Global Fleet Management Solutions Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Fleet management solutions refer to technology-driven services that use GPS (global positioning system), telematics, and software to monitor, track, and optimize the operations of a fleet of vehicles to enhance efficiency, safety, and overall management. Fleet management systems help firms optimize their operations by enabling effective route planning, scheduling, and dispatching, which leads to increased production and lower fuel usage.

Sizing and Forecast
The fleet management solutions market size has grown rapidly in recent years. It will grow from $21.05 billion in 2023 to $24.27 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%.  The growth in the historic period can be attributed to increased telematics integration, cost reduction and efficiency, increased safety improvement, regulatory compliance (ELD), and blockchain for security and transparency.

The fleet management solutions market size is expected to see rapid growth in the next few years. It will grow to $43.22 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%.  The growth in the forecast period can be attributed to predictive analytics and AI, edge computing for real-time processing, cybersecurity measures, mobile and user experience (UX) enhancement, and drone integration for asset management. Major trends in the forecast period include electric vehicle (EV) integration, subscription-based models and SaaS, augmented reality (AR) for maintenance, geospatial technology for advanced routing, and advanced driver-assistance systems (ADAS) integration.

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Segmentation & Regional Insights
The fleet management solutions market covered in this report is segmented –
1) By Solution: Asset Management, Information Management, Driver Management, Safety And Compliance Management, Risk Management, Operations Management, Other Solutions
2) By Deployment Model: On-Premise, On-Demand, Hybrid
3) By Application: Transportation And Logistics, Automotive, Retail, Government, Shipping, Other Applications

North America was the largest region in the fleet management solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fleet management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
Rising demand for connected vehicles is expected to propel the growth of the fleet management solutions market going forward. Connected vehicles refer to automobiles equipped with advanced communication technologies that enable them to interact with other vehicles, infrastructure, and external systems. The demand for connected vehicles is rising due to several factors, including increased connectivity, enhanced safety, integration with smart infrastructure, and the emergence of autonomous driving. Connected vehicles can monitor driving behaviors such as speeding, hard braking, and acceleration, and this data can be used by fleet managers to identify risky driving behaviors, provide driver feedback, and develop training programs to improve safety and prevent accidents. For instance, in February 2021, according to a report published by McKinsey & Company, a US-based strategy and management consulting firm, about 95% of new vehicles sold globally will be connected by 2030, up from around 50% today. Around 45% of these vehicles will have intermediate and advanced connectivity. Therefore, the rising demand for connected vehicles is driving the growth of the fleet management solutions market.

Key Industry Players
Major companies operating in the fleet management solutions market are Verizon Communications Inc., AT&T Corporation, International Business Machine Corporation, Cisco Systems Inc., Trimble Inc., Donlen LLC , Geotab Inc., TomTom NV, Wheels Inc., Omnitracs LLC, Odoo SA, Samsara Network Inc., Inseego Corp, MiX Telematics Limited, PowerFleet, KeepTruckin Inc., Tenna LLC, Switchboard Inc., Fleet Complete Inc., Octo Telematics SpA, Rarestep Inc. , Chevin Fleet Solutions Limited, One Step GPS LLC, Transflo Services Inc., GoFleet Inc., Advanced Tracking Technologies Inc., Arvento Mobile Systems A.S., Astrata Corporation

The fleet management solutions market report table of contents includes:
1. Executive Summary

2. Fleet Management Solutions Market Characteristics

3. Fleet Management Solutions Market Trends And Strategies

4. Fleet Management Solutions Market - Macro Economic Scenario

5. Global Fleet Management Solutions Market Size and Growth
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32. Global Fleet Management Solutions Market Competitive Benchmarking

33. Global Fleet Management Solutions Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Fleet Management Solutions Market

35. Fleet Management Solutions Market Future Outlook and Potential Analysis

36. Appendix

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