According to Market Research Future (MRFR)’s study, the global fleet management market is projected to expand at a CAGR of 22% during the forecast period. Fleet management is extensively used in verticals such as oil and gas, mining, chemicals, construction, utilities, retail and logistics, public and private transport, and waste management among others. It facilitates risk management, vehicle tracking, fuel management, accident management, telematics, etc. The growth of the end-user verticals is likely to drive the growth of the market over the assessment period.
The rising demand for transport and logistics is expected to drive the growth of the fleet management market in the forthcoming years. In addition, the developments and advancements in sensor technology, Internet of Things, etc. are poised to boost the growth trajectory of the market over the next couple of years.
Fleet management facilitates cost-efficiency, performance enhancement, and fuel-efficiency. It is likely to attract more organizations towards the deployment of fleet management services. Furthermore, the flexibility of hybrid, on-premise and cloud deployment is expected to favor the expansion of the fleet management market over the next couple of years.
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By deployment type, the global fleet management market has been segmented into cloud, on-premises, and hybrid.
By management type, the fleet management market has been segmented into driver management, asset management, and operation management.
By Connectivity Type, the global fleet management market has been segmented into satellite navigation and cellular system.
By services managed services, the fleet management market has been segmented into integration and deployment services, and professional services.
The global fleet management market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America and Europe are two important revenue pockets expected to dominate the growth trajectory of the global market. The deployment of technological innovations is poised to catapult the regional fleet management market on an upward trajectory. Furthermore, stringent emission norms are anticipated to favor the expansion of the market in the foreseeable future.
Asia Pacific has been estimated to emerge as the fastest growing region in the global fleet management market. The developmental opportunities of China and India are prognosticated to expedite the growth of the market in the upcoming years. In addition, the region has been witnessing widespread adoption of web and mobile based business services which is primarily responsible for driving the expansion of the fleet management market.
Some of the key players operating in the global fleet management market are I.D. Systems, Inc. (U.S), Fleetmatics Group PLC (U.S.), Trimble Inc. (U.S), WorkWave LLC(U.S.), Verizon Telematics Inc. (U.S.), Zonar Systems, Inc. (U.S.), and Cisco Systems, Inc. (U.S.).
In February 2019, Ringgold, which facilitates the improvement of the quality of data, has added fleet management software to its product line for tracking vehicles.
In February 2019, one of the leading software providers – Orion Marine Concepts has announced the launch of its fleet management application named “NAU Fleet Performance.”
In February 2019, wireless telematics company MachineMax, along with Shell, has designed a new fleet management service for the optimization of off-highway fleet usage.
In February 2019, I.D. Systems Inc., a provider of Internet of Things technology for fleet management, has signed a fleet management agreement with an intralogistics solutions provider – Jungheinrich AG.
In February 2019, Volkswagen, a German multinational automotive manufacturing company, has ventured into fleet management with the purchase of two-thirds of an international fleet management company.
In January 2019, Genie, an American company owned by Terex, has launched its fleet management platform ‘Lift Connect.’
In January 2019, TomTom, known for its portable GPS navigation devices, has sold its fleet management division to Bridgestone.
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