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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, 2021-2028

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

 

KEY MARKET INSIGHTS

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The global fleet management software market size was USD 16.89 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with fleet management software solutions witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a significant growth of 15.9% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 19.58 billion in 2021 to USD 59.08 billion in 2028 at a CAGR of 17.1% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


The fleet management software offers features such as real-time tracking, maintenance, smart transportation, and driver safety. For instance, with its geofencing solution, the industries are able to locate vehicle whereabouts, such as departure, destination, route, and operation hours. This ensures the safety of the fleet, its operators, and the materials left for delivery. The adoption of software has resulted in lowering fuel consumption, maintenance expenses, and improved security. Various car 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 will be available in European countries such as U.K., Germany, Spain, Italy, and France.


COVID Impact


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


Coronavirus has significantly changed everyone’s day-to-day activities. While several industries have opted for work from home policies, the industries such as transportation, utility, field services, energy, logistics, and retail are operating to the full potential to supply the essential services and products. Due to crisis and supply chain disruption, the transportation and logistics industries are facing extreme challenges. This has resulted in overnight demand for fleets, drivers, dispatchers, organizers, and others fleet operators.


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


Similarly, fleet management software can offer other benefits to the customer and the service provider during the pandemic. It can be used for preventive maintenance, work balance, tracking driver behavior, and scheduled delivery, among others. Another benefit of the software during a pandemic is ensuring the hygiene practices of the driver with regular interval sanitization of vehicles. Thus, it is expected that during the lockdown period, the growth of the market is steady, and post lockdown, it is likely to increase rapidly.


LATEST TRENDS


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Growing Adoption of Mobility-as-a-service to Bolster the Demand for Fleet Management Software


The companies and government authorities have come up with a 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. Fleet management software companies are likely to benefit from this service. The software is expected to assist in gaining insights regarding pick-ups, drop-offs, and vehicle telematics, and payment activities. For instance, in August 2020, Zoomcar introduced 'Zoomcar Mobility Stack' (ZMS), a software stack, for corporates and fleet owners to keep track of vehicle status and drivers’ behavior in real-time to prevent rash driving and control vehicular damage.


As per European Federation for Transport and Environment, rideshare practice remove up to 15 private vehicles from the road. It also stated that some of the key players in ridesharing, such as Lyft, Uber, and DiDi, are expected to take advantage of autonomous fleet management in the near future. Thus, the implementation of the mobility-as-a-service to drive the fleet management software market growth.


DRIVING FACTORS


Incorporation of Connecting Technologies into Fleet Management Software to Drive its Demand


The fleet management industry has already marched into the era of digitalization, delivering better vehicle-to-infrastructure connectivity and driver-vehicle communications. The diverse technologies such as machine learning, artificial intelligence, cloud solutions, GPS, and big data analytics have brought fleet management to the next level.


Along with improved operations, the software aims at optimizing fleet performance and increasing service quality. For instance, Fleetx, an intelligent fleet management software, uses machine learning, artificial intelligence, predictive analytics, and sensors to help fleet managers in improving safety, efficiency and helps in making smart decisions in a cost-effective way.


Similarly, by combining telematics and GPS technology with the fleet management tool, real-time and historic data can be obtained. This can assist the fleet manager in managing expenses, productivity, safety, and compliance. For instance, WebillionMS fleet management software is GPS-controlled and an IoT-powered telematics fleet tracking solution that enables businesses to optimize, track, and analyze operations for all their fleet, irrespective of its variant and size.


With its intelligent dashboard, the user is able to gain real-time visibility of vehicle status, location, and onboard diagnostics. 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 management 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 is traveling to a new place and require 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 Sub-segment Under Solutions to Dominate This Market


The component segment is categorized into solutions and services. The solution segment 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 segmented into driver management and fuel management.


The operation management sub-segment is expected to grow and to lead the global market. The industries heavily depend on the operational management of the fleet to ensure the proper 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 provides more time to take required action such as oil change, part replacements, and other reparation to avoid costly downtime. 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 segmented into commercial fleet and passenger cars.


The commercial fleet segment is likely to gain significant growth during the forecast period. Industries such as manufacturing, logistics, transportation, and chemicals 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


Real-time Functioning Capabilities to Boost the Cloud Segment


The deployment criterion is categorized into cloud and on-premises.


The on-premises segment 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 segment 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. Also, it offers wide-area coverage, quick access to fleet insights, which helps to boost the effectiveness of the industries.


By Industry Analysis


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Growing Supply Chain Activities to Drive Software Adoption in Logistics Industry


The industry segment is categorized into manufacturing, logistics, transportation, oil and gas, chemical, and others.


The manufacturing segment is set to lead owing to the high dependency on scheduled delivery of materials and components for product manufacturing. The adoption of fleet management software 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 helps in following government regulations. This is likely to drive 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 by industries for seamless business operation. Increasing adoption of vehicle tracking systems, growing demand for advanced software from automobile companies such as General Motors, Ford, and Fiat-Chrysler, along with the U.S. being the early adopter of digital technologies, are some of the factors contributing to the growth of the market in this region.


Europe holds the second largest market share owing to Germany being the largest automotive hub in the world. Commercial vehicle fleets play an important role in the European economy. Vehicle manufacturing is one of the strategic industries in Europe, where approximately 18.5 million cars, trucks, buses, and vans, are manufactured per year. 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 growth of this market in Asia Pacific. India is likely to gain rapid growth owing to the country's stringent emission and fuel policies. Many start-up companies LocoNov, and AerisCommunications, are collaborating with global players to provide fleet solutions in India.


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The Middle East and Africa are likely to gain significant demand owing to growing adoption by industries such as oil & gas, manufacturing, chemical, and more. Similarly, Latin America is expected to create vast opportunities for market companies. Latin America is witnessing a high rate of fatalities in road accidents owing to poor infrastructure and low safety measures. To ensure safety, the demand for proper fleet management is set to grow.


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 new research and development of the software. The companies are collaborating with technology providers to provide better fleet management with its advanced tracking, accurate GPS, and better support to the drivers.  Also, these players are entering into strategic partnerships with different car manufacturers to offer advanced fleet management solutions.


October 2020 – NexTraq, LLC launched its new application, 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 – GeotabInc, 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 KEY COMPANIES PROFILED:



  • Verizon Connect (Atlanta U.S.)

  • Geotab Inc. (Oakville, Canada)

  • Trimble Inc. (California, U.S.)

  • GPS Insight (Arizona U.S.)

  • Omnitracs, LLC (Texas, U.S.)

  • MiXTelematics International Ltd (Texas, U.S.)

  • Fleet Complete (Toronto, Canada)

  • NexTraq, LLC (Georgia, U.S.)

  • GPSTrackit (Georgia, U.S.)

  • Inseego Corp. (California, U.S.)

  • Automotive Rentals Inc. (New Jersey, U.S.)

  • Cisco Systems Inc. (California, U.S.)

  • AT&T Inc. (Texas, U.S.)

  • Ctrack (Inseego Corp.)

  • IBM Corporation (New York, U.S.)

  • Tomtom NV (Amsterdam, Netherlands)


KEY INDUSTRY DEVELOPMENTS:



  • June 2020 – Geotab Inc. announced 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, among others.

  • 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



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



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 Industry)

    • Canada (By Industry)





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

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Scandinavia (By Industry)

    • Rest of Europe





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


    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • Southeast Asia (By Industry)

    • Rest of Asia Pacific




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

    • GCC (By Industry)

    • South Africa (By Industry)

    • Rest of the Middle East & Africa





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

    • Brazil (By Industry)

    • Mexico (By Industry)

    • Rest of Latin America





Frequently Asked Questions

The market is projected to reach USD 59.08 billion by 2028.

In 2020, the market stood at USD 16.89 billion.

The market is projected to grow at a CAGR of 17.1%.

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

The incorporation of connecting technologies into fleet management software is the key factor driving the market growth.

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

North America is expected to hold the highest market share.

The logistics industry segment is expected to grow with the significant CAGR.

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