LONDON, Feb. 22, 2016 /PRNewswire/ -- The global demand for fleet management technologies and solutions is on the exponential rise due to rapid globalization and ever growing size of the fleet of commercial and public vehicles. Per capita income and operational efficiency needs are also rising at a brisk pace in the developed economies in the west. Fleet management is a proven technology platform and a system including different sets of solutions, technologies and services that helps automotive, transportation and logistics companies to efficiently manage their vehicles through constant monitoring with the use of sensors and connectivity technologies such as Global Positioning Systems (GPS) and cellular systems.
The companies have undertaken Research and Development (R&D) and innovation activities to develop new solutions and services to meet the increasing global efficiency needs of the fleet industry. The major concern with companies these days is high initial cost and lack of awareness about fleet safety and security in the emerging economies such as Middle East and Africa (MEA) and Latin America. The global adoption of fleet technology is slow due to the same reason. But the scenario is fast changing with the emergence of Satellite Global Navigation Satellite System (GNSS) technology, Software-as-a-Service (SaaS) and cloud-based deployment of fleet management solutions.
Technologies catering to the fleet management market such as GPS tracker, sensors, and Radio Frequency Identification (RFID) tags are being used for vehicle monitoring so as to check the fleet movement and fuel usage check. This helps in improving the productivity of the companies by controlling the unnecessary idle time and misuse of fuel. With the help of advanced real-time technologies, companies can now inform the vendors about emergency cases such as accidents and breakdown so as to provide immediate maintenance and support services to the fleet drivers to avoid lag in delivery time.
AT&T, Cisco, Fleetmatics, IBM, and Verizon are some of the prominent players which are providing reliable fleet management solutions and services. MarketsandMarkets forecasts the global fleet management market to grow from USD 8.03 billion in 2015 to USD 22.35 billion in 2020, at a Compound Annual Growth Rate (CAGR) of 22.7% during the forecast period 2015-2020. Over the next five years, this market is expected to experience high traction in APAC and MEA regions.
There are various assumptions that we have taken into consideration for market size and forecasting exercise. A few of global assumptions include political, economic, social, and technological factors. For instance, exchange rates, one of the economic factors is expected to have a moderate rating of impact on this market.
The fleet management market has been segmented into solutions, connectivity technology, service, and verticals. Fleet management solutions include operation management, asset management, and driver management. The connectivity technology is of two types, namely, satellite GNSS and cellular systems. The services have been segmented into professional services, system integration and deployment services, and managed services. Furthermore, the verticals include the penetration of fleet management solutions in manufacturing, government, transportation and logistics, energy and utilities, retail, construction, and others.
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