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Fleet Management Camera Market Key Players, Growth Rate And Forecast To 2033
Fleet Management Camera Market Key Players
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According to The Business Research Company's, The fleet management camera market size has grown rapidly in recent years. It will grow from $1.82 billion in 2023 to $2 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to rising e-commerce and logistics demands, increasing regulatory requirements for safety and compliance, the need for enhanced driver behavior monitoring, growing concerns over fleet safety and security, and the shift towards real-time data analytics.
The fleet management camera market size is expected to see rapid growth in the next few years. It will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to the increasing integration of artificial intelligence for predictive analytics, the growing adoption of electric vehicles requiring advanced monitoring, rising consumer expectations for transparency and accountability in logistics, the expansion of mobility-as-a-service models, and the increasing emphasis on sustainability and eco-friendly practices within the transportation industry. Major trends in the forecast period include a shift towards real-time data analytics for proactive decision-making, the emergence of advanced driver-assistance systems (ADAS) alongside camera solutions, the demand for enhanced cybersecurity measures to protect sensitive data, the expansion of regulatory requirements for safety and compliance that drive the adoption of advanced camera systems, and the trend toward more personalized customer experiences in fleet services.
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Market Drivers and Trends:
The rising demand for mobility-as-a-service is expected to propel the growth of the fleet management camera market going forward. Mobility as a-service (MaaS) refers to a digital platform that integrates various transportation services into one system, allowing users to plan, book, and pay for different modes of travel through a single interface. Demand for mobility-as-a-service (MaaS) is rising due to urbanization, the need for efficient transport, and a shift toward reducing traffic and emissions. Fleet management cameras enhance mobility-as-a-service (MaaS) by improving driver safety, monitoring vehicle performance, and providing real-time data for efficient route management. For instance, in April 2023, according to the Department for Transport, a UK-based ministerial department of the government, the number of private taxi hire vehicles reached 89,600, reflecting an 11% increase compared to March 2022. Therefore, rising demand for mobility-as-a-service will drive growth in the fleet management camera market.
Major companies operating in the fleet management camera market are focusing on technological innovations in AI and digital services, such as AI-powered dash cams, to enhance driver safety, monitor behavior in real-time, and improve overall fleet efficiency. AI-powered dash cams are advanced cameras equipped with artificial intelligence that analyze driving behavior in real-time, detect potential risks, and provide automated safety alerts to enhance driver performance and fleet safety. For instance, in August 2023, Teletrac Navman, a US-based fleet management software developer, launched the IQ Camera, an AI-powered dual-camera dash cam integrated with its TN360 fleet management software. This device enhances driver safety and operational efficiency by offering real-time monitoring, advanced driver assistance systems (ADAS), and driver status monitoring (DSM) for immediate feedback. The camera automatically uploads video data for quick analysis, allowing fleet owners to consolidate driver performance data and identify areas for improvement. Overall, the IQ Camera is designed to optimize fleet performance through advanced telematics and AI technology.
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Major Key Players of the Market:
Garmin Ltd., Trimble Inc., Verizon Connect Inc., Samsara Inc., Geotab Inc., Raven Industries Inc., CalAmp Corp., Webfleet Solutions B.V., Azuga Inc., Zonar Systems Inc., Teletrac Navman US Ltd., Fleet Complete Inc., MiX Telematics Limited, Lytx Inc., EROAD Inc., FleetOptix LLC, NexTraq Inc., VisionTrack Ltd., ZendulIT Ltd., CameraMatics Ltd., The Vestige Group Inc., Zubie Inc.
Fleet Management Camera Market 2024 Key Insights:
• The fleet management camera market size is expected to see rapid growth in the next few years. It will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Growth Of Fleet Management Camera Market Driven By Rising Demand For Mobility-as-a-Service
• Technological Innovations In Fleet Management Cameras Enhance Safety And Efficiency
• North America was the largest region in the fleet management camera market in 2023
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