Fleet Management Software Market size is estimated to reach $55.89 billion by 2026, growtin at a CAGR of 16.1% during the forecast period 2021-2026. The Fleet Management Software solution provides authentic actionable data to aid automate fleet operations. To keep vehicles and other associated features performing smoothly, a fleet management solution offers data-based insights regarding safety, vehicle tracking, operations Management, passenger cars, and others. The significant transformation in the fleet management sector owing to digitalization, platformization and data-driven business models has driven the Fleet Management Software Industry. The rising adoption of Telematics software and hardware, enables fleet operators to seek complete fleet management lifecycle, starting from asset tracking, data capture, maintenance & repair to driver safety. Moreover, the emergence of the Fleet IoT market offers optimum and seamless connectedness across various assets, vehicles as well as mobile workforce management solutions to stream smart mobility solutions.The Fleet Management Software Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Competitive Landscape:
The top 5 players in the Fleet Management Software industry are –
1. Geotab Inc.,
2. ZF Friedrichshafen AG
3. Verizon Connect
4. Trimble Inc.,
5. Omnitracs, LLC
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Segmental Analysis:
1. The demand for autonomous driving cars and Electric vehicles has grown exponentially, which drives the Fleet Management Software Market growth
2. Logistics and Transportation is analyzed to register the highest share of 56.4% in 2020 due to the growing demand of global trade activities, rapid E-commerce sectors surge and the emergence of cloud-based technologies for smart transportation. The Cloud based segment is analyzed to register the highest share of 54% in 2020 due to the growing demand for operational efficiencies and to manage rising fuel prices, which needs innovative monitoring systems.
3. The rising boom in e-commerce has accelerated the demand for effective operation of the logistic sector, which drives the growth of the Fleet Management Software Market.
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Report Coverage |
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Report Attributes |
Details |
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By Deployment |
Cloud Based, On Premises and Hybrid |
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By Offerings |
Operation Management, Asset Management, Driver Management, Fuel management, Vehicle Maintenance & Leasing, Security and safety features |
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By End Users |
Power, Automotive, Mining, Oil and Gas, Aerospace and Defense, Utility, Logistics and Transportation |
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By Geography |
North America, Europe, Asia-Pacific, South America and Rest of World |
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Market Drivers and Challenges:
Rapid growth of e-commerce: Exponential rise of omnichannel shopping sectors for easy online shopping experience has influenced the supply and logistics sectors highly to adopt advanced IoT solutions, such as alarm systems, asset trackers, critical and complex fleet management software to meet the rising demand. In June 2020, Ford Commercial Solutions launched a web-based software platform and subscription service known as Ford TelematicsTM, which offers GPS tracking and geofencing, and help commercial vehicle customers to monitor fuel usage, driver behavior and so on.
Rising demand of connected cars and EV-vehicles: In recent years, the demand for autonomous driving cars and Electric vehicles has grown exponentially. Hence, the rising demand of connected cars and EV-vehicles across the globe is accelerating the growth of Fleet Management Software Market to aim improved driver performance, remote fleet management access and real-time communication.
Budget constraint for installing high-scale fleet software: To meet the growing demands in the logistic industry, the operators are trying to leverage more advanced fleet solutions like cloud based software to manage wide-area coverage for better operation management. However, the tracking and follow-up of the fleet requires top standalone application or software-as-a-service solution, which is high-priced to prevent risk of cyber security and unauthorized access to the system.
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