Fleet Management Market

  • The global fleet management market size is expected to grow from USD 15.9 billion in 2018 to USD 31.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7%.

  • Detailed study on Fleet Management Market by MarketsandMarkets™ provides broad analysis on the basis of Types, Applications and key players which is useful for better decision making.

  • The growth of the Fleet Management Market can be attributed to the cost benefits versus Software-as-a-Service (SaaS) and cloud-based deployments of fleet management solutions. The primary factors driving the growth of market include the increasing government regulations and need for optimization of fleet operating expenses. The other factors supporting the market growth include the decreasing hardware and software costs and growing need for operational efficiency among fleet owners.

  • Fleet Management Market is segmented on the basis of components (solutions [software and appliances] and services), deployment types (on-premises and cloud), services (professional services and managed services), and regions. A detailed analysis of the key industry players has been done to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and recent development associated with the global fleet management market.

  • Fleet management enables enterprises to track and maintain their vehicles in a cost-effective, quick, and accessible way. It involves functions such as vehicle tracking & diagnostics, financing, driver management, and others. It helps business organizations that depend greatly on transportation to lower or completely eliminate the risks associated with staff cost, operations, and others

  • With the growing number of fleet vehicles, increased maintenance cost, and volatile fuel prices across the globe, there is an increased concern for fleet companies to achieve high operational efficiency with reduced cost.

  • Emerging trend of connected devices in end user industries is raising the demand for advance services eventually powering the growth of IoT based services in Europe. Usage of devices such as drones, embedded camera and robots are improving the efficiency and productivity of end-user industries such as manufacturing, energy and agriculture.