With 18.3% CAGR, Fleet Management Software Market Worth USD 67.38 Billion by 2029
According to Fortune Business Insights, the global fleet management software market size is projected to reach USD 67.38 billion in 2029, at a CAGR of 18.3% during the forecast period, 2022-2029
Pune, India, Dec. 16, 2022 (GLOBE NEWSWIRE) — The global fleet management software market size was valued at USD 18.20 billion in 2021. The market is anticipated to rise from USD 20.73 billion in 2022 to USD 67.38 billion by 2029, exhibiting a CAGR of 18.3% during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Fleet Management Software Market Forecast, 2022-2029.”
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Key Industry Development
Fleet Complete rolled out advanced next-generation version 2.0, AI-based video telematics, and dash cam solution. It consists of an LTE connectivity driver monitoring system and in-cabin safety solutions.
According to the analysis, the penetration of telematics and mobility-as-a-service and telematics could provide promising growth opportunities. For instance, the trend for carpooling, ride-hailing and car-sharing services has acted as a major growth enabler globally. The fleet management software solutions will continue to be sought to provide insights on payment activities, vehicle telematics, drop-offs and pick-ups.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 18.3% |
| 2029 Value Projection | USD 67.38 Billion |
| Base Year | 2021 |
| Fleet Management Software Market Size in 2021 | USD 18.20 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Component, Fleet Type, Industry and Geography |
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Need for Essential Products to Augment Fleet Management Software Market Demand
Although majority of the industries grappled with the onslaught of the COVID-19 pandemic, some end-use sectors, such as pharmaceuticals, agriculture, and FMCG, exhibited resilience. The market presence of management software became pronounced with fleet managers showing traction for advanced software solutions and services. Following the COVID-19 outbreak, a slew of commercial vehicle manufacturers upped investments in GPS tracking systems to expand their footfall. For instance, Verizon Connect Report 2021 claimed 68% of the fleets used GPS tracking technology and software solutions in their vehicles. Prevailing trends indicate end-users will continue to seek advanced services to expand their footfall.
Segments
In terms of component, the market is segmented into services and solution.
Based on fleet type, the industry is fragmented into passenger cars and commercial fleet.
On the basis of deployment, the market is segregated into on-premises and cloud.
With respect to industry, the market covers transportation, logistics, manufacturing, chemical, oil & gas, and others.
With regards to region, the market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a comprehensive view of the market share, size, volume and revenue. It has also deep-dived into SWOT analysis and Porters’ Five Force Analysis. The report has been prepared through qualitative and quantitative analysis to boost the strategic approach. Besides, a slew of primary interviews with major stakeholders and suppliers has bolstered the significance of the report. Primary data has been collected through telephonic conversations, questionnaires and emails. The report also includes secondary sources, including SEC filings, government websites and press releases.
Drivers and Restraints
Expansion of State-of-the-art Technologies to Propel Industry Growth
The growing presence of artificial intelligence, machine learning and big data analytics is poised to foster fleet management software market share. Leading companies are likely to emphasize GPS technologies and telematics to provide real-time tracking. For instance, in August 2021, eBikeGo rolled out advanced artificial intelligence and IoT-based fleet management system to enhance and track efficiency. Industry players will continue to exhibit traction for IoT-powered fleet tracking solutions to track, optimize and assess operations. Industry participants anticipate vehicle-to-infrastructure connectivity to gain considerable traction, auguring well for the business outlook.
However, complexities in getting used to the technology and low signal in big buildings will challenge stakeholders in the ensuing period.
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Regional Insights
Trend for Real-time Tracking Solutions to Solidify North America Market
Soaring demand for vehicle tracking systems across the manufacturing and transportation sectors in the U.S. and Canada will bode well for the North America market outlook. Besides, the automotive and logistics sectors have been at the forefront. It is worth noting that the deployment of real-time tracking solutions has become pronounced across end-use sectors, triggering a wave of innovations across the region.
The Europe fleet management software market growth will be noticeable on the back of the growing penetration of automotive and heavy manufacturing sectors. Besides, bullish demand for passenger cars has expedited the trend for connected vehicles across the U.K., France, and Germany. Stakeholders also expect the commercial fleet to gain impetus with surging demand for maintaining fleet timing and material scheduling and tracking.
Well-established and emerging players expect Asia Pacific to provide promising growth opportunities, partly due to the demand for mobility services. Moreover, the presence of leading companies will add fillip to the regional growth. To illustrate, in July 2020, Tata Motors rolled out Fleet Edge fleet management solution catering to connected vehicle consumers for informed decisions making. Considering the global push to reduce emissions, Asia Pacific is likely to increase its investments in advanced fleet management software solutions.
Competitive Landscape
Key Players Prioritize Organic and Inorganic Strategies to Tap Markets
Stakeholders are slated to inject funds into technological advancements, product launches, collaborations, and mergers & acquisitions. Major players are likely to emphasize geographical growth to expand their footprint.
The Report Lists the Key Companies in the Global Market
- Verizon Connect (U.S.)
- Geotab, Inc. (Canada)
- Trimble Inc. (U.S.)
- LeasePlan Corporation N.V. (Netherlands)
- Omnitracs, LLC (U.S.)
- Cisco Systems, Inc. (U.S.)
- AT&T, Inc. (U.S.)
- FleetCor Technologies, Inc. (U.S.)
- IBM Corporation (U.S.)
- MiXTelematics International Ltd (U.S.)
- Fleet Complete (Canada)
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Major Table of Contents:
- Global Fleet Management Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Operations Management
- Fleet Tracking and Geofencing
- Routing and Scheduling
- Vehicle Maintenance and Diagnostics
- Performance Management
- Driver Management
- Fuel Management
- Fleet Analytics and Reporting
- Others
- Operations Management
- Services
- Solution
- By Fleet Type (USD)
- Commercial Fleet
- Passenger Cars
- By Deployment (USD)
- On-Premise
- Cloud
- By Industry (USD)
- Manufacturing
- Logistics
- Transportation
- Oil and Gas
- Chemical
- Others
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Fleet Management Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Operations Management
- Fleet Tracking and Geofencing
- Routing and Scheduling
- Vehicle Maintenance and Diagnostics
- Performance Management
- Driver Management
- Fuel Management
- Fleet Analytics and Reporting
- Others
- Operations Management
- Services
- Solution
- By Fleet Type (USD)
- Commercial Fleet
- Passenger Cars
- By Deployment (USD)
- On-Premise
- Cloud
- By Industry (USD)
- Manufacturing
- Logistics
- Transportation
- Oil and Gas
- Chemical
- Others
- By Country (USD)
- United States
- By Component
- By Fleet Type
- By Deployment
- By Industry
- Canada
- By Component
- By Fleet Type
- By Deployment
- By Industry
- United States
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