Global Flexible Display Market & Market Size, Trends, and Forecasts (2015 - 2020)
The Fleet Management Solutions Market was projected at USD 3.21 billion in 2015, and is expected to reach USD 9 billion by 2020, with a CAGR value of 22.88%. Fleet management solutions (FMS) market integrates hardware, software, network infrastructure and connectivity solutions to offer effective monitoring as well as reporting systems for fleet operators. Fleet management solutions are often perceived as vague; however, it refers to a set of tools, which offer greater control over fleet activities by making use of data logging, data communications and analytics. The various services provided by FMS include vehicle & asset management, operation management, supply chain management and regulatory compliance. These services are provided, using a combination of telematics devices, navigation system, network and software tools.
This management solution plays a major role in saving costs and resource expenditure, while ensuring that the entire fleet complies with prevailing standards. Therefore, fleet management solutions are increasingly becoming an indispensable part of fleet operations. The overall effectiveness of a business can be greatly enhanced by eliminating services that offer marginal value.
Increased demand for operational streamlining, greater access to connectivity and plunging hardware costs are expected to drive the growth of this market. The general market outlook is optimistic due to increased demand for fleet solutions, growing service sector and incremental innovations in technology. Suppliers comprise of original equipment manufacturers and after-market suppliers. Although fleet management services have been around for over three decades, they are yet penetrate the market due to several mitigating factors. These factors include lack of awareness among small fleet owners while large fleet owners face bureaucratic hurdles for gaining approval.
Fleet management solutions are increasingly being deployed on the cloud due to several cost and operational advantages. On-premise hosting is an alternative to the cloud model; it is based on local deployment of solutions. Hybrid deployment uses a combination of cloud and on-premise hosting facilities.This market is segmented based on solutions offered for different verticals such as, telematics, asset management, fleet analytics, driver management and other services. Fleet management solutions are used across various business verticals like manufacturing, transportation, government, energy utilities and others.
North America leads the market for fleet management solutions. It was worth USD 1.18 billion in 2015, and is expected to retain high growth during 2015-2020. Presence of major fleet management solution vendors and increased demand for freight traffic is driving this market. The European market is the second largest contributor to revenue, with United Kingdom, France and Germany being the major markets in this region. Europe fleet management services market was valued at USD 0.91 billion in 2015. The Asia-Pacific region is expected to record the highest growth rate in this market. Increased market penetration and presence of large fleets in China and India will aid in the adoption of fleet management solutions in the region. The Latin American market is expected to grow at a CAGR of 24.20%, due to increased awareness and demand for cost effective solutions. Fleet management solutions in the Middle Eastern region are forecasted to record high growth owing to increased retail activity and presence of large/medium fleet operators.
The major players in this market are Trimble, Fleetmatics, Omnitracs+XRS, TomTom, Teletrac Navman, Telogis.
WHAT THE REPORT OFFERS
Market Definition for the Global Fleet Management Solutions Market along with identification of key drivers and restraints for the market Market analysis of the Global Fleet Management Solutions Market, with regional specific assessments Identification of factors instrumental in changing the market scenarios and in offering prospective opportunities Identification of key companies, which can influence the market on both the global and regional scales Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares Identification and analysis of the macro and micro factors that affect the Global Fleet Management Solutions market on both global and regional scale. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
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