Fleet Management Software Market Estimated to Grow at a CAGR of 11.4% During the Forecast Period 2020–2025

The Global Fleet Management Software Market is estimated to reach $38.5 billion growing at a CAGR of 11.4% from 2020 to 2025. The fleet management software helps to store, process, accumulate monitor, report, and export information related to the fleet of vehicles operated by company or government organization. The industries using fleet management software are capable of tracking the location of their fleet using real-time GPS insights. The adoption of fleet management software have resulted in lowering of expenses, improved security, fuel consumption and others. The departure, route, destination and operation hours can be tracked through geofencing solution of fleet software. The adoption of fleet management software owing to the various benefits such as maintenance, smart transportation, real-time tracking, and others have driven the growth of the market.

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Fleet Management Software Market Segment Analysis - By Deployment Type

By Deployment Type the market is segmented into Cloud and On-Premises. The cloud based deployment is dominating the market owing to the easy integration and cost-effectiveness. Flexibility, budget-sensitive pricing along with software-as-a-service are offered by cloud functionality. There is an upsurge in cloud based internet services owing to which fleet management solutions are widely being deployed in cloud based networks. The motion of the fleets can be detected with precision with the help of the hardware sensors such as accelerometer and gyroscope available on the devices. This data is then shared with the software based sensors. The working pattern, run analytics, deliver insights are then examined by which smooth operation of those fleets are ensured. All these analysis is done on the cloud. Digital telemetrics such as GPS, data modem and connection to the sensors tracks accurately the entire fleet. Furthermore, it provides additional functionalities such as asset tracking, performance tracking, environmental conditions and others. Owing to the easy integration cloud based deployment are driving the growth of the market.

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Fleet Management Software Market Segment Analysis - By End Users

By End Users the market is segmented into Government, Manufacturing, Transportation and Logistics, Retail, Energy and Utilities, Construction and Others. Logistics segment is witnessing a significant growth of the market owing to the use of fleet management software in this sector. The logistics industry is using it as it is based on flow of goods from one place to another. This software allows to manage and coordinate fleet by improving efficiency, reducing operational cost and following government regulation. The growth of e-commerce has fueled the growth of logistics industry. Owing to which the demand for fleet management software has increased in this sector. Fleet management solutions allows real time tracking so the delivery of goods from one place to another is done on time with enhanced users’ satisfaction. By use of fleet management solutions route planning, alerts, telematics can be attained through which proper and in time delivery of goods can be done. These factors are driving the growth of the market.

Fleet Management Software Market Segment Analysis - By Geography

By Geography the Fleet Management Software Market is dominated by North America with market share xx% in 2019. In North America the growth of industries such as Logistics, Manufacturing and Transportation have witnessed a significant growth of the market. The smooth operational processes can be achieved by the procurement of fleet management software in these industries. According to the United Nations Industrial Development the global increase in e-commerce use has increased. In 2014 it was 7.40% and in 2020 14.60%. Furthermore, the rising trend of providing corporate cars for the employees in the organizations is the reason for increasing corporate car registration as compared to the personal cars. The growth in adoption of telematics solution in the trucking industry have also driven the market growth. The adoption of fleet management solutions have led to the increased exchange of goods and raw materials in the logistics sector. These factors have boosted the growth of the market in this region.

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Fleet Management Software Market Drivers

Surge in transportation, logistics and industrial sector:

Growth of industrial sectors, logistics and transportation sectors have driven the growth of fleet management software owing to its increasing applications. Through the use of fleet management solutions information can be accumulated, stored, processed, monitored, reported and exported. Every aspect of the fleet can be tracked starting from maintenance and inspection to utilization and costs by the procurement of fleet management solution in these sectors. The fleet management software uses a basic combination of big data analytics and GPS to track, analyze and store information and make predictions owing to which it is adopted in the food delivery services. The fleet management solution enables live tracking that cuts down the number of steps required to communicate location and status and algorithm based predictions, which are generally used in food delivery services, transportation and others. These advantages of fleet management solutions that enables transition to automate systems and others have fueled the growth of the market.

Rising use of Internet applications and technological advancements:

The rising use of internet applications have resulted in the advancement and availability of fleet management software for the industries such as Manufacturing, Transportation, Construction and others. The advancement of technology have poised the internet availability which have solved the problems of fleet vehicle management. Vehicle telematics such as tracking and diagnostics, driver management, speed management and health and safety is assured by the availability of high speed internet. By the availability of high speed internet driver management systems are implemented that ensures driver registration, insurance risk management and others. The implementation of driver management systems reduces fuel consumption and hence improves the vehicles maintenance. All these are possible owing to the presence of internet and advancement of technologies due to the internet penetration. These factors have driven the growth of the market.

Fleet Management Software Market Challenges

The impact of COVID-19 in Transportation and Logistics sector:

Due to the COVID-19 impact, many organizations have declared work from home but the Transportation and Logistics industries are facing extreme challenges due to emergency and supply chain disruptions. The communication with the drivers as a fleet manager through SMS, mail, radio and phone often becomes challenging. As the fleet managers deals with the drivers out on the road not onsite. Miscommunications is common between fleet managers and their teams. Furthermore, Fuel is the major cost for any organization that runs the fleet. These factors are the major constraints of Fleet Management Software Market.

Market Landscape

Fleet Management Software Market is dominated by major companies such as Inseego Corporation, GPS Trackit, Verizon Connect, Geotab.Inc, Trimble.Inc, GPS Insights, Fleet Complete, NexTrq LLC, Omnitracs,LLC, Fleet Complete among others.

Acquisitions/Technology Launches

July 13, 2020- Tata Motors launched “Fleet Edge” which is a next-generation connected vehicle fleet management solution. The Fleet Edge provides real-time tracking and tracing of its commercial vehicles, fuel efficiency, fuel-loss alerts and others.

April 23, 2018- Chevin Fleet Solutions launched “FleetWave Core”. It is a SaaS package designed to support fleet maintenance and compliance.

Key Takeaways

The rise in adoption of fleet management solutions due to the presence of various industries such as construction, Transportation, Logistics and others are driving the growth of the market. Fleet Management Solution provides real-time tracking of the fleets, driver’s management system and others which increase the safety and security of these businesses.

Cloud-based deployment of fleet management solutions are dominating the market owing to its easy integration and cost-effectiveness.

In North America, the adoption of fleet management solutions in the industrial sectors have driven the growth of the market. Fleet management solutions enables operation management, vehicle management, fuel management among others due to which it is adopted in these industries.

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