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Pune, India, 3rd July 2019: The global Fleet Management Software Market is likely to expand at a fast pace in the coming years, driven by mandatory integration of electronic logging devices and a rise in the concerns regarding fleet safety. According to a report published by Fortune Business Insights, titled “Fleet Management Software Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market is projected to reach US$ 46,584.7 Mn by the end of 2026. Fortune Business Insights also states that the market was valued at US$ 14,047.6 Mn in 2018 and will witness an impressive CAGR of around 16.52% during the forecast period. The global market is likely to witness rapid growth due to the compulsion in integrating electronic logging devices, a rise in the usage and demand for wireless technology, growth in international trade, and the requirement of operational skills.
In terms of service, the global market is grouped into managed and professional. Out of these two, the managed service segment is anticipated to exhibit a higher CAGR over the forthcoming years. This is because prominent organizations are focusing on primary operations. Managed services provide technical skills that are needed to update and maintain software tools.
Cloud-based Fleet Management Software Likely to Witness Huge Demand
In terms of deployment, the global market is grouped into on-premises and cloud-based. Amongst these two types, cloud-based fleet management software is projected to induce global market growth. This is likely to take place because cloud-based software tools are wireless, provides hassle-free integration, and are very cost-effective. Such software tools also offer few other benefits, namely, wide-area coverage and fast access to fleet updates. All these benefits aid the suppliers in boosting their effectiveness and productivity. Furthermore, cloud-based fleet management software tools help vehicle operators by maintaining the vehicles and making them roadworthy by using numerous instruments.
North America to Remain in a Dominant Position During the Forecast Period
Geographically, the global fleet management software market is divided into Latin America, Europe, the Middle East and Africa, North America, and Europe. In 2018, Asia Pacific had procured a revenue of US$ 2861.9 Mn and the continent is anticipated to exhibit growth during the forecast period. This is likely to occur because small and medium organizations are investing huge amounts of money on technologically advanced fleet management software tools. Also, prominent organizations are opting for cloud-based fleet management software as they are efficient. Fortune Business Insights predicts that in Asia Pacific, India and China are anticipated to gain a considerable amount of the global market during the forecast period. On the other hand, in 2018, North America had obtained revenue of US$ 4546.3Mn. The region is presumed to lead the global market in the coming years. This is because the U.S. possesses the largest market size as several enterprises and organizations are utilizing fleet management solutions in the country. Moreover, U.S. is a few steps ahead of the other countries in terms of digital transformation which is currently very high in the region. Evolution of 4G technology, the rise in telematics is contributing to the growth of the market in the U.S.
Fortune Business Insights has profiled out some of the leading fleet management companies, some of which are Geotab, GPS Insight, Global Track, Verizon, Mix Telemantics, NexTraq, Omnitracs, Fleet Complete, Autotrac, Trimble, and other key market players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/fleet-management-software-market-100893
The global fleet management software market can be segmented into:
Segmentation of the Global Market
By Fleet Type