Fleet Management Software is a broad term that consists of all the activities executed to achieve a business goal or objective. This objective could be increasing sales, building business relationships, client support, business operations, training, and among many others. The software comprises the handling of vehicle tracking, maintenance, financing, replacement, routing, and navigation. It helps business enterprises coordinate and handles work vehicles in a central information system. The fleet management software, therefore, helps the enterprise to lessen costs and improves performance according to government regulations also, and the software is valuable for any business such as large and small businesses. Fleet management software is affected by factors such as the size of the economy, GDP growth, IT infrastructure development, technology adoption, security, and regulatory policies. These factors vary from one country to another and affect the fleet management software spending in that particular country.
Fleet management software uses various types of advanced technologies such as big data analytics and GPS to track, analyze, store information, and make predictions related to fleets. With the development of technology and the software is becoming increasingly mobile-friendly and easy to use. The fleet management software is hugely affected by growing operational costs, increasing expenditure on maintenance, and steady growth in the compliance costs. In addition, the software is broadly used by large- and medium-scale fleet owners for simplifying operations. Some of the major factors that are contributing to the positive growth of fleet management software market include increasing global trade, improvements in the automotive sector, rising spending on fleet management software by SMEs, and economic improvements in developing countries such as India, China, and Brazil.
Geographically, Europe held the majority revenue share of the fleet management software market in the year 2018, and it is expected to continue its dominance during the forecast period. IT Infrastructure development, the huge number of SMEs, and focus on the automotive sector are some of the major factors driving the growth of the fleet management software market in this region. In 2018, North America and the Asia Pacific held the second and third position in the global fleet management software market. The other growing regions, such as the Middle East, Africa, and South America, are anticipated to offer significant growth opportunities for fleet management software market players during the forecast period from 2019 to 2027.
The market for Fleet Management Software is segmented on the basis of solution and end-user. Based on the solution, the fleet management software market is segmented into operation management, asset management, driver management, vehicle maintenance & leasing, driver information system, and others. On the basis of end-user, the fleet management software market is segmented into manufacturing, government, transportation and logistics, energy and utilities, retail, construction, and others. Geographically, the market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
There are some very well–established market players operating in the fleet management software market. The top five players in this market include GPS Insight, NexTraq, LLC, Verizon Connect, ARI Fleet Management Company, and Trimble, Inc. Some of the other notable players in the fleet management software market include Geotab Inc., Omnitracs, LLC, Teletrac Navman US Ltd., Wheels, Inc., and Element Fleet Management Corp.
Fleet Management Software Market — Geographic Breakdown, 2018