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Fleet Management Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Fleet Type (Commercial Fleet and Passenger Cars), By Deployment (Cloud and On-premises), By Industry (Manufacturing, Logistics, Transportation, Oil & Gas, Chemical, and Others), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI100893

 

KEY MARKET INSIGHTS

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The global fleet management software market size was valued at USD 18.20 billion in 2021. The market is projected to grow from USD 20.73 billion in 2022 to USD 67.38 billion by 2029, exhibiting a CAGR of 18.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with this software experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global fleet management software market exhibited a decline of -0.6% in 2020 as compared to 2019.


The report includes fleet management services and solutions offered by companies such as Geotab, Inc., Verizon Connect, Omnitracs LLC, Trimble, Inc., MiX Telematics, and AT&T, Inc. AT&T Inc. offers several fleet software solutions such as GPS Fleet Tracking, AT&T Fleet Complete software, all-in-one GPS fleet, and a worker management system. This software offers real-time tracking, maintenance, smart transportation, and driver safety. For instance, with the company’s solution, the end-use industries are able to locate vehicle whereabouts such as departure, destination, route, and operation hours. Various passenger and commercial vehicle manufacturers are implementing the software to boost sales. For instance,



  • In July 2020, Geotab Inc. integrated its fleet management solutions with Ford vehicles, which are available in European countries such as the U.K., Germany, Spain, Italy, and France.


Further, several companies in the market are adopting advanced technologies to gain real-time traction of their vehicles. For instance,



  • In November 2021: Element Fleet Management Corporation, an automotive fleet management solution provider, launched an advanced element connectivity solution and telematics products for the fleet’s management industry. The company introduced DriverCare CoPilot and QConnect, two advanced telematics products fleet owners and operators.

  • In October 2021: CalAmp Inc. launched iOn Fleet Management Software Tracker for accelerating the Speed of Decision Making for several Fleets managers and owners in the U.K. This tracker offers real-time visibility of assets, fleets, and workforce. It also helps to reduce fuel cost, increase fleets efficiency, and improve safety.


COVID-19 IMPACT


Delivery of Essential Products amid COVID-19 Pandemic to Drive Market Growth


The COVID-19 impact has significantly changed an individual’s day-to-day activities. While several industries have opted for work from home policies, the industries, such as transportation, utility, field services, logistics, and others are operating to the full potential to cater to the essential services. Due to crisis and supply chain disruption, the transportation and logistics industries face extreme challenges. Key players operating in the market recorded a significant decline in their revenues owing to the COVID-19 pandemic. This has weakened demand for fleets, drivers, dispatchers, organizers, and other fleet operators. In terms of revenue, the market witnessed a decline of 0.6% in 2020.


Additionally, FMCG, retail, agriculture, pharmaceuticals, and other essential services providers are not being able to dispatch the stored products owing to the fewer number of transporters. The demand for management software increased to manage and cater to the rising demand for supply of essentials. Amid the pandemic, fleet managers are keen on efficiently managing product delivery, fleet maintenance, transportation, driver’s safety and needs, and more. The software is expected to gain remarkable growth in the long term to ensure a proper supply chain.


During the post-pandemic, several commercial vehicle providers have implemented advanced software solutions and GPS tracking systems in their vehicles. According to the Verizon Connect Report, in 2021, 68% of the fleets used GPS tracking technology and software solutions in their vehicles. Among these, 74% of fleets used GPS-based fleet tracking software were found extremely beneficial. Thus, in the long term, fleet software will witness potential demand in commercial and passenger vehicle tracking.


LATEST TRENDS


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Growing Adoption of Mobility-as-a-Service to Bolster Demand


The mobility industries and government authorities are implementing the mobility-as-a-service model to reduce traffic and carbon emissions. They are introducing ride-hailing, carpooling, car sharing, and more options for commuters instead of using their private vehicle. The software is expected to assist in gaining insights regarding pick-ups, drop-offs, and vehicle telematics, and payment activities. For instance,



  • In November 2020, Ki Mobility Solutions, an online to offline digital platform of the TVS brand, launched a digital mobility service solution for electric vehicles (EV).

  • In August 2020, Zoomcar introduced 'Zoomcar Mobility Stack' (ZMS), a software stack for corporates and fleet owners. It helps keep track of vehicle status and drivers’ behavior in real-time to prevent rash driving and control vehicular damage.

  • In July 2020, Ola Corporate launched a mobility service in the U.K. The company aimed to diversify its mobility options and help to customize ride policy.


Also, key players in ride-sharing, such as Lyft, Uber, Ola, and DiDi, are expected to take advantage of autonomous fleet management in the near future. Thus, the implementation of the mobility-as-a-service is expected to drive the market growth.


DRIVING FACTORS


Implementation of Advanced Connecting Technologies with Fleet Management to Surge Demand


The market drivers have already marched into the era of digitalization by delivering enhanced vehicle-to-infrastructure connectivity and driver-vehicle communications. The diverse technologies, such as machine learning, artificial intelligence, cloud-based, GPS, and big data analytics have advanced software to the next level. The key players in the market are developing an advanced software solution to manage the fleet and get real-time insights into the vehicles. For instance,



  • In August 2021: eBikeGo, an electric mobility platform, launched advanced artificial intelligence and IoT-based fleet management system. The system is known as EBG-Matics that analyses vehicle behavior and rider to improve and track efficiency. 

  • In March 2021: Azuga, provider of fleet technologies, vehicle analytics, and insurtech solutions, launched SafetyIQ, an advanced software as a service solution for commercial auto fleet and insurance providers. SafetyIQ is the advanced fleet managing software that uses machine learning and AI technologies to help providers and fleet managers better understand safety risks.


Similarly, players are combining telematics and GPS technologies with the software to offer real-time track of current and forecast data. For instance, WebillionMS fleet software is GPS-controlled and an IoT-powered telematics fleet tracking solution. It enables businesses to optimize, track, and analyze operations for their fleet, irrespective of its variant and size.


Thus, emerging and connecting technologies are reshaping the fleet industry in every possible aspect.


RESTRAINING FACTORS


Low Signal and Employee Pushback May Impede Market Growth


The mechanism of fleet software works by interpreting the signal from various satellites. The chances of these signals getting affected by big buildings, storms, and other obstructions are high. In this scenario, the components used in this, such as GPS, become weak and inefficient. This can create havoc if the driver travels to a new place and requires continuous assistance from the service provider.


Besides, the employee may find it difficult to get acquainted with new software. It might take a considerable amount of time to understand and learn about software, especially if the employee has never used a fleet management system before. These are some of the factors that might impede the growth of this market.


SEGMENTATION


By Component Analysis


Operation Management Solutions to Dominate Market


By component, the market is categorized into solution and services. The solution is further segregated into operation management, vehicle maintenance and diagnostics, performance management, fleet analytics & reporting, and others. The operation management solution is further segmented into fleet tracking & geo-fencing and routing & scheduling, and the performance management solution is divided into driver management and fuel management.


Among all solutions, operation management is expected to lead the market. The industries are heavily dependent on the operational management of the fleet to ensure supply chain management. The performance management segment is to gain rapid growth as it offers predictive maintenance technologies to reduce the chances of engine downtime. For instance, built-in sensors provide operational data about the components, such as hydraulics, tires, engine, and others. This is expected to drive market growth.


By Fleet Type Analysis


Commercial Fleet Segment to Grow Rapidly Backed by Dependence on Supply Chain


Based on fleet type, the market is divided into commercial fleet and passenger cars.


The commercial fleet is likely to gain significant growth during the forecast period. Industries such as manufacturing, logistics, transportation, and others are highly dependent on the supply chain and on-time delivery. To maintain the proper exchange of material scheduling and tracking, maintaining fleet timings is essential. To cater to such requirements, industries are highly adopting these solutions in commercial fleets.


Similarly, the rising demand for passenger cars, such as connected and electric vehicles offers huge opportunities for the software market. It can enhance self-driving capabilities while improving road safety with integrated technology such as collision avoidance.


By Deployment Analysis


Rising Development of Cloud-based Real-time Software Solutions Aids Market Growth


By deployment, the market is categorized into cloud and on-premises. Among these, on-premises captures maximum share owing to its ability to upfront investment, minimize monthly expenses, in-house control of data storage and security, among others.


The cloud is expected to show the highest CAGR in the near future, owing to its hassle-free and cost-efficient integration capabilities. Cloud-based connectivity has offered effective ways for managing fleet activity. For instance, GPS tracking has become more efficient by connecting with the cloud and can work properly in low connectivity network areas. Also, leading players are developing advanced cloud-based software solutions. For instance,



  • In January 2022, Exide Technologies launched an advanced cloud-based Motion+ fleets software solution. The advanced software tool transforms logistics operations into real-time data. It helps warehouse managers to make informed decisions based on real-time data.


By Industry Analysis


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Growing Supply Chain Activities to Drive Software Adoption in Logistics Industry


By industry, the market is categorized into manufacturing, logistics, transportation, oil & gas, chemical, and others.


The manufacturing is set to lead owing to the high dependency on scheduled delivery of materials and components for product manufacturing. The adoption of this software solution is likely to gain demand in logistics owing to the growing preference for real-time tracking solutions by fleet managers. As the industry is entirely based on the transportation of goods, any fault in this flow can lead to the disruption of work. This is increasing its demand in the logistics industry. Similarly, oil and gas and chemical transportation require efficiency, timely distribution, and safety. The software manages and coordinates with the fleet by improving efficiency, reducing operational costs, and helping in following government regulations. This is likely to create market opportunities.


REGIONAL INSIGHTS


North America Fleet Management Software Market Size, 2020 (USD Billion)

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Geographically, the market is fragmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.


North America is set to dominate the global market owing to the large-scale deployment of real-time tracking solutions across industries for seamless business operation. Increasing adoption of vehicle tracking systems adoption from automobile companies, such as General Motors, Ford, and Fiat-Chrysler, in the U.S. Also, the region is the early adopter of digital technologies, which is a factor contributing to the growth of the market in this region.


Europe holds a significant market share owing to Germany being the largest automotive hub in the world. Commercial vehicle fleets play an important role in the European economy. Automotive and heavy manufacturing is one of the strategic industries in Europe, where approximately 18.5 million cars, trucks, buses, and vans, are manufactured per year according to the European Automobile Manufacturers Association. This is expected to drive software demand in the region.


Asia Pacific is likely to be the fastest-growing region during the forecast period owing to the growing radio cab industry and increasing preference for mobility services in this region. The presence of a large number of manufacturing facilities in China, Japan, and India is further expected to enhance the global fleet management software market growth in Asia Pacific. India is likely to gain rapid growth owing to the country's stringent emission and fuel policies. Many start-up companies, such as LocoNov and AerisCommunications, are collaborating with global players to provide fleet solutions in India.



  • June 2021- LocoNav India-based Fleet software company raised USD 37 million for expanding in developing market.

  • In July 2020 - Tata Motors launched Fleet Edge fleet management solution for the connected vehicles for informed decisions making.


The Middle East & Africa is likely to gain significant demand owing to growing adoption by industries, such as oil & gas, chemical, and others. Similarly, Latin America is expected to create vast opportunities for market companies.


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Latin America is growing at a moderate pace owing to increase penetration of fleet management software solutions by the leading automotive providers. For instance,



  • In March 2021, General Motors launched an advanced OnStar fleet management software solution in Mexico by collaborating with Fleet Complete, a Canada-based fleet IT solutions company. GM Mexico partnered with Fleet Complete to develop and implement its vehicles' software. The software is designed to provide fleet managers with relevant and useful data of the vehicles in real-time.


KEY INDUSTRY PLAYERS


Prominent Players’ Strategic Collaboration with Vehicle Manufacturers to Expand Business


The key market players are focused on product expansion by investing in the advanced research and software development. The companies are collaborating with technology providers to provide better fleet management with advanced tracking, accurate GPS, and better support to the drivers. Also, these players are entering into strategic partnerships, mergers and acquisitions with different car manufacturers to offer advanced fleet management solutions.



  • December 2021 – GPS Insight acquired FieldAware field service automation software Developer Company for field service, fleet management, and telematics software.

  • October 2020 – NexTraq, LLC launched its advanced application as ‘NexTraq Vehicle Inspection’ to offer a customizable vehicle inspection list before the trip. The aim is to offer a paperless, cost-effective, and easy-to-use vehicle inspection app to the end-user.

  • January 2020 – Geotab, Inc., launched ‘UNIFY,’ in partnership with Software-as-a-Service provider for transportation, Eleos Technologies in CA. The UNIFY platform offers customized open fleet management systems, workflow patterns of a driver, and FMCSA-compliant ELD for better solutions and insights.


List of the Key Companies Profiled:



  • Verizon Connect (U.S.)

  • Geotab, Inc. (Canada)

  • Trimble Inc. (U.S.)

  • LeasePlan Corporation N.V. (Netherlands)

  • Omnitracs, LLC (U.S.)

  • Cisco Systems, Inc. (U.S.)

  • AT&T, Inc. (U.S.)

  • FleetCor Technologies, Inc. (U.S.)

  • IBM Corporation (U.S.)

  • MiXTelematics International Ltd (U.S.)

  • Fleet Complete (Canada)


KEY INDUSTRY DEVELOPMENTS:



  • January 2022 – LILEE Systems, a provider of the autonomous driving system and transportation safety solutions, launched advanced fleet management software and autonomous vehicle at CES 2022 in the U.S.

  • November 2021 – Ausa industrial vehicle manufacturer launched online fleet management software AUSA in the global market. It allows real-time information for the invested parties about vehicle maintenance, technical issues, and performance tests.

  • September 2020 – Omillionitracs, LLC announced the acquisition of video-based safety and transportation intelligence provider SmartDrive. With the SmartDrive integration, the company aims to provide advanced fleet management solutions using artificial intelligence (AI) and machine learning (ML), video safety hardware, and risk analysis services.

  • June 2020 – Geotab, Inc. completed a partnership with Volvo Trucks that provides telematics solutions and platforms such as fleet management, diagnostics, compliance, and driver support across North America. The company monitors the vehicle location by accessing driver performance reports, activity reports, and delivery schedules.

  • July 2020 – Tata Motors launched next-generation Fleet Edge, an advanced digital solution for fleet management. It enables tracking of delivery, monitoring fuel efficiency, vehicle health and tracking of renewal dates of vehicle documents.

  • June 2020 – Verizon Connect launched an upgraded version of Integrated Video for Reveal products to help improve driver behavior safety and mitigate risk. The integrated video uses artificial intelligence, machine learning, and a smart dash camera to analyze driver behavior and driving.


REPORT COVERAGE


An Infographic Representation of Fleet Management Software Market

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The global fleet management software market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry and market trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION


























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



 2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



Component, Fleet Type, Deployment, Industry, and Geography



By Component




  • Solution

    • Operations Management

      • Fleet Tracking and Geo-fencing

      • Routing and Scheduling



    • Vehicle Maintenance and Diagnostics

    • Performance Management

      • Driver Management

      • Fuel Management



    • Fleet Analytics and Reporting

    • Others



  • Services



By Fleet Type




  • Commercial Fleet

  • Passenger Cars



By Deployment




  • On-Premise

  • Cloud



By Industry




  • Manufacturing

  • Logistics

  • Transportation

  • Oil and Gas

  • Chemical

  • Others



By Region




  • North America (By Component, By Fleet Type, By Deployment, By Industry, and By Country)

    • U.S. (By Component, By Fleet Type, By Deployment, By Industry)

    • Canada (By Component, By Fleet Type, By Deployment, By Industry)





  • Europe (By Component, By Fleet Type, By Deployment, By Industry, and By Country)

    • U.K. (By Component, By Fleet Type, By Deployment, By Industry)

    • Germany (By Component, By Fleet Type, By Deployment, By Industry)

    • France (By Component, By Fleet Type, By Deployment, By Industry)

    • Scandinavia (By Component, By Fleet Type, By Deployment, By Industry)

    • Rest of Europe





  • Asia Pacific (By Component, By Fleet Type, By Deployment, By Industry, and By Country)


    • China (By Component, By Fleet Type, By Deployment, By Industry)

    • Japan (By Component, By Fleet Type, By Deployment, By Industry)

    • India (By Component, By Fleet Type, By Deployment, By Industry)

    • Southeast Asia (By Component, By Fleet Type, By Deployment, By Industry)

    • Rest of Asia Pacific




  • Middle East & Africa (By Component, By Fleet Type, By Deployment, By Industry, and By Country)

    • GCC (By Component, By Fleet Type, By Deployment, By Industry)

    • South Africa (By Component, By Fleet Type, By Deployment, By Industry)

    • Rest of Middle East & Africa





  • Latin America (By Component, By Fleet Type, By Deployment, By Industry, and By Country)

    • Brazil (By Component, By Fleet Type, By Deployment, By Industry)

    • Mexico (By Component, By Fleet Type, By Deployment, By Industry)

    • Rest of Latin America





Frequently Asked Questions

The market is projected to reach USD 67.38 billion by 2029.

In 2021, the market stood at USD 18.20 billion.

The market is expected to grow at a CAGR of 18.3% over the forecast period.

The operation management solution segment is likely to lead the market.

The incorporation of connecting technologies is the key factor driving the market growth.

Verizon Connect, Geotab Inc., Trimble Inc., GPS Insight, Omnitracs, LLC, MiXTelematics International Ltd, Fleet Complete, and FleetCor Technologies, Inc are the top players in the market.

North America is expected to hold the highest market share.

The logistics segment is expected to grow at a significant CAGR.

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