As per report “Fleet Management Market by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service (Professional and Managed), Deployment Type, Fleet Type, and Region – Global Forecast to 2023”, the global fleet management market size is expected to grow from USD 15.9 billion in 2018 to USD 31.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period. The major growth drivers of the market include the increasing strict government mandates, rising deployment of cloud-based solutions, growing IoT implementations, and rising demand for big data analytics.
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The key and emerging market players in the fleet management market include ARI Fleet Management (US), Azuga (US), Chevin Fleet Solutions (Australia), Ctrack (US), Donlen Corporation (US), Geotab (Canada), GPS Insight (US), Masternaut (UK), MiX Telematics (South Africa) , Nextraq (US), Teletrac Navman (US), Trimble (US), Verizon Connect (US), Wheels, Inc (US), and Fleetroot (UAE). These players have adopted various strategies to grow in the global fleet management market.
The fleet analytics and reporting segment to record a higher growth rate during the forecast period
In the fleet management market by solution, the fleet analytics and reporting segment is expected to record a higher growth rate during the forecast period as analyzing big data to find actionable insights would continue to gain importance, as fleets become more connected and big data continues to grow. The predictive analytics and real-time analytics tools help meet the dynamically changing targets in the fleet management ecosystem that consists of dynamic customer needs, real-time vehicle state, and varying driver attributes.
Among services, the professional service provider segment to have a larger market size during the forecast period
In the fleet management market by service, the professional service provider segment is expected to have a larger market share during the forecast period. Currently, the fleet management market is emerging and expected to grow during the forecast period. Professional service providers study the fleet operations of logistics companies, thereby comprehending business constraints, providing major insights that help these companies optimally utilize all available resources, and making the most of their technological investments.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global fleet management market during the forecast period. The US has emerged as a larger country in terms of market size, due to the large-scale implementation of fleet management solutions by the organizations and enterprises in the country. The pace of digital transformation in the US is high, high growth of telematics, and advent of the 4G technology in the region are the factors attribute to the fast growth of the fleet management market in the US. Additionally, companies in North America are moving from adding telematics to vehicles to integrating connected data into fleet management to bring about vehicle connectivity benefits. This is attributed to the fact that; the connected data solutions would enable access to key driver safety and productivity metrics. This would lower fleet cost, improve safety, and reduce downtime
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