The demand within the global fleet management solution has been rising on account of increase in the volume of transport operations, finds Transparency Market Research (TMR). Fleet management solutions combine a range of software and hardware capabilities to improve the overall operations of the transport industry. The market vendors in the global fleet management solution market are focusing on providing seamless services to the consumers. The presence of a large number of market players in the global fleet management solution market has taken the bar of competition to new heights. There is a high possibility of better software options for fleet management to come to the fore in the coming times.
The leading companies in the global fleet management solution market are projected invest in rigorous marketing hacks over the coming years. This could be a legit move for the vendors as a lot of potential consumers are unaware of the benefits of fleet management solutions. There is also a possibility of new mergers being formed in the global fleet management solution market in the years to come.
The top players in the global fleet management solution market are expected to acquire in defunct regional vendors in order expand their presence. Some of the key vendors in the global fleet management solution market are Element Fleet Management Corp., JDA Software Group, Inc., Daimler Fleet Management GmbH, Wheels, Inc., and MiX Telematics Ltd.
Transparency Market Research (TMR) finds that the global fleet management solution would expand at a whopping CAGR of 22.6% over the period between 2017 and 2025. Furthermore, the global fleet management solution market is projected to be worth US$91.94 bn in 2025, rising up from a value of US$12.57 bn in 2015. On the basis of geography, the demand within the fleet management solution market in Asia Pacific is expected to rise at a commendable pace in the years to come.
Need for Better Logistics to Propel Demand
The presence of a well-performing transport industry across several regional pockets is expected to bring in voluminous revenues into the global fleet management solution market. The transport business largely relies on improved logistics, and this factor has in turn given an impetus to the growth of the global fleet management solution market. There is recurring demand for new fleets of buses and taxis, and this is also expected to drive demand within the global fleet management solution market.
Advent of Automation Technologies and Internet of Things (IoT) to Aid Market Growth
Although fleet management systems have existed for decades, their relevance has witnessed an uptick in recent times. This owes to the greater efficiency and improved performance of fleet management solutions. The use of artificial intelligence technologies for fleet management has played a crucial role in the growth of the global fleet management solution market. Moreover, at the end of the administrators, availability of internet of things (IoT) technologies has eased fleet management. The advent of automation technologies has also brought in voluminous revenues into the global fleet management solution market in recent times.