduce or eliminate the hazards connected with personnel costs, activities, and others. The advantages provided by fleet management software are reduced fuels and general operating expenses, increased security, and optimized fleet activities with real-time tracking and fleet monitoring. Fleet management software is a solution that enables businesses and organizations to manage, organize, and coordinate their fleet vehicles from a centralized data platform. The objective here is to maintain the operation of the fleet very smoothly by lowering expenses, enhancing efficiency, and ensuring compliance with public regulations. Fleet management software primarily collects, stores, processes, monitors, and reports the data of the fleet to the respective organizations. This data can be analyzed through cloud-based services. Growth in the implementation of wireless technology, mandatory integration of electronic logging device(ELD), need for operational skills in fleet management software and the rise in international trade are few of the major factors driving growth in the global fleet management software market.
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The demand for cloud-based fleet management software
The effect of adopting wireless technology in fleet management software is anticipated to be higher in the near future, due to its benefits such as, fast access to updates of the fleet, wide-area coverage, cost decrease, which assist the suppliers to boost their productivity and enhance effectiveness. Cloud-based fleet management software helps the vehicle operators to keep the vehicle manageable and roadworthy with a variety of instruments including driver and car management, as well as inspection of equipment and machinery. The main advantage of a cloud-based fleet management software solution is that it enables the organizations to manage a fleet, maintain operation, and safety anytime and anywhere via internet-enabled devices and retain service and security.
Security is the primary concern of the organization for adopting cloud-based fleet management software. It expected that the cloud-based fleet management software would grow remarkably for the 2019 – 2026 forecast.
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Increasing investment in the cloud-based driven solutions is supplementing the revenue growth of North America, whereas the Asia Pacific is estimated to have a significant growth
North America generated a cloud-based fleet management software market revenue of US$ 4546.3Mn in 2018 and is anticipated to emerge as a dominant region n the global during the projected period. Growth in the region is likely to be driven by the existence of powerful and prominent players across the U.S. researching and working on implementing fleet management software systems in different public and private organizations.
Likewise, Asia Pacific has generated a market revenue of US$ 2861.9 Mn in 2018 and is expected to witness growth in the investments of the small and medium organizations for adopting the technologically enhanced and cloud-based software services for fleet management software. Due to technological advancements in developing nations such as China and India, Asia Pacific is likely to retain a significant fleet management software market share in the coming years.
North America Fleet Management Software Market, 2018
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A significant trend can be observed in the penetration of the global market across the range of end-use industries.
The report provides qualitative and quantitative insights on the fleet management software market growth and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by component, fleet type, deployment, and by geography. Based on the component, the market is divided into solutions and services. The solution segment of the global market is further bifurcated into operation management, vehicle maintenance & diagnostics, performance management, fleet analytics and reporting, and others. The operation management segment is classified into fleet tracking and geofencing, and routing & scheduling. The performance management segment is divided into driver management and fuel management. By services, the global market is classified into professional services and managed services. By professional services, the market is segmented into consulting, training & education, and support & maintenance. Based on the fleet type, it is categorized into the commercial fleet and passenger cars. By deployment, the market is further classified into the cloud and on-premises deployment. Geographically, the market for fleet management software is segmented into five major regions, namely North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the report on fleet management software industry analysis provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report on fleet management software are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, an analysis of pages printed by digital technology, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape.
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o Operations Management
§ Fleet Tracking and Geofencing
§ Routing and Scheduling
o Vehicle Maintenance and Diagnostics
o Performance Management
§ Driver Management
§ Fuel Management
o Fleet Analytics and Reporting
§ Training and Education
§ Support and Maintenance
By Fleet Type
· Commercial Fleet
· Passenger Cars
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)