LONDON, Sept. 27, 2016 /PRNewswire/ -- "Implementation of electronic logging device compliance for vehicles is driving the growth of the fleet management market"
MarketsandMarkets estimates the global fleet management market to grow from USD 9.54 billion in 2016 to USD 27.90 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.9%. The fleet management market is growing rapidly due to the implementation of Electronic Logging Devices (ELD) compliance for vehicles.
"Integration and deployment services to have the largest market size in 2016"
Integration and deployment services is estimated to have the largest market size in 2016. The growth of service is driven by the need of communication between the subsystems of fleet solutions. Furthermore, managed services will grow at the highest CAGR during the forecast period, due to the need of good management and flawless running of fleet software.
"Satellite technology to have the highest growth rate during the forecast period"
Wireless technology provides cost efficiency, reliability, security and privacy, low energy consumption, and range extension. Because of these mentioned benefits and also due to growing need of tracking vehicles, satellite technology under wireless connectivity technology is expected to witness the highest CAGR during the forecast period.
"Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period"
APAC includes emerging economies, such as India and China, which are rapidly deploying fleet management solutions. This is mainly due to the digitization of businesses and adoption of cloud services by small, medium, and large enterprises in the region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the fleet management solutions market place.
By Company Type: Tier 1: 27%, Tier 2: 48%, Tier 3: 25%
By Designation: C-Level: 16%, Director Level: 72%, Others: 12%
By Region: North America: 57%, Europe: 16%, Asia-Pacific: 15%, ROW: 12%
The report includes the study of key players, such as AT&T Inc. (U.S.), Verizon Communications (U.S.), Zonar Systems (U.S.), Fleetmatics Group (U.S.), Trimble Navigation Ltd. (U.S.), Telogis (U.S.), ID Systems Inc. (U.S.), Workwave LLC (U.S.), Eresource Infotech Pvt. Ltd. (India), Magellan (U.S.), and CarTrack Technologies Co. Ltd. (SA). The report also includes in-depth competitive analysis of these key players in the fleet management solutions market, with their company profiles, SWOT analysis, recent developments, and key market strategies.
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