Global Fleet Management Solutions Market - Segmented by Component Type (Cloud, On-premise, Hybrid), Solutions (Driver Management, Fleet Analytics, Operation Management), End-User Vertical (Construction, Energy and Utilities, Government), and Region - Growth, Trends, and Forecast (2018 - 2023)
The fleet management solutions market is expected to witness a CAGR of 12.88% over the forecast period (2018 - 2023). The report includes insights on the solutions offered by major players including providers of hardware, professional services, and integration solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study offers insights on various end-user verticals as construction, energy & utilities, government, manufacturing, transportation, etc. It also considers solution-based segmentation, such as driver management, fleet analytics, operation management, speed management, telematics, etc., and deployment-based segmentation, such as cloud, on-premise, and hybrid.
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.
Renewed Emphasis on Streamlining Fleet Operations
Fleet management market has been greatly affected by the rising operational costs rooting from increased demand for utility vehicles, rising expenditure on maintenance, and steady growth in compliance costs. The market has been operating on very meager margins and the need for streamlining operations has been a major driver for growth in the fleet management solutions. A clear operational plan for running fleet services is the need of the hour. Fleet management solutions have been leveraging technology for offering services like operations management, supply chain management, increased reporting & analytics, vehicle & asset management, and much more. Large fleet owners need effective solutions for monitoring their activities in order to save cost and resources. Fleet management solutions greatly reduce the insurance premiums by complying with regulatory standards. They offer supply chain management tools that keep track of inventory and cargo movement on the ground. The new age solutions are also offering remote diagnostics for helping drivers in case of emergency.
Cloud-based Fleet Management Deployment Solution
The cloud-based deployment model enables the collection of large volumes of server-storage resources into an integrated solution while providing backup of the user’s database on the different servers to guarantee the reliability of data. In the cloud storage era, users have access to the stored data in the system without any geographical limitations. The users only pay for the resources that are needed while the providers bear the cost of building and maintaining the storage architecture. In the recent years, the low cost and ease of implementation have made cloud deployment a highly desirable delivery model among the enterprises worldwide. Cloud-based software are incorporated in light, medium, and heavy vehicles for obtaining the real-time information. The Asia-Pacific and North American regions are making good use of the cloud-based software to ensure quality tracking. This has boosted various verticals with increased fleet tracking devices and solutions, provided by the vendors in these regions for more effectiveness.
Key Developments in the Market
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