Fleet Management Software Market to Record 19.8% CAGR Over 2024-2032; Rise in EV Sales and Increasing Adoption of Mobility-as-a-Service to Propel Market Growth

The fleet management software market size touched USD 23.69 billion in 2023 and is predicted to reach USD 27.55 billion in 2024. The market is anticipated to touch USD 116.56 billion by 2032, recording a CAGR of 19.8% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Fleet Management Software Market Size, Share & Industry Analysis, By Type (Operation Management, Vehicle Maintenance & Diagnostics, Performance Management, Fleet Analytics & Reporting, and Others), By Fleet Type (Commercial Fleet and Passenger Cars), By Deployment (Cloud and On-premises), By Industry (Manufacturing, Logistics, Transportation, Oil and Gas, Chemical, and Others), and Regional Forecast, 2024 – 2032”.

Fleet management software assists fleet managers in effectively supervising their vehicles, drivers, and equipment through a single application. It also helps businesses gain access to the relevant data, such as vehicle logistics, location information, and driver behavior. Factors such as increasing adoption of mobility-as-a-service, robust growth in EV sales, and increasing investments in corporate vehicle fleets are expected to fuel the fleet management market growth.

Geotab's AI-Enhanced Beta Project Revolutionizes Connected Transportation

Since 2022, generative AI has spurred growth in the fleet management software sector, with substantial investments as fleet managers are adopting AI applications to enhance services. For instance, Geotab launched a beta project in June 2023 to revolutionize the connected transportation industry with AI-enhanced data experiences.

Inseego Partnered With Pocket Box to Offer Telematics-based Fleet Management Software to Decrease Workload

Inseego announced that it had entered a strategic partnership with Pocket Box to offer innovative telematics-based fleet management software solutions. The new solution is expected to help customers reduce their workload & costs, and decrease human error, further enhancing fleet management. This easy-to-use tool can also help customers ensure that the vehicles are kept safe and road-legal.

Rise in EV Sales and Increasing Adoption of Mobility-as-a-Service to Propel Market Growth

A rising number of automobile manufacturers are increasing their focus on sustainability, which has encouraged them to produce Electric Vehicles (EVs). While the EV market is still in its early stage, it is anticipated to grow at an appreciable pace in the coming years as customers are also becoming aware of the harmful environmental impacts of using fossil-fueled vehicles. Since these vehicles need smart technologies to function, many EV makers are offering fleet-as-a-service solutions to help commercial users operate and monitor their vehicle fleets effectively. Moreover, the use of Mobility-as-a-Service (MaaS) is also rising as this solution offers an innovative approach to fleet management. These factors are anticipated to fuel the fleet management software market growth.

However, constant interruptions in signals while operating this software can deter customers from investing in them.

Key Players to Partner With Vehicle Makers to Dominate Market

Some of the key companies operating in the fleet management software market are trying to expand their product ranges by increasing their investments in the development of advanced software. They are also partnering with reputed vehicle manufacturers to launch fleet management solutions that come with features, such as accurate GPS tracking and better support for drivers. These initiatives will help these market players gain a strong competitive edge.

Notable Industry Development:

• December 2023: Komatsu stated that it had completed the acquisition of iVolve Holdings through its wholly-owned subsidiary in Australia. With the help of this acquisition, the company will cater to iVolve’s customers across Australia and North America and target mid-tier operations.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/fleet-management-software-market-100893

List of the Companies Profiled in the Report:

• Motive Technologies, Inc. (U.S.)
• Verizon Communications Inc. (U.S.)
• Samsara Inc. (U.S.)
• Azuga (Bridgestone Company) (U.S.)
• Rarestep, Inc. (U.S.)
• Lytx Inc. (U.S.)
• Onfleet (U.S.)
• Trimble Inc. (U.S.)
• Teletrac Navman U.S. Ltd. (U.S.)
• GPSWOX (U.K.)

Further Report Findings

• North America is dominating the global fleet management software market share as the region is one of the earliest adopters of innovative technologies. Many key industries across North America are deploying real-time tracking tools to help them conduct their business operations seamlessly.
• Asia Pacific is predicted to hold a dominant position in the global market as the radio cab sector in the region is expanding at a robust pace. Also, the number of manufacturing facilities in India, China, and Japan is increasing at an appreciable pace, which will further enhance the adoption of fleet management software across the region.
• Based on fleet type, the commercial segment held a dominant position in the market in 2023 and might retain its dominance during the forecast period as well. Many industries are using advanced fleet management solutions to ensure the timely delivery of raw materials and strengthen their supply chain networks.

Table of Segmentation