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Fleet Management Solutions Market 2024 - By Size, Share, Growth, Analysis, Trends And Forecast To 2033
Fleet Management Solutions Market
According to The Business Research Company's, The fleet management solutions market size has grown rapidly in recent years. It will grow from $21.05 billion in 2023 to $24.27 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to increased telematics integration, cost reduction and efficiency, increased safety improvement, regulatory compliance (ELD), and blockchain for security and transparency.
The fleet management solutions market size is expected to see rapid growth in the next few years. It will grow to $43.22 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The growth in the forecast period can be attributed to predictive analytics and AI, edge computing for real-time processing, cybersecurity measures, mobile and user experience (UX) enhancement, and drone integration for asset management. Major trends in the forecast period include electric vehicle (EV) integration, subscription-based models and SaaS, augmented reality (AR) for maintenance, geospatial technology for advanced routing, and advanced driver-assistance systems (ADAS) integration.
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Market Drivers and Trends:
Rising demand for connected vehicles is expected to propel the growth of the fleet management solutions market going forward. Connected vehicles refer to automobiles equipped with advanced communication technologies that enable them to interact with other vehicles, infrastructure, and external systems. The demand for connected vehicles is rising due to several factors, including increased connectivity, enhanced safety, integration with smart infrastructure, and the emergence of autonomous driving. Connected vehicles can monitor driving behaviors such as speeding, hard braking, and acceleration, and this data can be used by fleet managers to identify risky driving behaviors, provide driver feedback, and develop training programs to improve safety and prevent accidents. For instance, in February 2021, according to a report published by McKinsey & Company, a US-based strategy and management consulting firm, about 95% of new vehicles sold globally will be connected by 2030, up from around 50% today. Around 45% of these vehicles will have intermediate and advanced connectivity. Therefore, the rising demand for connected vehicles is driving the growth of the fleet management solutions market.
Major companies operating in the fleet management solutions market are focused on developing advanced solutions, such as fleet management suites, to improve fleet operations. Fleet management suites are essential tools for businesses to efficiently manage their vehicle fleets. For instance, in September 2022, Ford Pro, a US-based subsidiary of Ford Motor Automobile Company, launched Ford Pro fleet management software designed to make fleet administration easier for small and medium-sized organizations by providing tools for tracking drivers and vehicles, managing titles and registrations, monitoring vehicle health, tracking maintenance, and digitizing cost-related data. It aims to reduce paperwork and spreadsheets with a digital solution that offers flexibility and trusted support for businesses' needs and budgets. Fleet Management Software offers an adaptable tracking system that can monitor fuel usage expenses and integrate with almost any payment method an organization may utilize. It saves company owners time on registration and license management while also providing a single point of contact for car registration renewals. This allows drivers to automate maintenance and repair tracking at over 55,000 in-network repair facilities in the United States.
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Major Key Players of the Market:
Verizon Communications Inc, AT&T Corporation, International Business Machine Corporation, Cisco Systems Inc, Trimble Inc, Donlen LLC, Geotab Inc, TomTom NV, Wheels Inc, Omnitracs LLC, Odoo SA, Samsara Network Inc, Inseego Corp, MiX Telematics Limited, PowerFleet, KeepTruckin Inc, Tenna LLC, Switchboard Inc, Fleet Complete Inc, Octo Telematics SpA, Rarestep Inc, Chevin Fleet Solutions Limited, One Step GPS LLC, Transflo Services Inc, GoFleet Inc, Advanced Tracking Technologies Inc, Arvento Mobile Systems A.S, Astrata Corporation
Fleet Management Solutions Market 2024 Key Insights:
• The fleet management solutions market size is expected to see rapid growth in the next few years. It will grow to $43.22 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%.
• The Surge In Connected Vehicles And Its Impact On The Fleet Management Solutions Market
• Advanced Fleet Management Suite To Streamline Operations For Small And Medium-Sized Businesses
• North America was the largest region in the fleet management solutions market in 2023
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