Fleet Management Market Growth Overview And Forecast 2021-2023

February 22, 2021
Ajitb567

Fleet management is the process of managing fleets in an organization. It utilizes software for checking on vehicle diagnostics, driver behavior, and monitoring of assets. It finds application in sectors of waste management, oil & gas, construction, chemicals, mining, retail and logistics, utilities, and public and private transport. The global fleet management market report by Market Research Future (MRFR) predicts revenue and growth projections for the period of 2018 to 2023 (forecast period) by looking at drivers, opportunities, obstacles, and challenges. The COVID-19 pandemic and its effects on the industry are explained in a comprehensive manner.

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Market Scope

The global fleet management market is expected to grow at a CAGR of 22% during the forecast period. The continuous demand for logistics and transportation, initiatives for curbing emissions, connectivity issues, and volatile fuel prices are major drivers of the market. Organization can utilize fleet management software for tracking fleets and ensuring the safety of their drivers. Integration of electronic logging devices in fleets for compliance with latest laws and rise of smart transportation can bolster the market demand significantly.

Enforcement of laws for ensuring more driver breaks and sleep for drivers can spur the demand for fleet management software. This can ensure the efficiency of operations and reduce overall costs. Real-time alerts for managers and GPS tracking for pinpointing vehicles coupled with sustainability initiatives can favor the market in the coming years. Integration of artificial intelligence and big data for gaining access to fleets in real-time as well as their routes can serve the market favorably.

Concerns for cyberattacks and lack of network infrastructure in certain countries can dampen the Fleet Management Market growth.

Segmentation

By connectivity type, it is divided into cellular system and satellite navigation.

By deployment type, it is segmented into cloud, on-premises, and hybrid. The cloud segment is expected to dominate the market owing to its easy integration and cost-efficiency.

By services type, it is segmented into professional services, managed services, and integration and deployment services. The professional services segment can lead in the market owing to presence of various logistics and transportation companies and mandatory laws for curbing emissions.

By management type, it is segmented into operation management, asset management, and driver management.

 

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