Fleet Management Software Anticipated to be the highest Revenue Contributor Throughout The Forecast Period
Fleet Management Software market in global is expected to grow from US$ 15.81 Bn in 2018 to US$ 54.05 Bn by the year 2027. This represents a CAGR of 14.9% from the year 2019 to 2027.
Europe was the leading geographic market, and it is anticipated to be the highest revenue contributor throughout the forecast period. Europe fleet management software market size is expected to gradually increase in the coming years till 2027, owing to the increasing spending in the automotive sector in the region.
Market Insights
Use of wireless technologies for fleet operations expected to boost the market
Currently, the wireless industry is growing immensely and setting new records for network traffic, network infrastructure, and wireless connections deployment. Due to the implementation of the Internet of Things (IoT) worldwide, it enables to enhance various systems used for various industries through wireless technologies. Wireless technologies play an important role in driving the economy of various countries around the globe. Several potential countries around the world are contributing to the country’s economy to remain competitive in the market. For instance, according to CTIA, a trade association for the wireless communications industry based in the U.S., The wireless industry contributed US$ 475 Bn to the U.S. economy annually in 2016.
Various companies use fleet management software in order to control the fleet vehicles. Integration of wireless technologies with fleet management software increases the efficiency of the fleets and helps reduce the burden of fleet operators. Wireless technology such as global positioning system and vehicle tracking systems helps to gain exceptional insight into the performance of the fleet. These wireless technologies also improve the behavior of the driver by monitoring the speed of the vehicle, harsh braking, and much more. Furthermore, according to a study, around 13 million devices enabled with wireless connectivity are deployed to manage fleet vehicles, and this figure might grow during the forecast period. Thus, due to increased emphasis on wireless technologies in vehicle operations help the vendors to increase their productivity, efficiency, would boost the global fleet management software market in the forecast period.
Global Fleet Management Software Market - Companies Analyzed
- ARI Fleet Management Company
- Element Fleet Management Corp.
- Geotab Inc.
- GPS Insight
- NexTraq, LLC
- Omnitracs, LLC
- Teletrac Navman US Ltd
- Trimble, Inc.
- Verizon Connect
- Wheels, Inc.