Fleet Management Market Insights and Revenue Forecast Research Report 2027
Fleet Management Market solutions offer in-depth monitoring of operations like driver behavior, vehicle fuel consumption, route management, and vehicle tracking to enterprises. They also enable managers to take crucial and cost-saving decisions by offering remote access to the expansive fleet data.
Consistent need to improve the overall operational efficiency of the transportation and logistics sector to minimize the idle time as well as the fleet fuel consumption will bolster the adoption of vehicle management systems in the next few years. There is a robust demand for the software for real-time tracking of fleet operations and lowering their performance costs.
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Based on the deployment model, the revenue from cloud-based fleet management market solutions is expected to hit a 20% CAGR through the coming years, considering their increasing adoption and the development of 5G technology. The cloud-based systems find extensive usage across enterprises to enhance monitoring abilities like improved fleet assets. This growth can be further owed to the support from various governments to install Intelligent Transport Systems, ELDs, and telematics.
Operation management solutions, deployed to assist the operators in monitoring the overall fleet performance parameters and processes that include vehicle and asset tracking, are likely to add impetus to the fleet management market share. This is due to their burgeoning demand to manage end-to-end logistics functions such as customer order management and accurate fleet selection across numerous enterprises besides offering real-time access to operational flows and activities.
There is a rising demand to analyze and regulate fleet movements and efficiencies with an emergence of innovative fleet analytics. It can manage telematics data streaming from utility vehicles as well as the real-time visualizing of fleet operations by organizations.
For instance, United Utilities, a U.K based water firm, employs a fleet management market and monitoring software offered by PODFather during its process to supply water and wastewater services to millions of homes and businesses across North West England.
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The North America fleet management market is likely to gain traction by contributing 40% of the business share up to 2026. The growth can be attributed to the ongoing COVID-19 crisis that has encouraged multiple fleet operators across the region to deploy advanced management solutions to restrict the impact of disruptions while rendering business efficiencies.
Solution providers operating in the region are offering cost-free and innovative systems to engineers. For instance, OnFleet, Inc, in April 2020, unveiled its free-licensed fleet management market solutions & software to help government and non-government establishments to optimize their logistics.
Fleet management market companies and vendors are consistently focused on technological advancements to expand their market presence globally. For instance, ClearPathGPS, Inc. introduced an integrated dashboard camera for upgraded fleet tracking in October 2019. The device offers tamper-proof abilities as the captured video data is integrated with GPS data. ARI Company, Arvel-Element, Verizon Connect, Donlen Corporation, and Wheels, Inc., are a few of the other software suppliers.
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