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Fleet Management Software Market Growth to be Driven by Emerging Trends | $50.12 Billion by 2029
Fleet Management Software
What is the Projected Market Size of the Fleet Management Software Industry?
The market size of fleet management software has seen swift expansion in recent years. Anticipated to escalate from $24.04 billion in 2024 to $28.03 billion in 2025, the market is expected to experience a compound annual growth rate (CAGR) of 16.6%. Factors contributing to this historical growth trend include rising demand for autonomous and electric vehicles (EVs), real-time monitoring solutions, predictive maintenance technology, evolution of mobility-as-a-service (MaaS), and a surge in connectivity.
What Will Be the Size of the Fleet Management Software Market by 2029?
The market size of fleet management software is predicted to significantly expand in the coming few years. Its estimated growth is around $50.12 billion by 2029, with a compound annual growth rate (CAGR) of 15.6%. The growth during this forecast period can be credited to several factors such as vehicles' digitalisation, concerns related to cybersecurity, safety and security measures, regulatory compliance, and burgeoning customer expectations. Major trends forecasting this period consist of global positioning systems, mobile communications, driver monitoring systems, behaviour analytics, as well as mobile and cloud-based fleet management solutions. Additionally, advancements in artificial intelligence, machine learning, and IoT technologies also contribute to this growth.
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What Are the Key Drivers Accelerating Growth in the Fleet Management Software Market?
The surge in e-commerce operations is anticipated to boost the fleet management software market's expansion. E-commerce operations include online purchasing and selling, digital payments, and various transaction models, transforming business via the internet. The rise of these activities is due to the growing penetration of the internet, the convenience offered by online shopping, and changing consumer preferences towards digital transactions. Fleet management software is commonly used in e-commerce to streamline delivery procedures, enhance productivity, and ensure punctual and precise order completion, thereby heightening customer satisfaction and bolstering online retail's expansion. For example, as per a study released by the U.S. Census Bureau, a division of the United States Department of Commerce, in February 2024, the total e-commerce sales in the US were approximately $1,118.7 billion in 2023, a spike of 7.6% compared to 2022. In 2023, e-commerce sales constituted 15.4% of all sales, a rise from 14.7% in 2022. As a result, the accelerating e-commerce operations will propel the expansion of the fleet management software market.
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How Is the Fleet Management Software Market Segmented by Type, Application, and Region?
The fleet management software market covered in this report is segmented -
1) By Type: Operations Management, Vehicle Maintenance And Diagnostics, Performance Management, Fleet Analytics And Reporting, Other Types
2) By Deployment: On-premises, Cloud
3) By Fleet Type: Commercial, Passenger Cars
4) By End-Users: Manufacturing, Oil And Gas, Transportation And Logistics, Construction, Chemical, Energy And Utilities, Retail, Other End-Users
Subsegments:
1) By Operations Management: Route Planning And Optimization, Dispatch Management, Driver Scheduling And Monitoring
2) By Vehicle Maintenance And Diagnostics: Preventive Maintenance, Diagnostic Tools And Alerts, Maintenance Scheduling And Reporting
3) By Performance Management: Driver Behavior Monitoring, Fuel Management, Fleet Efficiency Tracking
4) By Fleet Analytics And Reporting: Real-Time Fleet Tracking, Data Analytics And Dashboards, Reporting And Compliance Management
5) By Other Types: Asset Management, Inventory Management, Fleet Safety Management
What Are the Key Trends Driving Growth in the Fleet Management Software Market?
Key players in the fleet management software market are concentrating on creating technologically advanced solutions like GPS fleet tracking and dual-facing dashcam solutions. These aim to improve vehicle monitoring, increase fleet efficiency, and bolster safety and compliance protocols. These solutions offer thorough management tools for fleets, merging real-time vehicle tracking with video recording capabilities. For example, Bridgestone Americas, a company in the USA specializing in the creation and distribution of tires, automotive parts, and industrial goods, released Azuga Fleet Management Solutions on the AWS Marketplace in August 2023. This marked its first product offering since becoming part of the AWS Partner Network (APN). Direct access to the software via AWS accounts offers fleet customers an easy method to discover, assess, purchase, and implement the software. Additionally, this allows for simplified billing and deployment processes as well as offering buyer incentives. This move is in line with the principles of 'Efficiency', 'Extension', and 'Ease' stated in Bridgestone's E8 Commitment, ultimately aiming to implement effective management methods and to build trust with future generations.
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Who Are the Leading Companies Driving Growth in the Fleet Management Software Market?
Major companies operating in the fleet management software market are AT&T Inc., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., ZF Friedrichshafen AG, Oracle Corporation, LeasePlan Corporation N.V., Zebra Technologies Corporation, Garmin Ltd., Trimble Inc., FLEETCOR Technologies Inc., Holman Automotive Inc., Element Fleet Management Corp., Verizon Connect, Geotab Inc., TomTom Telematics BV, Omnitracs LLC, Samsara Inc., Teletrac Navman, Orbcomm, Emkay Inc., Wheels Inc., MiX Telematics Ltd., Lytx Inc., Magellan Navigation Inc., Masternaut Limited, Fleetio, GPS Insight, Avrios, Quartix Ltd
Which Is the Leading Region in the Global Fleet Management Software Market?
North America was the largest region in the fleet management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fleet management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
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