CHICAGO, April 15, 2019 /PRNewswire/ -- According to a new market research report "Fleet Management Market by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service (Professional and Managed), Deployment Type, Fleet Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Fleet Management Market size is expected to grow from USD 15.9 billion in 2018 to USD 31.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.
The major growth drivers of the market include the increasing strict government mandates, rising deployment of cloud-based solutions, growing IoT implementations, and rising demand for big data analytics.
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The fleet analytics and reporting segment to record a higher growth rate during the forecast period
In the Fleet Management Market by solution, the fleet analytics and reporting segment is expected to record a higher growth rate during the forecast period. Fleet management solutions aim at reducing risks, improving safety and security, monitoring fleets, and optimizing fleet operations. They help in reducing the total cost of ownership, protecting investments in assets, assisting asset inventory management, facilitating preventative maintenance in compliant with vehicles' Original Equipment Manufacturers (OEM) guidelines, and reducing repair costs by improving fleet safety.
Among services, the professional service provider segment to have a larger market size during the forecast period
In the Fleet Management Market by service, the professional service provider segment is expected to have a larger market share during the forecast period. Currently, the Fleet Management Market is emerging and expected to grow during the forecast period. Professional service providers study the fleet operations of logistics companies, thereby comprehending business constraints, providing major insights that help these companies optimally utilize all available resources, and making the most of their technological investments.
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North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global Fleet Management Market during the forecast period. The US has emerged as a larger country in terms of market size, due to the large scale implementation of fleet management solutions by the organizations and enterprises in the country. The pace of digital transformation in the US is high, high growth of telematics, and advent of the 4G technology in the region are the factors attribute to the fast growth of the Fleet Management Market in the US.
The key and emerging market players in the Fleet Management Market include ARI Fleet Management (US), Azuga (US), Chevin Fleet Solutions (Australia), Ctrack (US), Donlen Corporation (US), Geotab (Canada), GPS Insight (US), Masternaut (UK), MiX Telematics (South Africa) , Nextraq (US), Teletrac Navman (US), Trimble (US), Verizon Connect (US), Wheels, Inc (US), and Fleetroot (UAE). These players have adopted various strategies to grow in the global Fleet Management Market.
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