Dublin, May 30, 2023 (GLOBE NEWSWIRE) -- The "Global Fleet Management Software Market Size, Share, Growth Analysis, By Deployment, By Industry - Industry Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
Fleet Management Software Market size was valued at USD 18.23 billion in 2021, and it is expected to reach a value of USD 55.77 billion by 2028, at a CAGR of more than 17.32% over the forecast period (2022-2028).
Fleet management software handles a variety of functions, including vehicle finance, vehicle maintenance, tracking and diagnostics, driver and vehicle management, speed and fuel control, and health and safety management. Because the market for these solutions is still in its infancy, sellers have numerous opportunities.
Cloud goods are being chosen by industry suppliers due to the benefits they provide, such as faster time to market, higher efficiency, more features, and a lower cost than on-premise. To apply IRDA's projections, for example, Zoho Corporation is depending on developments such as the cloud, the Internet of Things (IoT), and artificial intelligence (AI). WebNMS, for example, stated that by combining AI and machine learning into its fleet management solutions, a midsized fleet of 25-50 cars may save 10-15% on fuel.
Telematics is beginning to transform the way businesses organise and structure their workforce. Fleet management technology provides numerous benefits to businesses of all sizes. It allows them to properly monitor operations and serves as a digital road map for encouraging safe and efficient driving. This has the potential to reduce risk while simultaneously cutting costs. In many ways, it has matured into an essential tool for businesses.
Driver safety must come first in fleet management. According to a recent study, speed is "at the heart of the problem with road safety" and "in about 30% of the fatal incidents, speed is an important contributory element." As a result, the major focus of a fleet management system is on the drivers' performance and behaviours. The capacity to receive notifications and alerts about unsafe driving practises in near real-time is a fundamental benefit of fleet management software. For example, fleet tracking solutions such as dashboard cameras allow fleet managers to monitor any instances of speeding, harsh braking, or fast turns made by their drivers.
Segments covered in this report
Global fleet management software market is segmented based on the Deployment, Industry, and region.
Based on the Material Type, the Global Fleet Management Software Market is segmented as Cloud Based, On Premises and Hybrid.
Based on Industry, the fleet management software market is segmented as Power, Automotive, Mining, Oil and Gas, Aerospace and Defense, Utility, Logistics and Transportation.
Based on Region fleet management software market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Drivers
The supply and logistics industries have been significantly pushed by the exponential rise of omnichannel shopping sectors to embrace cutting-edge IoT solutions, such as alarm systems, asset trackers, and crucial and complex fleet management software, to meet the rising demand. It provides GPS monitoring and geofencing and supports clients who own commercial cars in measuring fuel use, driver behavior, and other parameters.
Because the logistics sector of the economy is fully dependent on the transformation of commodities for delivery to any point on the earth, any disruption could have a negative impact on performance. The e-commerce boom has boosted the demand for an efficient logistical operation, which is fueling the expansion of the Fleet Management Software Market.
Every industry strives to produce the most at the lowest possible cost. For fleet managers, the expense associated with fleets accounts for a considerable portion of the business' operational costs. Fleet management systems help fleet owners make more money by optimising routing, preserving vehicle security, improving driver safety, and improving the performance and longevity of fleet vehicles.
It also supports in the visualisation of fleet performance and the identification of drivers or cost-saving categories that need to be improved. Fleet management supports managers in downsizing fleet cars, providing maintenance management, reducing fuel bills and travel lengths, modifying driver behavior, and lowering administrative costs. Fleet owners receive a competitive advantage as a result of the benefits, which boost the efficiency of their business operations at a cheaper cost.
Restraints
In order to meet the rising needs in the logistics industry, operators are attempting to adopt more sophisticated fleet solutions, such as cloud-based software to handle wide-area coverage for improved operation management. To eliminate the danger of cyber security and unauthorised system access, tracking and monitoring the fleet requires top standalone apps or software as a service solutions, both of which are costly. These variables are regarded to be impeding the growth of the fleet management software market.
Market Trends
Telematics in fleets has generated massive volumes of data. As a result, fleet managers are concerned about two critical security issues: privacy and vulnerability to cybercriminals. Fleet-related data comprises private information such as vehicle model, driver identities, and travel itineraries.
The knowledge can be utilised to do bad activities or crimes, such as carjackings and premeditated crimes. End users are discouraged from using telematics systems for a variety of reasons, including data privacy concerns. Several data-related rules and regulations are gradually being implemented, and governments are currently monitoring the situation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 157 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $18.23 Billion |
| Forecasted Market Value (USD) by 2028 | $55.77 Billion |
| Compound Annual Growth Rate | 17.3% |
| Regions Covered | Global |
Key Topics Covered:
- Executive Summary
- Market Overview
- Wheel of Fortune
- Research Methodology
- Information Procurement
- Secondary & Primary Data Sources
- Market Size Estimation
- Market Assumptions & Limitations
- Parent Market Analysis
- Market Overview
- Market Size
- Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
- Key Market Insights
- Technology Analysis
- Pricing Analysis
- Supply Chain Analysis
- Value Chain Analysis
- Ecosystem of the Market
- IP Analysis
- Trade Analysis
- Startup Analysis
- Raw Material Analysis
- Innovation Matrix
- Pipeline Product Analysis
- Macroeconomic Indicators
- Top Investment Analysis
- Key Success Factor
- Degree of Competition
- Market Dynamics & Outlook
- Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
- Regulatory Landscape
- Porters Analysis
- Competitive Rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
- Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
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- Market Overview
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- Global Needles Market Size by Region
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- North America
- Usa
- Canada
- Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (Mea)
- Gcc Countries
- South Africa
- Rest of Mea
A selection of companies mentioned in this report includes
- LeasePlan Corporation N.V. (Netherlands)
- Omnitracs, LLC (US)
- Cisco Systems, Inc. (US)
- Verizon Connect (US)
- Geotab, Inc. (Canada)
- FleetCor Technologies, Inc. (US)
- IBM Corporation (US)
- MiXTelematics International Ltd (US)
- Fleet Complete (Canada)
- Trimble Inc. (US)
- ATandT, Inc. (US)
For more information about this report visit https://www.researchandmarkets.com/r/j0m543
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