Global Fleet Management Software Market Size, Share, Growth Analysis, By Deployment(Cloud Based, On Premises), By Industry(Power, Automotive) - Industry Forecast 2022-2028

Fleet Management Software Market size was valued at USD 18.23 billion in 2021, and it is expected to reach a value of USD 55.77 billion by 2028, at a CAGR of more than 17.32% over the forecast period (2022-2028).

Fleet management software handles a multitude of functions, including vehicle financing, vehicle maintenance, tracking and diagnostics, driver and vehicle management, speed and fuel management, and health and safety management. Because the market for these solutions is still in its infancy, there are several opportunities for sellers.

Cloud goods are being chosen by industry suppliers due to the benefits they provide, such as faster time to market, high efficiency, more features, and a lower cost than on-premise. To implement IRDA's projections, Zoho Corporation, for example, is depending on developments such as the cloud, the Internet of Things (IoT), and artificial intelligence (AI). WebNMS, for example, stated that combining AI and machine learning into its fleet management solutions could save a midsized fleet of 25-50 cars 10-15% on fuel.

Telematics is beginning to change the way businesses organise and structure their workforce. Fleet management technology offers numerous benefits to businesses of all sizes. It allows them to properly monitor operations and serves as a digital road plan to encourage safe and efficient driving. This has the potential to reduce risk while decreasing costs. In many respects, it has matured into a critical tool for businesses.

Driver safety must be prioritised above all else by fleet management. According to a recent study, speed is "at the heart of the problem with road safety" and "in about 30% of fatal incidents, speed is an important contributory element." As a result, the major focus of a fleet management system is on the performance and behaviour of the drivers. The capacity to receive notifications and alerts on unsafe driving practises in near real-time is a significant benefit of fleet management software. For example, fleet tracking solutions such as dashboard cameras allow fleet managers to monitor any instances of speeding, hard braking, or fast turns made by their drivers.

Top-down and bottom-up approaches were used to estimate and validate the size of global Fleet Management Software Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report:

Global fleet management software market is segmented based on the Deployment, Industry, and region. Based on the Material Type, the Global Fleet Management Software Market is segmented as Cloud Based, On Premises and Hybrid. Based on Industry, the fleet management software market is segmented as Power, Automotive, Mining, Oil and Gas, Aerospace and Defense, Utility, Logistics and Transportation. Based on Region fleet management software market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

To meet the growing demand, the supply and logistics industries have been significantly pushed by the exponential growth of omnichannel shopping sectors to embrace cutting-edge IoT solutions such as alarm systems, asset trackers, and crucial and complicated fleet management software. It provides GPS tracking and geofencing and supports commercial vehicle owners in measuring fuel use, driver behavior, and other aspects. Because the logistical sector of the economy is fully dependent on the transformation of commodities for delivery to any point on the earth, any disruption could have a negative impact on performance. The e-commerce boom has boosted demand for an effective logistical operation, which is fueling the expansion of the Fleet Management Software Market.

Every industry strives to produce the most for the least amount of money. For fleet managers, fleet expenses account for a considerable portion of the company's operational costs. Fleet management systems help fleet owners make more money by optimising routing, preserving vehicle security, increasing driver safety, and improving the performance and longevity of fleet vehicles. Furthermore, it aids in the visualisation of fleet performance and the identification of drivers or cost-saving categories that require improvement. Fleet management aids fleet managers in downsizing fleet vehicles, providing maintenance management, reducing fuel costs and travel lengths, modifying driver behavior, and lowering administrative costs. Fleet owners receive a competitive advantage as a result of the benefits that boost the efficiency of their business operations at a cheaper cost.

Restraints

To meet the rising needs in the logistics industry, operators are attempting to deploy more sophisticated fleet solutions, such as cloud-based software to handle wide-area coverage for improved operation management. To eliminate cyber security risks and unauthorised system access, tracking and monitoring the fleet requires top standalone apps or software as a service solutions, both of which are costly. These factors are anticipated to be impeding the growth of the fleet management software industry.

Market Trends

Large volumes of data have been generated as a result of fleet telematics implementation. As a result, fleet managers are concerned about two critical security issues: privacy and cybercriminal susceptibility. Private information such as car model, driver identities, and travel itineraries are included in fleet-related data. The data can be utilised to do wicked acts or crimes, such as carjackings and premeditated crimes. End users are hesitant to deploy telematics solutions for a variety of reasons, including data privacy concerns. Several data-related rules and regulations are being gradually adopted, and governments are keeping an eye on the situation.