Fleet Management Market is Growing at CAGR of 21% and Expected to Reach USD 26 Billion by 2022

CIOReview Team | Thursday, 27 April 2017, 11:16 IST

Market Research Future Published a Half Cooked Research Report (HCRR) on Fleet Management Market.

Market Overview:

In this rapid advancement in technology industry, to have accurate and precise data of transport management and uniform vehicle tracking system has led to the invention of the fleet management system. The usage of fleet management has expand overtime and came up with easy solutions of complex problems. The problems faced by business which are highly involved in transportation, and vehicle tracking management enables the companies to keep the record of vehicles in fleet or profile of the driver and helps the managers in to keep an eye on the goods/items loaded or unloaded.

The fleet management market is growing rapidly over 21% of CAGR and is expected to reach at USD 26 billion by the end of forecast period.

Key Players:

The prominent players in the Fleet Management Market are- Teletrac Navman Group (U.S.) , Tomtom International BV (Netherlands), Fleetmatics Development Limited (U.S.), AT&T Inc. (U.S.), Verizon Communications, Inc. (U.S.), Trimble Inc. (U.S), Zonar Systems, Inc. (U.S.), Eresource Infotech Pvt. ltd. (India), Cartrack Technologies Co. Ltd. (Thailand), Workwave LLC (U.S), among others.

Fleet Management Market Segmentation

The fleet management market has been segmented on the basis of deployment type, service and vertical. On basis of deployment type the fleet management consists of software-as-a-service and on-premise service. The study indicates that software-as-a-service would grow at a highest rate in the fleet management market by the forecast period. The increasing penetration of cloud based services and demand for smart transport management are expected to drive the software-as-a-service market. Whereas, based on service segment the integrated and deployment service system will have the largest market share.

Access the market data and market information presented through more than 25 market data tables and 25 figures spread over 100 numbers of pages of the project report “Fleet Management Market - Forecast to 2022”.

Market Research Analysis:

Market Research Future Analysis shows that wide adoption of cloud computing technologies, web-based technologies and internet of things (IoT) would result in sudden hike in fleet management market. It has been observed that developments in smart vehicle tracking concept result in significant growth of fleet management market. The major benefits of fleet management are improved safety, higher productivity and efficiency, more accurate data and overall risk management and staff management. These factors would rapidly increase the fleet management market very soon.

Regional analysis for fleet management market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. The study reveals that North America region would evolve as a leader in fleet Management market. The study indicates large investments by North America markets in commercial vehicle fleets play an important role in the American economy. These factors would result in rapid growth of fleet management market by the forecast period. The study reveals that Europe region followed by North America would gradually increase its market share in the fleet management market by the forecast period. Developing economic countries from Asia-Pacific are attracting it attention in fleet management because of high adoption of cloud services by small and medium enterprise.