Fleet Management Market Revenues to expand $31.5 billion by 2023

[154 Pages Report] Fleet management market size, analysis, trends, & forecasts. The global market for fleet management categorized by solution, service, deployment type, fleet type, and region.

Posted on 2019-12-02 by MarketsandMarkets in Technology // 0 Comments

Northbrook, IL 60062, USA, 2019-Dec-02 —

The report “Fleet Management Market by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service (Professional and Managed), Deployment Type, Fleet Type, and Region – Global Forecast to 2023″, The global fleet management market size is expected to grow from USD 15.9 billion in 2018 to USD 31.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period. The major growth drivers of the market include the increasing strict government mandates, rising deployment of cloud-based solutions, growing IoT implementations, and rising demand for big data analytics.

Browse 94 market data Tables and 34 Figures spread through 154 Pages and in-depth TOC on “Fleet Management Market by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service (Professional and Managed), Deployment Type, Fleet Type, and Region – Global Forecast to 2023”

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Growing adoption of cloud computing and big data analytics solutions for streamlining fleet management operations

The adoption of cloud computing provides much needed benefits to fleet owners in terms of real-time fleet visibility, cost-effectiveness, improved vehicle uptime, and lower maintenance cost. On-premises fleet management solutions may not provide these advantages. Hence, fleet management vendors are increasingly leveraging cloud technologies to provide scalable solutions that cater to changing customer needs. Cloud-based solutions can be accessed from anywhere through multiple devices. It enables fleet managers and owners to easily monitor their fleets and make quicker and more informed decisions related to fleet operations.

Big data analytics is among the biggest drivers in fleet management. Speed, efficiency, and reliability are the factors that determine the success of fleet business. With technology advancements and increasing digitization, organizations generate enormous amounts of data, but struggle to gain significant benefits from them. Big data analytics brings the real value of data to improve operational efficiencies and customer satisfaction at reduced costs. The rapid increase in big data applications has led to the need for developing innovative technologies to optimize cost efficiency. Thus, these factors are expected to drive the demand for new analytics platforms and new data storage centers.

North America to hold the largest market size duringthe forecast period

North America is expected to hold the largest market size in the global fleet management market during the forecast period. The US has emerged as a larger country in terms of market size, due to the large-scale implementation of fleet management solutions by the organizations and enterprises in the country. The pace of digital transformation in the US is high, high growth of telematics, and advent of the 4G technology in the region are the factors attribute to the fast growth of the fleet management market in the US. Additionally, companies in North America are moving from adding telematics to vehicles to integrating connected data into fleet management to bring about vehicle connectivity benefits. This is attributed to the fact that; the connected data solutions would enable access to key driver safety and productivity metrics. This would lower fleet cost, improve safety, and reduce downtime

The key and emerging market players in the fleet management market include ARI Fleet Management (US), Azuga (US), Chevin Fleet Solutions (Australia), Ctrack (US), Donlen Corporation (US), Geotab (Canada), GPS Insight (US), Masternaut (UK), MiX Telematics (South Africa) , Nextraq (US), Teletrac Navman (US), Trimble (US), Verizon Connect (US), Wheels, Inc (US), and Fleetroot (UAE). These players have adopted various strategies to grow in the global fleet management market.

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