Pune, India, May 31, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global fleet management software market size was valued at USD 20.58 billion in 2022 and is projected to grow from USD 23.67 billion in 2023 to USD 79.82 billion by 2030, exhibiting a CAGR of 19% during the forecast period. Incorporating Advanced Technologies in the Software to May Boost the Fleet Management Software Market. Fortune Business Insights™ displays this information in a report titled, Global Fleet Management Software Market Forecast, 2023-2030.
Fleet management software has gained significant traction among end-users from a wide range of industries as the software offers various benefits that can help fleet managers keep a better track of their fleets. Many market players are introducing this software to make fleet operations more efficient. For example, AT&T Inc. launched several fleet software solutions that provide benefits such as real time information on the maintenance of vehicles and real-time vehicle tracking. It also enhances driver safety and provides smart transportation capabilities. These developments will boost the fleet management software market growth.
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Key Industry Development:
Fleet Complete introduced Vision 2.0, a next-generation, AI-based video telematics and dash camera solution. It has on-board LTE connectivity and a driver monitoring system to improve in-cabin safety.
Key Takeaways
- Growing Adoption of Mobility-as-a-Service to Bolster Product Demand
- Delivery of Essential Products amid COVID-19 Pandemic Drove Market Growth
- By Type Analysis: Operation Management Segment to Dominate as it Guarantees Effective Supply Chain Management
- Fleet Management Software Market Size in North America was USD 8.09 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Fleet Management Software Market are Verizon Connect (U.S.), Geotab, Inc. (Canada), Trimble Inc. (U.S.), LeasePlan Corporation N.V. (Netherlands), Omnitracs, LLC (U.S.), Cisco Systems, Inc. (U.S.), AT&T, Inc. (U.S.), FleetCor Technologies, Inc. (U.S.), IBM Corporation (U.S.), MiXTelematics International Ltd (U.S.), Fleet Complete (Canada)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 19% |
| 2030 Value Projection | USD 79.82 Billion |
| Base Year | 2022 |
| Fleet Management Software Market Size in 2022 | USD 20.58 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 170 |
| Segments covered | Type, Fleet Type, Deployment, Industry and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/industry-reports/fleet-management-software-market-100893
Drivers and Restraints:
Incorporating Advanced Technologies in Fleet Management May Boost Product Adoption
Key companies in this industry are leveraging digitization by delivering improved driver-vehicle communications and vehicle-to-infrastructure connectivity. Innovative technologies, such as AI, machine learning, and GPS are known to have improved this software’s functionality tremendously, further enhancing its demand.
However, employee resistance and low-quality signals can impede the market growth.
Segments:
By Type
- Operations Management
- Fleet Tracking and Geo-fencing
- Routing and Scheduling
- Vehicle Maintenance and Diagnostics
- Performance Management
- Driver Management
- Fuel Management
- Fleet Analytics & Reporting
- Others
By Fleet Type
- Commercial
- Passenger Cars
By Deployment
- On-premises
- Cloud
By Industry
- Manufacturing
- Logistics
- Transportation
- Oil & Gas
- Chemical
- Others
By Region
- North
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights:
Growing Usage of Real-time Tracking Solutions in Different Industries to Boost North America Market Expansion
North America will dominate the market as real-time tracking solutions are being extensively deployed across various industries to carry out seamless business operations. Many automakers in the U.S. are using vehicle tracking systems in their products to improve efficiency and performance.
Europe is holding a significant market share since Germany is the world’s largest automotive hub. Commercial fleets significantly contribute to the European economy, which will boost the adoption of fleet management software.
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Competitive Landscape:
The key market players are focused on expanding their product portfolios by investing in advanced research and software development processes. These companies are collaborating with innovative technology developers to provide better fleet management with advanced tracking, accurate GPS, and better support to the drivers. Also, these players are engaging in strategic partnerships, mergers, and acquisitions with different car manufacturers to offer advanced fleet management solutions.
FAQ’s
How big is the fleet management software market?
Fleet Management Software Market size was USD 20.58 billion in 2022.
How fast is the fleet management software market growing?
The Fleet Management Software Market will exhibit a CAGR of 19% during the forecast period, 2023-2030
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