Fleet Management Software Market to Reach USD 59.08 Billion by 2028; Amalgamation of Advanced Technologies with Software to Aid Growth: Fortune Business Insights™

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Pune, India, Aug. 26, 2021 (GLOBE NEWSWIRE) — The global fleet management software market size was USD 16.89 billion in 2020. The market is projected to grow from USD 19.58 billion in 2021 to USD 59.08 billion in 2028 at a CAGR of 17.1% in the 2021-2028 period. This crucial information is published by Fortune Business Insights™ in its report titled, “Fleet Management Software Market, 2021-2028.”

As per our research team, fleet management software provides properties such as real-time tracking, repairs, intelligent transportation, and driver security. For example, owing to its geofencing solution, the companies are enabled to detect vehicle locations, such as departure, terminus, road course, and functioning duration. This safeguards the security of the fleet along with its operatives, and the supplies parted for distribution. Therefore, this, in turn, is expected to reinforce the market growth during the forecast period.

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List of Key Players in Fleet Management Software Market

  • Verizon Connect (Atlanta U.S.)
  • Geotab Inc. (Oakville, Canada)
  • Trimble Inc. (California, U.S.)
  • GPS Insight (Arizona U.S.)
  • Omnitracs, LLC (Texas, U.S.)
  • MiXTelematics International Ltd (Texas, U.S.)
  • Fleet Complete (Toronto, Canada)
  • NexTraq, LLC (Georgia, U.S.)
  • GPSTrackit (Georgia, U.S.)
  • Inseego Corp. (California, U.S.)
  • Automotive Rentals Inc. (New Jersey, U.S.)
  • Cisco Systems Inc. (California, U.S.)
  • AT&T Inc. (Texas, U.S.)
  • Ctrack (Inseego Corp.)
  • IBM Corporation (New York, U.S.)
  • Tomtom NV (Amsterdam, Netherlands)

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 17.1%
2028 Value Projection USD 59.08 Billion
Base Year 2020
Market Size in 2020 USD 16.89 Billion
Historical Data for 2017 to 2019
No. of Pages 140
Segments covered Component, Fleet Type, Deployment, Industry and Geography
Growth Drivers Supply of Vital Products amid COVID-19 Pandemic to Fuel Market Growth
Combination of Linking Technologies into Fleet Management Software to Spur Growth
Increasing Usage of Real-time Tracking Solutions to Help North America Grow
Tactical Alliance of Chief Players with Vehicle Producers to Magnify Business Opportunities

Supply of Vital Products amid COVID-19 Pandemic to Fuel Market Growth

The COVID-19 pandemic has considerably altered the day-to-day schedule of everyone. As numerous industries have switched to work from home and have willingly elected for such guidelines, the industries such as transport, service, field facility providers, energy, shipping, and trading, among others, are functioning to the complete latent to deliver crucial services and goods. Owing to the disaster and supply chain commotion, the shipping and logistics industries are experiencing severe risks. This has led to an increase in demand for fleets, drivers, dispatchers, organizers, and others fleet operators dramatically.

Moreover, FMCG, trade, farming medications, and various other indispensable service suppliers are unable to ship the deposited products on account of the decreased number of carriers. The demand for this software augmented to accomplish and satisfy the incessant supply of necessities.

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Report Coverage

The report presents a systematic study of the fleet management software market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities are offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.

Segmentation

By component, the global market is categorized into solutions and services. On the basis of fleet type, the market is segregated into commercial fleet and passenger cars. By deployment, the market is separated into the cloud and on-premises. In terms of region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Based on end-user, the market is finally classified into manufacturing, logistics, transportation, oil and gas, chemical, and others. The manufacturing industry is expected to dominate the segment owing to a great reliance on the planned distribution of supplies and elements for product manufacturing. The segment generated 21.9% in 2020 in terms of share.

Drivers and Restraints

Combination of Linking Technologies into Fleet Management Software to Spur Growth

The fleet management industry has entered into the age of digitalization already, providing enhanced vehicle-to-infrastructure connection and driver-vehicle communications. The varied technologies such as artificial intelligence, machine learning, cloud solutions, big data analytics, and GPS has taken fleet management to an amplified level altogether. Alongside upgraded processes, the software targets elevating fleet performance and surging service superiority.

For example, Fleetx, which is a smart fleet management software, utilizes machine learning, predictive analytics, artificial intelligence, and sensor devices to assist fleet executives in refining security proficiency and aids in channelling insightful choices in a budget-effective manner.

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Regional Insights

Increasing Usage of Real-time Tracking Solutions to Help North America Grow

North America held the maximum fleet management software market share in 2020 and is estimated to dictate the global market. This is owing to the large-scale disposition of real-time tracing software by companies for unified business functioning. Rising implementation of vehicle tracking systems, increasing demand for innovative software from automotive giants such as General Motors, Ford, and Fiat-Chrysler, coupled with the factor that the U.S. being the primary implementer of digital technologies are attributable to the growth of the market in this region. The region stood at USD 5.88 billion in 2020 in terms of revenue.

Europe holds the second largest market share on account of Germany remaining as the biggest automobile sector core across the globe. Commercial vehicle fleets carry out a significant role in the European economy.

Asia Pacific is probable to be the rapidly growing region in the foreseeable future owing to the rising radio cab industry and surging inclination towards transportation services in this region. The existence of a huge number of production units in leading countries such as China, Japan, and India is additionally anticipated to augment the growth of the market in Asia Pacific region.

Competitive Landscape

Tactical Alliance of Chief Players with Vehicle Producers to Magnify Business Opportunities

The significant fleet management software providers are fixated on product extension by making huge investments in the novel research and development regarding the software. The corporations are joining forces with technology suppliers to deliver better fleet management with its radical tracing, precise GPS, and better backing to the drivers.  Likewise, these giant players are keen on entering into tactical collaborations with diverse automobile manufacturers in order to provide unconventional fleet management software solutions.

Industry Development

June 2020: Geotab Inc. declared a collaboration deal with Volvo Trucks, which provides telematics solutions and stages such as fleet management, diagnostics, agreement, and driver backup across North America. The company also surveys the vehicle position by gaining access to driver performance records, movement reports, and distribution timetables.

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Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
  • Global  Fleet Management Software Key Players Market Share Insights and Analysis, 2020      
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Fleet Management Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Component (USD)
        • 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
        • Services
      • By Fleet Type (USD)
        • Commercial Fleet
        • Passenger Cars
      • By Deployment (USD)
        • On-Premise
        • Cloud
      • By Industry (USD)
        • Manufacturing
        • Logistics
        • Transportation
        • Oil and Gas
        • Chemical
        • Others
      • By Region (USD)
        • North America
        • Latin America
        • Europe
        • Middle East & Africa
        • Asia Pacific

TOC Continued…!

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