According to the recent report by IMARC Group, titled “Fleet Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global fleet management system market is currently experiencing double-digit growth. Fleet management (FM) refers to the handling of commercial automobiles, which enables enterprises to track and maintain their vehicles in a quick and cost-effective way. There are three basic components of this system, namely position and material monitoring; equipment assigning and production monitoring; and optimization. FM systems allow transportation-dependent companies to reduce or eliminate the risks associated with vehicle investment and staff costs. They also assist in financing, vehicle tracking and diagnostics, and fuel management, and provide maximum compliance with government legislation. Due to these advantages, FM systems find applications in a wide range of sectors, such as manufacturing, construction, utilities, retail, and logistics.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fleet Management System Market Trends:
One of the major factors influencing the growth of the market is the integration of cloud-based software programs and wireless technology in FM systems, along with advancements in 4G and 5G networks. These technologies help in enhancing productivity, covering a wide area for a seamless connection, and offering quick responses. Moreover, FM solutions are now being utilized for medium- and large-scale fleets to streamline operations. Along with this, the implementation of favorable policies and rising concerns toward the increasing incidences of road accidents are also catalyzing the market growth. For instance, the Government of the United States is assessing the potential of telematics to reduce accidents. Furthermore, increasing awareness about the efficiency and cost benefits of FM systems is expected to attract more customers. Technological innovations, such as in-vehicle cameras and GPS with telematics compatibility, are further anticipated to create a positive outlook for the market. On account of these factors, the market is expected to grow at a CAGR of 14% during the forecast period (2020-2025).
- Based on the component, the market has been bifurcated into solutions and services. The solution segment is further divided into fleet telematics, vehicle maintenance, driver information management, safety and compliance management, and others. On the other hand, the service segment is segregated into installation and integration services, consulting services, and after-sales support services.
- On the basis of the vehicle type, the market has been classified into passenger cars, commercial vehicles, watercraft, and aircraft.
- Based on the end use sector, the market has been segmented into automotive, retail, manufacturing, energy and utilities, construction, transportation and logistics, and others.
- On the basis of the technology, the market has been bifurcated into GNSS and cellular systems.
- Based on the deployment type, the market has been divided into cloud-based, hybrid, and on-premises.
- Region-wise, the market has been categorized into Europe (Germany, France, Italy, Russia, the United Kingdom, Spain, and Others), Asia Pacific (China, Japan, India, Australia, South Korea, Indonesia, and Others), North America (the United States and Canada), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Geotab, I.D. Systems, IBM Corporation, AT&T Inc., Inseego Corporation, Mix Telematics Ltd., TomTom N.V., Trimble Inc., Omnitracs LLC, Verizon Communications, and Wheels Inc.
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