The increasing adoption of cloud and big data analytics to drive the growth of the fleet management market
The global fleet management market size is expected to grow from USD 15.9 billion in 2018 to USD 31.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period. The increasing number of cloud- deployments and growing use of big data analytics by organizations worldwide increase the need for the development of advanced fleet management solutions by solution providers. In addition to this, the growing number of fleets in many emerging countries drives the implementation of fleet management solutions in regions.
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Among the solutions segment, the fleet analytics and reporting provider segment to grow at the highest CAGR during the forecast period
Under the solutions segment, the fleet analytics and reporting is expected to grow at a higher growth rate during the forecast period. The fleet analytics and reporting solution assists fleet companies in making smarter decisions by unlocking the business value of information hidden within massive amounts of fleet data. Reporting helps in identifying the fleets with greater maintenance needs by providing intelligence on carbon emissions, vehicle statistics, fuel transactions, and previous maintenance records.
Among the services segment, the professional services segment is expected to dominate the market during the forecast period
Under the services segment, the professional services segment is expected to hold a larger market size during the forecast period, due to the demand for implementing solutions, integration of new technologies, and complexity of infrastructures. For these reasons, many businesses are offering professional services to their customers.
Among regions, North America to hold the largest market share during the forecast period
North America is estimated to hold the largest market size in 2018, due to the early adoption of fleet management solutions by fleet businesses across the region. The government regulations, such as ELD mandates, have proven to be a major factor driving the growth of the fleet management market in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the fleet management market.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
- By Designation: C-Level – 30%, Director Level – 35%, Managers–35%
- By Region: North America – 40%, Europe – 30%, APAC – 20%, and RoW – 10%
The following key fleet management vendors are profiled in the report:
- ARI Fleet Management (US),
- Azuga (US)
- Chevin Fleet Solutions (Australia)
- Ctrack (US)
- Donlen Corporation (US)
- Geotab (Canada)
- GPS Insight (US)
- Masternaut (UK)
- MiX Telematics (South Africa)
- Nextraq (US)
- Teletrac Navman (US)
- Trimble (US)
- Verizon Connect (US)
- Wheels, Inc (US)
- Fleetroot (UAE)
The fleet management market is segmented on the basis of components (solutions [software and appliances] and services), deployment types (on-premises and cloud), services (professional services and managed services), and regions. A detailed analysis of the key industry players has been done to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and recent development associated with the global fleet management market.
Reasons To Buy the Report
The report would help market leaders/new entrants in the following ways:
- It comprehensively segments the fleet management market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market.
- The competitive landscape section includes competitor ecosystem, new service developments, partnerships, and acquisitions.