The global fleet management software market size was valued at USD 21.34 Billion in 2022 and is expected to surpass USD 93.93 Billion by 2031, expanding at a CAGR of 17.9% during the forecast period, 2023–2031. The growth of the market is attributed to the rapid expansion of industries, increasing volume of global trade, and rising integration of advanced technology in the logistics industry.
A fleet management software provides a series of solutions and services that help fleet managers in executing effective and better management in fleet operation and performance. It allows fleet managers to gain real-time visibility of the overall operation of their transport vehicles and make better decisions ranging from dispatch and routing to vehicle acquisition and disposal.
Some of the most popular fleet software solutions include fleet Complete software, all-in-one GPS fleet, and GPS fleet tracking, which enable a fleet manager to conduct real-time monitoring, vehicle tracking, and route maintenance for safe delivery of drivers.
Through the help of the software, a manager can get better insights into the coordination of cargo or vehicle movements, improving the course of transport, and safe delivery of the targeted products. As a result, the overall operation of a fleet service can be effectively handled to ensure proper compliance with government regulations and operation cost reduction.
The COVID-19 pandemic outbreak has adversely affected the fleet management software market due to the massive curtail in the transportation service and sharp decline of global trade, impacted by emergency lockdowns worldwide.
The pandemic had shattered the transport and logistics industry due to movement restrictions and the prolonged shutdown of manufacturing units across industries. As per global reports, the fleet management market had plummeted to -0.5% of the total sale in 2020 as compared to the previous year as the demand for the service had declined significantly.
Fleet Management Software Market Trends, Drivers, Restraints, and Opportunities
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Rising cross-border trade and massive flow of global trade volume due to the expansion of industries are key factors driving the market.
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Increasing need for an effective transport system and robust logistics components such as fleet telematics to ensure safe and timely delivery of goods including raw materials present another key driver of the market.
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High adoption of cloud-based data storage by fleet management service providers to ensure the safe operation of the entire transport operations is expected to boost the market in the coming years.
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Rapid growth in e-commerce platforms has demanded effective logistic services, which is projected to fuel the market during the forecast period.
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High cost of software installation and frequent upgrades of the software to enable better operation management are major challenges to the market.
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Wide integration of advanced technologies and tools such as Artificial Intelligence (AI), Machine Learning (ML), big data, and Internet of Things (IoT) in fleet management solutions are creating immense opportunities for the market.
Scope of Fleet Management Software Market Report
The report on the global fleet management software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Fleet Management Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Fleet Types (Commercial Fleet and Passenger Cars), Components (Solution [Vehicle Maintenance & Diagnostics, Fleet Analytics & Reporting, Performance Management {Fuel Management and Driver Management}, Operation Management {Routing & Scheduling and Fleet Tracking & Geo-fencing}, and Others] and Services), Deployments (Cloud-based and On-premises), and End-users (Manufacturing, Oil & Gas, Transportation & Logistics, Construction, Chemical, Energy & Utilities, Retail, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Verizon Connect; Geotab, Inc.; GPSTrackit; Omnitracs LLC; Trimble, Inc.; AT&T, Inc.; Telogis; Zonar Systems; MiX Telematics; and Workwave LLC.
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Fleet Management Software Market Segment Insights
Fleet Types Segment Analysis
Based on fleet types, the global fleet management software market is bifurcated into commercial fleet and passenger cars. The commercial fleet segment is expected to expand at a robust growth rate during the forecast period owing to the rising need for massive use of commercial vehicles for transportation of goods or cargo, impacted by the increasing volume of cross-border trade worldwide.
The software is widely used in a commercial fleet system to ensure a proper flow of the supply chain and deliver raw materials on time to industries to avoid any disruption in manufacturing processes.
Components Segment Analysis
In terms of components, the market is divided into solution and services. The solution segment is further segmented into vehicle maintenance & diagnostics, fleet analytics & reporting, performance management, operation management, and others. The performance management segment is further bifurcated into fuel management and driver management while the operation management segment is sub-divided into routing & scheduling and fleet tracking & geo-fencing.
The solution segment is anticipated to account for a major market share during the forecast period owing to rising demand for various advanced solutions from industries and the wide requirement of key components to ensure better performance and effective operations of fleets.
Deployments Segment Analysis
Based on deployments, the global fleet management software market is bifurcated into cloud-based and on-premises. The cloud-based segment is a fast-growing sector and is anticipated to expand at a rapid growth rate during the forecast period due to the wide adoption of cloud computing platforms by industries, especially the logistics industry for safety storage of operation data related to vehicle tracking and other fleet management.
Furthermore, factors such as easy accessibility to the platforms and availability of low-cost cloud computing platforms present another key driver of the segment.
End-users Segment Analysis
On the basis of end-users, the market is segregated into manufacturing, oil & gas, transportation & logistics, construction, chemical, energy & utilities, retail, and others. The transportation & logistics segment accounted for a major market share in 2021, representing over 55% share of the global market revenue, and is projected to register a considerable CAGR during the forecast period.
The segment growth is attributed to the rising expansion of the transportation and logistics industry as well as the wide integration of innovative technology such as AI and ML in the logistics industry to ensure a better and safer transport system for industries.
Regional Analysis
In terms of regions, the global fleet management software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a dominant market share in 2021, representing more than 37% share of the total revenue and the market trend is expected to continue during the projected period.
Early adoption of advanced software for effective fleet management and increasing deployment of real-time vehicle tracking solutions by several industries are key factors boosting the market in the region. Moreover, the presence of key global vendors supplying a huge range of commercial vehicle fleets to industries presents another key driver of the regional market.
Segments
The global fleet management software market has been segmented on the basis of
Fleet Types
- Commercial Fleet
- Passenger Cars
Components
- Solution
- Vehicle Maintenance & Diagnostics
- Fleet Analytics & Reporting
- Performance Management
- Fuel Management
- Driver Management
- Operation Management
- Routing & Scheduling
- Fleet Tracking & Geo-fencing
- Others
- Services
Deployments
End-users
- Manufacturing
- Oil & Gas
- Transportation & Logistics
- Construction
- Chemical
- Energy & Utilities
- Retail
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global fleet management software market are Verizon Connect; Geotab, Inc.; GPSTrackit; Omnitracs LLC; Trimble, Inc.; AT&T, Inc.; Telogis; Zonar Systems; MiX Telematics; and Workwave LLC.
Some of these players have adopted a range of business development strategies including merger and acquisition, entering into partnerships and collaboration, developing innovative software technology, and massive investment in R&D programs to expand their consumer base and enhance their market share.
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