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(Wireless-NewsWire.Com, September 13, 2018 ) 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%. The major drivers of the market include the growing need for operational efficiency, resulting in 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.
The scope of the report covers the fleet management market analysis by type (solutions and services), deployment type, fleet type, and region. The operations management solution is expected to have the largest market share during the forecast period, owing to the much needed functionalities, such as the real time-tracking of vehicle location, geo-fencing, and route optimization, aiding in optimizing the fuel usage. The vehicle maintenance and leasing solution is expected to grow at the highest CAGR during the forecast period because fleets are increasingly opting for leasing to cut down the expenses, and increasing the focus and spending on vehicle maintenance to increase the lifecycle of the vehicles and decrease the vehicle down time.
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.
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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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