Fleet Management Solution Market Overview, Outlook, and Opportunity Analysis, 2021 - 2028

 

Fleet Management Solution Market

Fleet Management is a process that allows businesses to streamline and coordinate work vehicles in order to reduce costs, comply with government regulations, and improve efficiency. Fleet management solutions include operations management, driver management, fuel management, speed management, health and safety management, vehicle telematics, and vehicle management. Furthermore, fleet management solutions incorporate a variety of advanced technologies such as GPS, data communication, the Internet of Things (IoT), artificial intelligence (AI), machine learning, Fleet Management Solution, and so on. North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa dominate the Global Fleet Management Solution Market.

During the forecast period, the global fleet management solution market is expected to grow due to increased adoption of fleet management analytics. Fleet management solutions include data management and analytics, which has significantly increased their adoption. Data management and analytics have become increasingly important as businesses have been able to save money. Furthermore, these features aid in the collection, synthesis, and interpretation of data points from various business processes. Data management and analytics are the foundations of a successful and competitive fleet management company.

Over the forecast period, the growing shift toward smaller fleets is expected to propel the global fleet management solution market growth. In 2020, North America dominated the global Fleet Management Solution Market, accounting for 34.2% of the total value, followed by Europe, Asia Pacific, the Middle East and Africa, and Latin America.

The Global Fleet Management Solution Market Is Estimated To Be Valued At US$ 37.89 Million In 2021 And Is Expected To Exhibit A CAGR Of 22.6 % Over The Forecast Period (2021-2028).

Technological advancements are expected to usher in new technologies such as connected vehicles and self-driving cars. Constant technological advancements have given rise to this new breed of vehicles, which is expected to reshape the fleet management market. Roadways, roles, fleets, business models, and drivers would all be affected by this paradigm shift. Furthermore, the proliferation of Advanced Driver Assistance Systems (ADAS) is expected to make mobile technology ubiquitous in fleets. Reduced telematics costs, both in terms of software and hardware, had increased the use of telematics solutions to improve operational safety.

Because the number of fleets and their constituents is growing, on-demand trucking service may emerge as a new market segment. The centrepiece of this new segment, which is expected to see an increase in the number of companies offering on-demand trucking services, is expected to be Uber-like functionality. As a result, these developments are expected to result in more efficient resource management and the emergence of a new segment for telematics service providers to serve as intermediaries.

Safety is still one of the most pressing concerns for fleet management companies and managers. Concerns about the safety of the vehicle and the driver are a recurring issue in the industry. Factors such as driver noncompliance with safety policies such as cell phone use while driving make enforcing safety measures difficult. Because fleet company drivers drive more than other drivers, striking an optimal balance of limiting the use of mobile devices while driving becomes difficult. This, in turn, can endanger both the driver and the fleet.

Competitive Landscape of Fleet Management Solution Market- Emkay, Inc., Element Fleet Management Corp., Magellan Navigation, Inc., Daimler Fleet Management GmbH, Telogis, Inc. (Verizon), JDA Software Group, Inc., Trimble Inc., Wheels, Inc., TomTom Telematics BV, and MiX Telematics Ltd.

For More Insights, visit- https://www.coherentmarketinsights.com/press-release/fleet-management-solution-market-3929 

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