Pune, July 10, 2020 (GLOBE NEWSWIRE) -- The global fleet management software market size is expected to reach USD 50.09 billion by 2027, exhibiting a CAGR of 16.8% during the forecast period. The rising focus towards reducing operational expenses, optimizing fleet activity, enhancing security and decreasing fuel consumption will promote the adoption of management software in the forthcoming years, states Fortune Business Insights in a report, titled “Fleet Management Software Market Size, Share & Covid-19 Impact Analysis, By Component (Solution (Operations Management, Vehicle Maintenance, and Diagnostics, Performance Management, Fleet Analytics & Reporting, and Others), and Services), 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, 2020-2027” the market size stood at USD 14.59 billion in 2019.
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The report on the fleet management software market involves:
- Complete evaluation of all the sections
- Explanatory facts and figures
- Modern Industry trends
- Excellent insights into the competitive landscape
Market Driver:
AI Integrated Technologies to Improve Market Prospects
The integration of artificial intelligence technologies for enhanced customer experience will accelerate its implementation for industrial applications. AI offers accurate real-time insights with improved efficiency in industries such as transportation, logistics, manufacturing, construction, among others. The rising demand for AI-based fleet management for ensuring driver’s safety and security during yawning, constant blinking, missing exits, and other risks will have a tremendous impact on the market during the forecast period. The real-time alert can help reduce risks of accidents and safeguard driver and fleet from any mishap, which, in turn, saves time and other expenses. For instance, AI provides data pertaining to road conditions, traffic, real-time weather, environmental hazards, or mechanical faults in vehicles and analyzes the chances of any incoming risks. The application of AI in detecting and interpreting information generated by the fleet manager, vehicles, drivers, and other business systems will simultaneously spur the demand of the market in the foreseeable future. In addition, the shift from conventional methods to AI integrated fleet management for better outcomes in terms of routes, schedules, maintenance, and dispatch arrangements will significantly bode well for the market.
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Regional Analysis:
Heavy Demand from Manufacturing Industry to Boost Market in North America
The market in North America generated a revenue of USD 5.13 billion in 2019 and is expected to rise tremendously during the forecast period. The growth in the region is attributed to the rising adoption of the fleet management software from various industries such as manufacturing, logistics, and transportation. The presence of major commercial fleet market players in the US such as General Electric, Ford, and Chrysler will further aid the development of the market in North America. Europe is expected to hold the second-largest share in the global market owing to the growing demand for corporate cars in organizations. The demand for fleet management in the banking sector will further enable speedy expansion of the market in the foreseeable future. Asia Pacific is expected to witness a substantial growth rate during the forecast period. The growth in the region is attributed to the expansion of manufacturing, e-commerce, chemical, retail, and logistics industries.
Key Development:
October 2019: MiXTelematics International Ltd introduced an updated version of MiX Vision in-cab video solution. The solution offers driver safety and provides road-facing footages for improving driving behavior.
List of the Leading Companies Operating in the Fleet Management Software Market are:
- Verizon Connect
- Geotab Inc.
- Trimble Inc.
- GPS Insight
- Omnitracs, LLC
- MiXTelematics International Ltd
- Fleet Complete
- NexTraq, LLC
- GPSTrackit
- Inseego Corp.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- COVID Impact
- Global Fleet Management Software Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component
- Solution
- Operations Management
- Fleet Tracking and Geofencing
- Routing and Scheduling
- Vehicle Maintenance and Diagnostics
- Performance Management
- Driver Management
- Fuel Management
- Fleet Analytics and Reporting
- Others
- Operations Management
- Services
- Solution
- By Fleet Type (Value)
- Commercial Fleet
- Passenger Cars
- By Deployment (Value)
- Cloud
- On-premises
- By Industry (Value)
- Manufacturing
- Logistics
- Transportation
- Oil and Gas
- Chemical
- Others
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component
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