According to a report available on Radiant Insights Inc., the global fleet management system market is poised to tread along a healthy growth track during the forecast period (2017–2022). It is expected to reach a hefty valuation by the end of 2022. Spiraling demand for transport and logistics is one of the primary growth stimulants of the market.
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Volatile fuel prices are supporting the adoption of fleet management systems worldwide. This, further coupled with rising concerns regarding harmful emissions from fuels, is likely to provide a fillip to the market. Moreover, soaring need for operational efficiency in organizations that own fleets can allow the market to gain significant traction.
Declining hardware and connectivity costs are encouraging the deployment of these systems, which in turn is supplementing the growth of the market. Improvements in technologies pertaining to these systems are leading to optimization, and eventually, reduced management system components. This is anticipated to augment the market. In addition, increasing implementation of cloud computing in order to streamline operations can work in favor of the market.
On the other hand, challenges pertaining to data safety and compliance standards are likely to act as major roadblocks in the development of the market. Furthermore, high costs can limit widespread adoption of fleet management systems, especially among small- and medium-sized enterprises. Growing volume of data is making data management a complex process for vendors. This, in turn, can hamper growth prospects. However, technological advancements are envisaged to address most technical issues, thereby shaping the future of the market.
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The report has segmented the global fleet management system market on the basis of application, type, and region. Based on type, the market has been divided into operational fleet monitoring and management, driver scheduling, security and safety management, condition-based maintenance, asset tracking, and vehicle dispatch. Demand for operational fleet monitoring and management systems is projected to stay high throughout the forecast horizon. In terms of application, the market is classified into taxi, refrigerator lorry, logistics fleet, and transportation truck.
From a geographical standpoint, the market is fragmented into United States (U.S.), Southeast Asia, Europe, India, Japan, and China. U.S. is anticipated to account for a large share in the global arena, thanks to the domicile of a large number of key players. Early adoption of fleet management technologies, coupled with rapid technological advancements, is expected to provide a competitive edge to the U.S. market. Government regulations and mandates are also playing an imperative role in the development of the market.
Countries such as India and China are poised to offer ample of lucrative growth opportunities. Rising adoption of advanced technologies and increasing gross domestic product (GDP) are contributing to the growth of these countries.
A large number of players in the market have started targeting small and medium-sized enterprises (SMEs) by developing products that suit their requirements. For instance, in September 2017, T-Mobile launched an Internet of Things (IoT)-based product, SyncUP FLEET, aiming to cater to the needs of SMEs.
Some of the prominent players operating in the market are IBM Corporation, Oracle, Merchants Fleet Management, Verizon Telematics, and BW Fleet Management.
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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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