The global fleet management software market accounted for US$ 15.81 Bn in 2018 and is expected to grow at a CAGR of 14.9% over the forecast period 2019-2027, to account for US$ 54.05 Bn by 2027. The operational tempo of the global commercial aviation sector continues to soar in recent years. With the increasing digitalization of cloud technology, the fleet management software market is expected to grow at an impressive rate during the forecast period. For efficient fleet management, fleet operators necessitate flexibility with data storage, data exchange, and information tracking, and cloud technology eradicates the load of manual fleet process, frees up resources and enhances ROI. With the preamble of big data analytics solutions, fleet management software is swiftly evolving. Big data analytics enhances driver safety and behavior. Predictive analytics, a branch of big data analytics help fleet operators to proactively manage company fleets in the highly competitive automobile fleet industry. Fleet management businesses that spend in cloud computing and big data analytics solutions would continue to remain strong in the fleet management software market as these technologies offer numerous benefits.
Due to the swift growth of the automobile industry, it is crucial for the fleet owners to fortify its core competency by adopting technologies such as cloud and big data analytics, which would generate a greater return on their investments. The current economy is driven by tough competition to acquire the major market proportion, which has forced fleet owners to convert their existing fleet networks into smart by leveraging the power of cloud computing, big data analytics, connectivity, and security. In addition to the benefits of fleet management software, this digitalization revolution presents a massive opportunity for businesses to transform their business models and existing processes in order to increase operational efficiency and revenue. End-to-end business process optimization, operational efficiency, reduction of the cast, and human errors are some of the major drivers for cloud computing and big data analytics in any industry, including the fleet industry. This paradigm shift from manual to digital technologies in the fleet management software market is anticipated to drive the growth of the fleet management software market in the near future.
The market for Fleet Management Software is segmented on the basis of solution and end-user. Based on the solution, the fleet management software market is segmented into operation management, asset management, driver management, vehicle maintenance & leasing, driver information system, and others. On the basis of end-user, the fleet management software market is segmented into manufacturing, government, transportation and logistics, energy and utilities, retail, construction, and others. Geographically, the market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The well–established market players operating in the fleet management software market are GPS Insight, NexTraq, LLC, Verizon Connect, ARI Fleet Management Company, and Trimble, Inc., Geotab Inc., Omnitracs, LLC, Teletrac Navman US Ltd., Wheels, Inc., and Element Fleet Management Corp.
The overall global fleet management software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global fleet management software market. It also provides an overview and forecast for the Fleet Management Software market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fleet management software industry.