United States, Rockville, MD, June 09, 2022 (GLOBE NEWSWIRE) -- The global fleet maintenance software market is predicted to witness a moderate growth rate of 9.2% during the forecast years 2022 to 2032. The net worth of the fleet maintenance software market share is expected to reach US$ 30.9 Billion by the year 2032 while increasing from US$ 11.6 Billion in the year 2021.
Fleet maintenance software or FMS is a digital solution that allows the manager or employees to complete a series of specified duties in the management and administration of all parts of a private or public organization's fleet of vehicles used in logistics or transportation. These specialized tasks cover the whole process starting from vehicle purchase, its operation, and its final disposal resulting in huge demand for fleet maintenance software in the present market.
Several types of vehicles, including cars, trucks, earth-moving machines, buses, forklift trucks, trailers, and even ships – can be managed for procedures, tasks, and events by the adoption of fleet maintenance software. Furthermore, government fleet management rules are transforming businesses, including logistics, manufacturing, oil & gas, transportation, and others, rapidly making it more and more difficult for the businesses to manage their transportation department.
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Management of real-time data allows fleet managers to plan ahead for better routes, time schedules, maintenance timings, and dispatching. As a result, the market for fleet maintenance software is set to see a surge in demand with the expansion of business, followed by economic progress.
In the software sector, AI integrated fleet maintenance solutions have a wide range of applications, including recognizing and analyzing the real-time data obtained from fleet management, vehicle, drivers, and other business systems. Road conditions, traffic, weather, and environmental dangers can also be analyzed by AI to forecast and assess the likelihood of an oncoming risk, which is expected to boost the global fleet maintenance software market in the future.
Key Takeaways
- The overall increase of the worldwide fleet maintenance software market, calculated in absolute dollars, is expected to reach roughly US$ 18.1 Billion during the next ten years.
- Based on component type, services segment with the higher growth rate of 9% is anticipated to overtake the market against the solution segment by 2032.
- Passenger car segment remains the largest contributor to the global fleet maintenance software market share, with a projected growth rate of 9% during the projection years of 2022 to 2032.
- In terms of overall value, the fleet maintenance software market in the United States occupies the largest share. In the year 2022, the size of the US fleet maintenance software market is estimated to be around US$ 4.7 Billion.
- While United Kingdom (UK) fleet maintenance software market is rapidly expanding with the highest CAGR of 9.1% through 2032.
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Competitive Landscape for Fleet Maintenance Software Market Key Players
Name of some of the fleet maintenance software market key players includes Geotab Inc., Automotive Rentals Inc., Omnitracs, Teletrac Navman, Trimble, Verizon Connect, Wheels Inc., Mix Telematics, Chevin Fleet Solution, and Donlen Corporation among others.
Recent Developments in Fleet Maintenance Software Market
- Element Fleet Management Corporation is a provider of automobile fleet management solutions that announced an upgraded element connection solution and telematics products for the fleet management market in November 2021. DriverCare CoPilot and QConnect are the two innovative telematics systems for fleet owners and operators those were introduced by the business for increasing its adoption.
- CalAmp Inc. developed an iOn Fleet Management Software Tracker in October 2021 to help fleet managers and owners in the United Kingdom (UK) make faster decisions while on road. Assets, fleets, and workers are all visible in real time with this tracker to aid in lowering fuel costs, improving fleet efficiency, and enhancing the safety of the pilot.
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Fleet Maintenance Software Market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of fleet type (Passenger Car, and Commercial Fleets), by Component (Solution, Services) and by Region - Global Forecast 2022-2032.
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