The fleet management market is projected to reach a value of approximately US$ 13.87 billion by the end of 2023, according to forecasts by Future Market Insights (FMI). Over the following decade, from 2023 to 2033, the market is expected to experience substantial growth, with a compound annual growth rate (CAGR) of 10.4%. This growth trend suggests that by 2033, the fleet management software market could potentially achieve a market value of around US$ 37.30 billion.
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Low Signal Strength and Employee Backlash to Slow Market Development Fleet
The limiting element that prevents the fleet management software market from expanding is atmospheric inference, which has caused problems with GPS connectivity. Yet for the signal to reach mobile phones, it must travel a great distance, endure various air conditions, and switch between numerous satellites. As additional satellites are added or removed, the precision of the signal declines, which limits market expansion.
Windows of Opportunities in the Market
Factors such as the expansion of transportation in the logistics industry, the adoption of intelligent modes of transportation, and the improvement of communication networks present several chances for the fleet management market growth throughout the projection period.
Mobility industries and government agencies are embracing the mobility-as-a-service approach to optimize traffic and carbon emissions. They are providing ride-hailing, carpooling, automobile sharing, and other alternatives for commuting to drive their car. The fleet management software is supposed to aid in getting insights into pick-ups, drop-offs, automotive telematics, and payment practices.
Key Takeaways from the Fleet Management Market Report:
The fleet management software market is experiencing significant growth, with a projected CAGR of 11.6% between 2023 and 2033. This growth is being driven by a number of factors, including the increasing adoption of software solutions for fleet management, the rising demand for improved driver behavior monitoring, and the growing importance of efficiency in the transportation sector. The software segment is expected to see the fastest growth, while the hardware segment will still hold the largest market share in 2023. In terms of services, support and maintenance will be the dominant category. When it comes to fleet types, trucks, cars, and buses will make up the biggest portion of the market. Fleet tracking and geofencing are poised to be the most popular applications within the software. Looking regionally, North America is expected to lead the market, but all regions will see significant growth. The fastest growth rates are projected for Europe and the driver behavior monitoring sector. Overall, the future of the fleet management software market is bright, with continued innovation and adoption driving growth across all segments and regions.
Future Outlook of the Fleet Management Market:
TomTom N.V. United States, Fleetmatics Group PLC, General Services Administration, Freeway Fleet Systems, IBM Corporation, Telogis, AT&T Inc., Grupo Autofin de Monterrey, and Navico I.D. are some notable participants in the fleet management market research.
The system is used by companies including FAMSA, Troncalnet, Didi Chuxing, Grab, Cisco Systems, Uber Technologies, Trimble Transportation & Logistics, Ola Cabs, and Trimble Transportation & Logistics, among others.
There are tier-1, tier-2, and local players in the fleet management software market. To diversify their product offerings, the top market players make significant investments in cutting-edge research and software development. The companies are collaborating with technology vendors to enhance fleet management with state-of-the-art tracking, accurate GPS, and enhanced driver support.
Zebra Technologies Corp., Trimble Inc., Cisco Systems, Inc., GoFleet Corporation, Geotab Inc., Digital Matter, GPS Trackit, GoGPS, Wireless Links, Embitel, Gurtam, Teletrac Navman, Linxio, StreetFleet, TigerFleet, Ruptela, Trakm8 Limited, and WebEye Telematics Group are some of the other leading companies in the fleet management market.
Pivotal Competitive Advancements:
LILEE Systems – January 2022
A provider of autonomous driving systems and transportation safety solutions debuted advanced fleet management software and an autonomous car at CES 2022 in the United States.
AUSA – November 2021
A producer of industrial vehicles debuted AUSA, online fleet management software, in the global market. It provides invested parties with real-time information regarding vehicle maintenance, technical issues, and performance tests.
SmartDrive – September 2020
A provider of video-based safety and transportation analytics has been acquired by Omillionitracs, LLC. The business hopes to provide advanced fleet management solutions combining artificial intelligence (AI) and machine learning (ML), video safety technology, and risk analysis services through SmartDrive integration.
