Fleet management is the process of managing fleets in an organization. It utilizes software for checking vehicle diagnostics, driver behavior, and monitoring of assets. It finds application in sectors of waste management, oil & gas, construction, chemicals, mining, retail and logistics, utilities, and public and private transport. The global fleet management market report by Market Research Future (MRFR) predicts revenue and growth projections for the (forecast period) by looking at drivers, opportunities, obstacles, and challenges. The COVID-19 pandemic and its effects on the industry are explained in a comprehensive manner.
Market Scope
The global fleet management market is expected to grow at a CAGR of 22% during the forecast period. The continuous demand for logistics and transportation, initiatives for curbing emissions, connectivity issues, and volatile fuel prices are major drivers of the market. Organizations can utilize fleet management software for tracking fleets and ensuring the safety of their drivers. Integration of electronic logging devices in fleets for compliance with the latest laws and the rise of smart transportation can bolster the market demand significantly.
Enforcement of laws for ensuring more driver breaks and sleep for drivers can spur the demand for fleet management software. This can ensure the efficiency of operations and reduce overall costs. Real-time alerts for managers and GPS tracking for pinpointing vehicles coupled with sustainability initiatives can favor the market in the coming years. Integration of artificial intelligence and big data for gaining access to fleets in real-time as well as their routes can serve the market favorably.
Concerns for cyberattacks and lack of network infrastructure in certain countries can dampen the market growth.
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Segmental Analysis
The segmental study of the fleet management market has been carried out on the basis of deployment type, management type, connectivity type, regions, and service type. Based on the connectivity type, the fleet management market has been divided into the cellular system and satellite navigation. Based on deployment types, the fleet management market has been segmented into on-premises, cloud, and hybrid. Based on the management type, the fleet management market consists of asset management, driver management, and operation management. Based on the regions, the fleet management market has been segmented into Europe, Asia Pacific, North America, and the rest of the regions globally. On the basis of services type, the fleet management market has been segmented into integration and deployment services, managed services, and professional services.
Detailed Regional Analysis
The regional review of the fleet management market has been segmented into Europe, Asia Pacific, North America, and the rest of the regions globally. The developing opportunities in countries like China and India are predicted to advance the evolution of the fleet management market in the upcoming years. The North American and European regions are two imperative revenue pockets that are expected to steer the growth route of the global market of fleet management. The placement of technical innovations strategically is primed to propel the regional fleet management market on an ascendant trajectory. Additionally, the strict emission standards are anticipated to favor the development of the fleet management market in the foreseeable future. The Asia Pacific regional market has been appraised to begin as the fastest mounting region in the worldwide fleet management market. In addition, extensive adoption of web and mobile-based business services being perceived, which is principally responsible for motivating the development of the fleet management market in the impending forecast period.
Competitive Analysis
The competition in the market is estimated to be focused on mitigating the effect of external forces rather than exclusively dealing with internal competition. The government role is estimated to be pronounced in the near term as their backing is essential to get the growth of regional markets on track. The market is in a stage that requires careful and strategic planning to ensure that the growth achieved thus far is not compromised. The market is expected to revitalize its options for development as it overcomes this period of uncertainty in a careful and calibrated manner, the enhancement of the supply chains is estimated to focus on the incorporation of robotic assets so as to broaden the scope of supply that can be expected from the market on the whole. The market is also expected to emphasize on innovation to amplify the development scope in the global market.
The significant contenders in the fleet management market are Fleetmatics Group PLC (U.S.), Verizon Telematics Inc.(U.S.), Trimble Inc. (U.S), WorkWave LLC(U.S.), I.D. Systems, Inc. (U.S), Zonar Systems, Inc. (U.S.), and Cisco Systems, Inc. (U.S.) to name a few.
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