Global Fleet Management Software Market Overview
The global Fleet Management Software Market was estimated at USD 12.8 Million in 2023 and is projected to reach USD 59.66 Million by 2032, growing at a CAGR of 12.8% over the analysis period.
Fleet management is a collection of operations that enables businesses to see and manage all information related to their vehicles and other assets, from acquisition through disposal. More businesses have resorted to fleet management software as technology has progressed to give better visibility into vehicle and asset usage, enhance maintenance planning, and control the cost of ownership. As the fleet manager's role evolves, more businesses see the potential in digital processes that eliminate wasteful manual tasks and streamline activities. Over the last 10 years, fleet management has completely evolved as businesses begin to see the influence that an efficient fleet can have on corporate operations. Fleet management teams are now responsible for a wide range of activities such as driver management, compliance management, operational efficiency, and environmental impact, in addition to acquiring and maintaining vehicles. The growing industrial usage of vehicles is expected to propel the development of the fleet management software market over the forecasted timeframe.
Market Dynamics of Fleet Management Software Market
Drivers:
Real-time monitoring of fleet locations
Fleet management software offers several advantages, including real-time visibility into fleet location and performance, cost analysis, and improved driver behavior. Modern fleet management software goes beyond location tracking by providing insight into vehicle performance and efficiency, as well as presenting data in a simple format for businesses. Fleet management software can assist users in collecting objective information on driver safety, highlighting risky behaviors like speeding or harsh braking, and identifying drivers who require more coaching. It is also essential to verify that a company's fleet complies with federal and state regulations, including ELD, DVIR, and IFTA.
The technology can also aid in proactive maintenance efforts, allowing fleet managers to maximize asset use by implementing preventative maintenance programs. Many businesses also use mobile apps that allow for fast data transfer and access, enabling them to quickly identify issues that may have gone unnoticed or turned into larger issues. According to statistics from 2021, over two-thirds (64 %) of fleet managers are now adopting GPS fleet tracking, an 8.5 % rise from 2020. This new technology is being used not just by medium to large-sized fleets, but also by small fleets. Between 2019 and 2020, there was a 12% increase in the rate of technology adoption among small fleets. The rise in the adoption rate is the main driving force for the fleet management software market.
Controlling Expenses
Many fleet managers strive to maintain an accurate view of expenses to control their bottom line. When fleet managers manually enter data from receipts and invoices into a spreadsheet, tracking real-time fleet costs is practically impossible. Fleet management software eliminates the need for manual data entry and provides an accurate view of operating costs. Fleet managers may simply track budgets and receive an accurate calculation of their total cost of ownership by tracking expenses in real-time (TCO). Analyzing expense data for items like fuel and maintenance might assist in identifying overspending. With comprehensive expense visibility, fleet managers may better allocate funds to govern the bottom line of the fleet thus, supporting the development of the fleet management software market in the projected timeframe.
Restraints:
GPS tracking is not possible in denser locations
As this service monitor and tracks the fleet 24/7, it requires monthly subscription charges and data usage charges. These charges vary depending on the service provider. The cost can be high if the fleet is large sized. Moreover, skilled resources are required to maintain such a system. This raises the expense of maintenance. The GPS devices that are utilized in fleet management consume a large amount of battery power, thereby draining the battery much earlier and also decreasing its life. In addition, GPS signals do not penetrate through walls, solid structures, underwater, or deep forests. As a result, tracking the fleet in such areas or behind such locations is difficult. All these factors may pose a threat to the expansion of the fleet management software market over the analysis period.
Opportunity:
5G Expansion and Its Impact on Telematics
Only 236 million 5G mobile subscriptions were there worldwide in 2020. That number is predicted to reach one billion by 2022. Experts forecast that by 2025, the population will have risen to three billion. The influence of 5G is far-reaching for many industries, including the fleet industry. As telecommunications technology becomes more widely available, fleet telematics will see significant advancements. One example would be providing in-depth monitoring of vehicle health to ensure ongoing proactive maintenance is done to reduce wear and tear, costly breakdowns, and overall vehicle longevity.
Fleet managers get a bird's-eye view of vehicle performance across their entire fleet with 5G telematics, allowing them to keep vehicles in peak condition. 5G's fast speed is set to make it one of the more game-changing fleet management developments. Not only should it improve fleet transparency, but it will also likely raise customer happiness due to the increased productivity and efficiency it offers thus, creating a lucrative opportunity for market players during the studied period.
Market Segmentation Analysis of Fleet Management Software Market
By Deployment Type, the cloud segment is anticipated to have the highest share of the fleet management software market over the projected period. Cloud-based software is not limited to the computer on which it is installed; it can be accessed by multiple users on multiple devices as needed via a web browser or mobile app. Cloud-based fleet management software may sync immediately to its mobile app to transmit information in real-time, allowing information to be accessible at any time and from any location. Integrations and application programming interfaces (APIs) are characteristics of cloud-based software that allow fleet managers to securely gather data from multiple fleet management solutions into one central location for improved reporting and analysis.
By Fleet Type, the commercial segment is predicted to lead the development of the fleet management software market in the forecasted timeframe. Deloitte forecasted that the share of new vehicle registrations in Europe for the private and corporate channels was 37% and 63% respectively in 2021. The total registrations are expected to exceed the 16 million market. Furthermore, Deloitte anticipates more than 10 million new corporate vehicle registrations in Western Europe alone. Similarly, the rise in the adoption of commercial vehicles in other regions is expected to propel the growth of the commercial segment over the analysis period.
By End Use Industry, the logistics segment is anticipated to have the highest share of the market in the forecasted period. Adoption of this software solution is projected to increase logistics due to fleet managers' growing preference for real-time tracking systems. Since the industry is largely focused on the delivery of goods, any fault in this flow might cause work to be disrupted. This is driving up demand for it in the logistics industry. Similarly, oil and gas transportation, as well as chemical transportation, necessitate efficiency, timely distribution, and safety. The software manages and organizes the fleet by improving efficiency, lowering operating expenses, and assisting in compliance with government laws. All these factors are expected to create opportunities for market players over the analysis period.
Regional Analysis of Fleet Management Software Market
The North American region is anticipated to lead the growth of the fleet management software market over the forecasted timeframe. The rise in the number of fleets, and the growing demand for effective fleet management solutions have compelled several fleet managers to adopt fleet management software. Service providers in this region are expanding their reach by raising funds. For instance, Vehicle Tracking Solutions (VTS) announced a $70 million investment from LLR Partners to help accelerate growth for IntelliShift, a division of VTS. This partnership will help power product innovation, drive customer value by optimizing connected fleet and safety processes and capitalize on a tremendous market opportunity with new AI video offerings. Similar partnerships are expected to support the development of the fleet management software market in this region during the forecast period.
The European region is projected to have the second highest share of the fleet management software market in the projected period. Fleet management in Europe is a multibillion-euro industry with a profitable business model and an increasing shift in new car sales to the corporate channel. The number of active fleet management systems in Europe alone is predicted to reach 14.1 million by 2021, up from 6.6 million units at the end of 2019. A 2020 survey found that 54 % of fleet operators reported an improvement in driver behavior after implementing telematics technology. Increased fuel savings (49%) and accurate usage tracking (51%) were also cited as commonly experienced benefits by respondents. Various studies have stated that the number of corporate vehicles is anticipated to increase in this region over the forecast period thereby, boosting the growth of the fleet management software market.
The fleet management software market in the APAC region is forecasted to develop at the highest CAGR. India, China, Japan, South Korea, and Australia are some of the prominent markets in this region. India has the world's largest two- and three-wheeler market, the world's second-largest bus market, the world's third-largest freight truck market, and the world's fourth-largest car market. The number of autos sold in India is expected to double by 2030, giving a significant opportunity for carbon reduction. According to Mission 2070: A Green New Deal for a Net-Zero India, the country's transition to net-zero may generate over 50 million employment and a $15 trillion economic effect by 2070. This huge rise in the number of personal and private cars is expected to drive the demand for the fleet management software market over the analysis period.
Key Players of Fleet Management Software Market
- MiX Telematics
- Fleetilla LLC
- GPS Insight
- Lytx Inc
- FleetMatics
- Fleetmatics Group PLC
- LiveViewGPS
- ManagerPlus
- Azuga Inc
- Melton Technologies Inc
- Geotab
- Prova Systems LLC
- Rarestep, Inc.
- Other Major Players
Key Industry Development In The Fleet Management Software Market
- In August 2023, MIX TELEMATICS announced a NEW COMPLIANCE-AS-A-SERVICE (CAAS) SOLUTION POWERED BY HB NEXT. OLDTITLERESTORE, a leading global SaaS provider of connected fleet management solutions, announced a new Compliance as a Service (CaaS) solution powered by HB NEXT.
- In May 2022, MiX Telematics announced the addition of two significant customers in South America to its subscriber base. The first firm focuses on industrial gas distribution and delivery. The second organization manages roughly 2,000 miles of road across Brazil, making it one of the country's major road infrastructure management companies.
- In December 2021, FieldAware, the pioneer in mobile, cloud-based field service solutions, has been acquired by GPS Insight. The purchase expands GPS Insight's field services and fleet tracking capabilities, allowing them to better serve clients of all sizes through a more robust and comprehensive digital platform with operational insights and cost savings capabilities.
Global Fleet Management Software Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 12.8 Mn. |
Forecast Period 2024-32 CAGR: |
12.8%% |
Market Size in 2032: |
USD 59.66 Mn. |
Segments Covered: |
By Deployment Type |
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By Fleet Type |
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By End Users |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By Deployment Type
ā3.2 By Fleet Type
ā3.3 By End Use Industry
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā4.3.1 Drivers
āā4.3.2 Restraints
āā4.3.3 Opportunities
āā4.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 5: Fleet Management Software Market by Deployment Type
ā5.1 Fleet Management Software Market Overview Snapshot and Growth Engine
ā5.2 Fleet Management Software Market Overview
ā5.3 Cloud
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2017-2032F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Cloud: Grographic Segmentation
ā5.4 On-Premises
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2017-2032F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 On-Premises: Grographic Segmentation
Chapter 6: Fleet Management Software Market by Fleet Type
ā6.1 Fleet Management Software Market Overview Snapshot and Growth Engine
ā6.2 Fleet Management Software Market Overview
ā6.3 Commercial
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size (2017-2032F)
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 Commercial: Grographic Segmentation
ā6.4 Passenger Cars
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size (2017-2032F)
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 Passenger Cars: Grographic Segmentation
Chapter 7: Fleet Management Software Market by End Use Industry
ā7.1 Fleet Management Software Market Overview Snapshot and Growth Engine
ā7.2 Fleet Management Software Market Overview
ā7.3 Manufacturing
āā7.3.1 Introduction and Market Overview
āā7.3.2 Historic and Forecasted Market Size (2017-2032F)
āā7.3.3 Key Market Trends, Growth Factors and Opportunities
āā7.3.4 Manufacturing: Grographic Segmentation
ā7.4 IT & Telecom
āā7.4.1 Introduction and Market Overview
āā7.4.2 Historic and Forecasted Market Size (2017-2032F)
āā7.4.3 Key Market Trends, Growth Factors and Opportunities
āā7.4.4 IT & Telecom: Grographic Segmentation
ā7.5 Retail
āā7.5.1 Introduction and Market Overview
āā7.5.2 Historic and Forecasted Market Size (2017-2032F)
āā7.5.3 Key Market Trends, Growth Factors and Opportunities
āā7.5.4 Retail: Grographic Segmentation
ā7.6 Logistics
āā7.6.1 Introduction and Market Overview
āā7.6.2 Historic and Forecasted Market Size (2017-2032F)
āā7.6.3 Key Market Trends, Growth Factors and Opportunities
āā7.6.4 Logistics: Grographic Segmentation
ā7.7 Others
āā7.7.1 Introduction and Market Overview
āā7.7.2 Historic and Forecasted Market Size (2017-2032F)
āā7.7.3 Key Market Trends, Growth Factors and Opportunities
āā7.7.4 Others: Grographic Segmentation
Chapter 8: Company Profiles and Competitive Analysis
ā8.1 Competitive Landscape
āā8.1.1 Competitive Positioning
āā8.1.2 Fleet Management Software Sales and Market Share By Players
āā8.1.3 Industry BCG Matrix
āā8.1.4 Ansoff Matrix
āā8.1.5 Fleet Management Software Industry Concentration Ratio (CR5 and HHI)
āā8.1.6 Top 5 Fleet Management Software Players Market Share
āā8.1.7 Mergers and Acquisitions
āā8.1.8 Business Strategies By Top Players
ā8.2 MIX TELEMATICS
āā8.2.1 Company Overview
āā8.2.2 Key Executives
āā8.2.3 Company Snapshot
āā8.2.4 Operating Business Segments
āā8.2.5 Product Portfolio
āā8.2.6 Business Performance
āā8.2.7 Key Strategic Moves and Recent Developments
āā8.2.8 SWOT Analysis
ā8.3 FLEETILLA LLC
ā8.4 GPS INSIGHT
ā8.5 LYTX INC
ā8.6 FLEETMATICS
ā8.7 FLEETMATICS GROUP PLC
ā8.8 LIVEVIEWGPS
ā8.9 MANAGERPLUS
ā8.10 AZUGA INC
ā8.11 MELTON TECHNOLOGIES INC
ā8.12 GEOTAB
ā8.13 PROVA SYSTEMS LLC
ā8.14 RARESTEP INC.
ā8.15 OTHER MAJOR PLAYERS
Chapter 9: Global Fleet Management Software Market Analysis, Insights and Forecast, 2017-2032
ā9.1 Market Overview
ā9.2 Historic and Forecasted Market Size By Deployment Type
āā9.2.1 Cloud
āā9.2.2 On-Premises
ā9.3 Historic and Forecasted Market Size By Fleet Type
āā9.3.1 Commercial
āā9.3.2 Passenger Cars
ā9.4 Historic and Forecasted Market Size By End Use Industry
āā9.4.1 Manufacturing
āā9.4.2 IT & Telecom
āā9.4.3 Retail
āā9.4.4 Logistics
āā9.4.5 Others
Chapter 10: North America Fleet Management Software Market Analysis, Insights and Forecast, 2017-2032
ā10.1 Key Market Trends, Growth Factors and Opportunities
ā10.2 Impact of Covid-19
ā10.3 Key Players
ā10.4 Key Market Trends, Growth Factors and Opportunities
ā10.4 Historic and Forecasted Market Size By Deployment Type
āā10.4.1 Cloud
āā10.4.2 On-Premises
ā10.5 Historic and Forecasted Market Size By Fleet Type
āā10.5.1 Commercial
āā10.5.2 Passenger Cars
ā10.6 Historic and Forecasted Market Size By End Use Industry
āā10.6.1 Manufacturing
āā10.6.2 IT & Telecom
āā10.6.3 Retail
āā10.6.4 Logistics
āā10.6.5 Others
ā10.7 Historic and Forecast Market Size by Country
āā10.7.1 U.S.
āā10.7.2 Canada
āā10.7.3 Mexico
Chapter 11: Europe Fleet Management Software Market Analysis, Insights and Forecast, 2017-2032
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By Deployment Type
āā11.4.1 Cloud
āā11.4.2 On-Premises
ā11.5 Historic and Forecasted Market Size By Fleet Type
āā11.5.1 Commercial
āā11.5.2 Passenger Cars
ā11.6 Historic and Forecasted Market Size By End Use Industry
āā11.6.1 Manufacturing
āā11.6.2 IT & Telecom
āā11.6.3 Retail
āā11.6.4 Logistics
āā11.6.5 Others
ā11.7 Historic and Forecast Market Size by Country
āā11.7.1 Germany
āā11.7.2 U.K.
āā11.7.3 France
āā11.7.4 Italy
āā11.7.5 Russia
āā11.7.6 Spain
āā11.7.7 Rest of Europe
Chapter 12: Asia-Pacific Fleet Management Software Market Analysis, Insights and Forecast, 2017-2032
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By Deployment Type
āā12.4.1 Cloud
āā12.4.2 On-Premises
ā12.5 Historic and Forecasted Market Size By Fleet Type
āā12.5.1 Commercial
āā12.5.2 Passenger Cars
ā12.6 Historic and Forecasted Market Size By End Use Industry
āā12.6.1 Manufacturing
āā12.6.2 IT & Telecom
āā12.6.3 Retail
āā12.6.4 Logistics
āā12.6.5 Others
ā12.7 Historic and Forecast Market Size by Country
āā12.7.1 China
āā12.7.2 India
āā12.7.3 Japan
āā12.7.4 Singapore
āā12.7.5 Australia
āā12.7.6 New Zealand
āā12.7.7 Rest of APAC
Chapter 13: Middle East & Africa Fleet Management Software Market Analysis, Insights and Forecast, 2017-2032
ā13.1 Key Market Trends, Growth Factors and Opportunities
ā13.2 Impact of Covid-19
ā13.3 Key Players
ā13.4 Key Market Trends, Growth Factors and Opportunities
ā13.4 Historic and Forecasted Market Size By Deployment Type
āā13.4.1 Cloud
āā13.4.2 On-Premises
ā13.5 Historic and Forecasted Market Size By Fleet Type
āā13.5.1 Commercial
āā13.5.2 Passenger Cars
ā13.6 Historic and Forecasted Market Size By End Use Industry
āā13.6.1 Manufacturing
āā13.6.2 IT & Telecom
āā13.6.3 Retail
āā13.6.4 Logistics
āā13.6.5 Others
ā13.7 Historic and Forecast Market Size by Country
āā13.7.1 Turkey
āā13.7.2 Saudi Arabia
āā13.7.3 Iran
āā13.7.4 UAE
āā13.7.5 Africa
āā13.7.6 Rest of MEA
Chapter 14: South America Fleet Management Software Market Analysis, Insights and Forecast, 2017-2032
ā14.1 Key Market Trends, Growth Factors and Opportunities
ā14.2 Impact of Covid-19
ā14.3 Key Players
ā14.4 Key Market Trends, Growth Factors and Opportunities
ā14.4 Historic and Forecasted Market Size By Deployment Type
āā14.4.1 Cloud
āā14.4.2 On-Premises
ā14.5 Historic and Forecasted Market Size By Fleet Type
āā14.5.1 Commercial
āā14.5.2 Passenger Cars
ā14.6 Historic and Forecasted Market Size By End Use Industry
āā14.6.1 Manufacturing
āā14.6.2 IT & Telecom
āā14.6.3 Retail
āā14.6.4 Logistics
āā14.6.5 Others
ā14.7 Historic and Forecast Market Size by Country
āā14.7.1 Brazil
āā14.7.2 Argentina
āā14.7.3 Rest of SA
Chapter 15 Investment Analysis
Chapter 16 Analyst Viewpoint and Conclusion
Global Fleet Management Software Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 12.8 Mn. |
Forecast Period 2024-32 CAGR: |
12.8%% |
Market Size in 2032: |
USD 59.66 Mn. |
Segments Covered: |
By Deployment Type |
|
|
By Fleet Type |
|
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By End Users |
|
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By Region |
|
||
Key Market Drivers: |
|
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Fleet Management Software Market research report is 2024-2032.
MiX Telematics, Fleetilla LLC, GPS Insight, Lytx Inc, FleetMatics, Fleetmatics Group PLC, and other major players.
The Fleet Management Software Market is segmented into Deployment Type, Fleet Type, End-Use Industry, and region. By Deployment Type, the market is categorized into Cloud and On-Premise. By Fleet type, the market is categorized into Commercial and Passenger cars. By End Use Industry, the market is categorized into manufacturing, IT & Telecom, Retail, Logistics, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Fleet management is a collection of operations that enables businesses to see and manage all information related to their vehicles and other assets, from acquisition through disposal. More businesses have resorted to fleet management software as technology has progressed to give better visibility into vehicle and asset usage, enhance maintenance planning, and control the cost of ownership.
The global Fleet Management Software Market was estimated at USD 12.8 Million in 2023 and is projected to reach USD 59.66 Million by 2032, growing at a CAGR of 12.8% over the analysis period.