Fleet Management Software Market Size Expected to Reach USD 55.89 Billion with a CAGR of 16.1% by 2026 – IndustryARC

ByLance T. Lee

Sep 16, 2022

“Market Research Reports, Business Advisory Services and Analytics”

The fleet management software market size is estimated to be $55.89 billion by 2026, growing at a CAGR of 16.1% during the forecast period 2021-2026. which will drive the fleet management software market.

Fleet Management Software Market the size is estimated to reach $55.89 billion by 2026, grow to a 16.1% CAGR during the forecast period 2021-2026. Fleet management software solution provides authentic actionable data to help automate fleet operations. To keep vehicles and other related functionalities running smoothly, a fleet management solution offers data-driven insights regarding safety, vehicle tracking, operations management, passenger cars, and more. Significant transformation in the fleet management industry due to digitization, platform and data-driven business models has boosted the fleet management software industry. The growing adoption of telematics software and hardware enables fleet operators to pursue a complete fleet management life cycle, from asset tracking, data capture, maintenance and repair to driver safety. Moreover, the emergence of the Fleet IoT market offers optimal and seamless connectivity between various assets, vehicles as well as mobile workforce management solutions to spread smart mobility solutions. Fleet Management Software Market report by IndustryCRA covers a comprehensive analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.

Competitive Landscape:

Top 5 players Fleet management software industry are –

1. Geotab Inc.,

2. ZF Friedrichshafen AG

3. Verizon Connect

4. Trimble Inc.,

5. Omnitracs, LLC

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Segmental analysis:

1. The demand for self-driving cars and electric vehicles has increased exponentially, driving the growth of the fleet management software market

2. Logistics and transportation is analyzed to register the highest share of 56.4% in 2020 owing to the growing demand for global business activities, rapid rise of e-commerce sectors and emerging cloud-based technologies for intelligent transportation. The cloud-based segment is analyzed to register the highest share of 54% in 2020 due to the growing demand for operational efficiency and to manage rising fuel prices, which requires innovative monitoring systems.

3. The growing e-commerce boom has accelerated the demand for efficient operation of the logistics industry, which is driving the growth of the fleet management software market.

Report cover

Report attributes

Details

Per deployment

Cloud-based, on-premises and hybrid

By offers

Operations management, asset management, driver management, fuel management, vehicle maintenance and leasing, safety and security functions

By end users

Electrical, Automotive, Mining, Oil & Gas, Aerospace & Defense, Utilities, Logistics & Transportation

By geography

North America, Europe, Asia-Pacific, South America and Rest of the World

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Market Drivers and Challenges:

Rapid growth of e-commerce: The exponential growth of omnichannel shopping sectors for easy online shopping experience has strongly influenced supply and logistics sectors to adopt advanced IoT solutions, such as alarm systems, trackers assets, critical and complex fleet management software to meet growing demand. In June 2020, Ford Commercial Solutions launched a web-based software platform and subscription service known as Ford TelematicsTM, which offers GPS tracking and geolocation, and helps commercial vehicle customers monitor fuel consumption. fuel, driver behavior, etc.

Growing demand for connected cars and electric vehicles: In recent years, the demand for self-driving cars and electric vehicles has grown exponentially. Hence, increasing demand for connected cars and electric vehicles across the globe is accelerating the growth of fleet management software market to improve driver performance, access to remote fleet management and communication in real time.

Budget constraint for installing large-scale fleet software: To meet the growing demands of the logistics industry, operators are trying to leverage more advanced fleet solutions such as cloud-based software to manage extended coverage for better operations management. However, fleet tracking and tracking requires a standalone application or software-as-a-service solution, which is costly to prevent cybersecurity risks and unauthorized system access.

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