The software category in the component segment of the fleet management software market is expected to thrive at an 11.6% CAGR between 2023 and 2033.
In 2023, the global fleet management market is likely to hit a value of US$ 13,868.2 million. According to Future Market Insights (FMI), the market may rise steadily at a CAGR of 10.4% between 2023 and 2033, as end-use industries around the world demonstrate considerable demand for fleet management to improve transportation network operations. The global fleet management market may reach US$ 37,300.17 million by 2033.
The growing concern about fleet safety, required government laws for vehicle maintenance and tracking, the requirement for operational competency in fleet management, and a boom in the adoption of wireless technology due to its low cost and availability, all make significant contributions to the fleet management software market growth.
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.
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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
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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.
Pivotal Competitive Advancements
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.
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.
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.
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Key Segments
Component:
Fleet Type:
Application:
Industry:
Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 05, 2023