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(Wireless-NewsWire.Com, July 04, 2018 ) According to report "Fleet Management Market by Solution (Operations Management, Information Management, Risk Management, Vehicle Maintenance & Leasing, Safety & Compliance Management), Service, Deployment Type, Fleet Type and Region - Global forecast to 2022", the fleet management market size is expected to grow from USD 13.78 Billion in 2017 to USD 28.66 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.8%.
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The major driver of the fleet management market is said to be the growing need for operational efficiency, resulting in the increased demand for fleet management, adoption of cloud computing in fleet, thereby streamlining the fleet management operations, and declining hardware and connectivity costs, leading to increased deployment of fleet management solutions.
Operations management solution is expected to have the largest market share during the forecast period
The operations management solution is expected to have the largest market share during the forecast period, owing to the much needed functionalities, such as location tracking, which enables real-time tracking of vehicle location, geo-fencing capabilities that ensure vehicles do not deviate from the planned route, route optimization, which helps in optimizing the fuel usage, and navigation, which assists drivers in safe driving and covering the planned route.
Managed services segment is expected to grow at the fastest rate during the forecast period
The managed services segment is expected to grow at the fastest rate during the forecast period, owing to the increased adoption of outsourced managed services. Integrated facility management, consultancy, and round-the-clock help desk are some of the upcoming managed services required by fleet operators. Moreover, it has become difficult for companies to focus on core business processes and support various other functions, which in turn, increases the significance of managed services. These services offer technical skills that are required to maintain and update the software in the fleet management ecosystem.
North America is expected to hold the largest market share during the forecast period
As per the geographic analysis, North America is estimated to hold the largest market share during the forecast period. This is due to the early adoption of fleet management technologies, majorly for commercial vehicles in this region. North America constitutes of developed economies, such as the US and Canada. These countries are significantly advanced in terms of technology and its application deployments. Moreover, government regulations, policies, and mandates for the different applications of fleet management are expected to drive the market growth in North America.
The major vendors covered in the fleet management market include AT&T (US), Donlen Corporation (US), Geotab (Canada), LeasePlan USA (US), Masternaut Limited (UK), Merchants Fleet Management (US), Omnitracs (US), Teletrac Navman (US), Trimble (US), Verizon Telematics (US), Wheels, Inc. (US), and WorkWave (US).
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