The fleet management market is projected to reach a value of approximately US$ 13.87 billion by the end of 2023, according to forecasts by Future Market Insights (FMI). Over the following decade, from 2023 to 2033, the market is expected to experience substantial growth, with a compound annual growth rate (CAGR) of 10.4%. This growth trend suggests that by 2033, the fleet management software market could potentially achieve a market value of around US$ 37.30 billion.
The growing concern about fleet safety, required government laws for vehicle maintenance and tracking, the requirement for operational competency in fleet management, and a boom in the adoption of wireless technology due to its low cost and availability, all make significant contributions to the fleet management software market growth.
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Low Signal Strength and Employee Backlash to Slow Market Development Fleet
The limiting element that prevents the fleet management software market from expanding is atmospheric inference, which has caused problems with GPS connectivity. Yet for the signal to reach mobile phones, it must travel a great distance, endure various air conditions, and switch between numerous satellites. As additional satellites are added or removed, the precision of the signal declines, which limits market expansion.
Windows of Opportunities in the Market
Factors such as the expansion of transportation in the logistics industry, the adoption of intelligent modes of transportation, and the improvement of communication networks present several chances for the fleet management market growth throughout the projection period.
Mobility industries and government agencies are embracing the mobility-as-a-service approach to optimize traffic and carbon emissions. They are providing ride-hailing, carpooling, automobile sharing, and other alternatives for commuting to drive their car. The fleet management software is supposed to aid in getting insights into pick-ups, drop-offs, automotive telematics, and payment practices.
Competitive Analysis of the Fleet Management Market:
TomTom N.V. United States, Fleetmatics Group PLC, General Services Administration, Freeway Fleet Systems, IBM Corporation, Telogis, AT&T Inc., Grupo Autofin de Monterrey, and Navico I.D. are some notable participants in the fleet management market research.
The system is used by companies including FAMSA, Troncalnet, Didi Chuxing, Grab, Cisco Systems, Uber Technologies, Trimble Transportation & Logistics, Ola Cabs, and Trimble Transportation & Logistics, among others.
There are tier-1, tier-2, and local players in the fleet management software market. To diversify their product offerings, the top market players make significant investments in cutting-edge research and software development. The companies are collaborating with technology vendors to enhance fleet management with state-of-the-art tracking, accurate GPS, and enhanced driver support.
Zebra Technologies Corp., Trimble Inc., Cisco Systems, Inc., GoFleet Corporation, Geotab Inc., Digital Matter, GPS Trackit, GoGPS, Wireless Links, Embitel, Gurtam, Teletrac Navman, Linxio, StreetFleet, TigerFleet, Ruptela, Trakm8 Limited, and WebEye Telematics Group are some of the other leading companies in the fleet management market.
Segmentation Outlook:
| Segment | HCAGR (2018 to 2022) | CAGR (2023 to 2033) | Market Share – 2033 |
| Hardware | 7.8% | 10.0% | 47.7% |
| GPS Tracking Devices | 9.0% | 10.8% | 49.7% |
| Dash Cameras | 6.8% | 8.2%
|
30.7% |
| Bluetooth Tracking Tags (BLE Beacons) | 3.8%
|
4.9% | 8.8% |
| Data Loggers | 10.0% | 13.9% | 10.8% |
| Software | 10.0% | 11.6% | 41.4% |
| Fleet Management Software | 10.3% | 11.1% | 55.8% |
| Telematics Software | 9.7% | 12.2% | 44.2% |
| Services | 3.6% | 7.6% | 11.0% |
| Professional Services | 1.7% | 6.9% | 29.1%
|
| Managed Services | 4.6% | 7.9% | 70.9% |
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