Market in global fleet management solutions is valued at 3.21 billion in 2015 and is expected to reach $9 billion by 2020, recording a compound growth rate of 22.88%. As a new market, market in global fleet management solutions is growing fast.
According to a recent report released by WiseGuyReports, it is expected that greater market demand for simplified operations, greater access connections and a substantial reduction in hardware costs will drive up the growth in the value of the market.
The overall market outlook for fleet management solutions is optimistic in light of increased demand for fleet solutions, service sector growth and technological incremental innovation. Fleet management solutions are composed of OEMs (original equipment manufacturers) and aftermarket suppliers.
Although fleet management agencies have been providing their services for more than thirty years, they have not yet entered the market due to several mitigating factors including the lack of understandings among shipowners from small fleet and bureaucratic barriers in the face of large fleet shipowners.
As fleet management solutions enjoy the advantage of cost and operation, they are increasingly being deployed on the cloud. On-premise hosting is an alternative to the cloud model based on the regional deployment of the solutions.
Comined deployment will use cloud, together within-place deployment hosting facilities. The division of the market is underpinned by solutions on different levels, such as information technology, asset management, fleet analysis, drive management and other services.
Fleet management solutions will be used in manufacturing, transportation, government, energy utilities and in the business of markets on different levels.
North America will lead the fleet management solution market, whose value has reached $1.18 billion in 2015, and will maintain a high growth rate as anticipated from 2015 to 2020. The suppliers of major fleet management solutions and the growing demand for freight are the two engines for North American market.
The European market is the second largest contributor to the market value growth of fleet management solutions.. The main markets in the region are UK, France and Germany. The value of the European fleet management services market was $ 910 million in 2015.
It is anticipated that the market value of the Asia-Pacific fleet management solutions will reach its maximum. The increase in market share and the large fleets in China and India will help the region to adopt fleet management solutions.
Being increasingly aware of the demand for cost-effective solutions, the Latin American market is expected to achieve a compound annual growth rate of 24.20%.
On account of the increase in retail activities and the large and medium-sized fleet operators, it's expected that the fleet solutions market value in the Middle East will set a new high.
As far as we know, Trimble navigation company, established in 1978, is the main operator of the global fleet management solutions and has also been a leader in the GPS technology development and practical application for decades. The main operators also include FleetMatics, a GPS service provider headquartered in Ireland; Omnitracs + XRS; TomTom, a leading brand in global high-end navigation; Teletrac Navman and Telogis, which is an intelligence service company providing GPS .
In order to provide fleet operators with more effective monitoring and reporting systems, fleet solutions usually integrate hardware, software and network infrastructure with connection solutions.
Although fleet solutions are often considered ambiguous, they will be used as a set of tools which can control fleet activities much more powerfully through data records, data communication and analysis.