MCP-7689: FLEET MANAGEMENT SYSTEMS – A GLOBAL STRATEGIC BUSINESS REPORT
April 20, 2017 – Widespread Adoption of Vehicle Telematics, IoT & Mobile Technologies to Drive Growth in the Global Fleet Management Systems Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Fleet Management Systems market. The global market for Fleet Management Systems is projected to reach cumulative installed base of 47.4 million units by 2022, driven by strong adoption of new technologies, move towards reducing carbon footprint and paper trail, focus on achieving cost-containment, and higher logistical efficiencies.
Fleet Management Systems (FMS) refer to a broad category of telematics solutions developed primarily for empowering commercial fleet-based organizations to increase their profitability by enabling substantial reduction in fuel utilization, tracking average idle engine time per vehicle, providing better insight into performance of vehicle and driver, reducing overtime payouts, as well as myriad other benefits. FMS offers array of services such as operations management, supply chain management, vehicle and asset management, and regulatory compliance. Vendors of fleet management systems provide these services using combination of telematics devices, network and software tools and navigation system. FMS solutions play a key role in reducing resource expenditure and increasing cost savings, while ensuring entire fleet complies with prevailing norms and standards. Therefore, these solutions are gradually becoming an integral part of a company’s fleet operations.
Companies primarily focus on reducing downtime of drivers as well as fleets, which has led to surge in demand for comprehensive and effective fleet management solutions across different industry verticals such as construction, emergency services, healthcare, insurance telematics, transportation and logistics, and utilities, to name a few. Adoption of fleet management systems was initially slow as fleet managers were not aware of various services provided by system manufacturers and integrators. High upfront costs coupled with unavailability of trained professionals with sound knowledge on operating fleet management systems were other hindrances. With more knowledge being gained about various benefits that the fleet management systems can bring about, increasing number of fleet managers are looking at adopting these solutions. The market is replete with both customized and off-the-shelf fleet management system solutions. Telematics is the most sought after functionality of FMS. Technologically advanced fleet telematics solutions help facilitate data transmission on real-time basis, thereby enabling companies to control as well as optimise their incumbent fleet operations. Bound by increasingly stringent legislations and regulations for drivers and vehicle safety, fleet management industry has to find pertinent solutions that ensure higher degree of effectiveness and compliance with norms and mandates. The biggest challenge stems from choosing best fleet management solution vendors capable of providing effective and customized solutions.
As stated by the new market research report on Fleet Management Systems, Europe represents the largest market worldwide supported by heightened consumer awareness, advancements in GPS-based technologies, decreasing prices of connectivity solutions, and increasing need for enhancing operational efficiency for staying profitable. Asia-Pacific ranks as the fastest growing market with a CAGR of 17.6% over the analysis period, led by a burgeoning commercial transportation industry supported by growing population and mobility needs and stable interregionaland intraregional trade; strong government policy led support of transportation infrastructure development; and growing appetite for next generation IT technologies among logistics companies.
Major players profiled in the report include AirIQ, Inc., Aplicom Oy, Aspire Tracking Ltd., Batrak Ltd., BOX Telematics Ltd., CarrierWeb, LLC., CATERPILLAR, Inc., Cisco Systems, Inc., Daimler Fleetboard GmbH, Donlen Corp., HCL Technologies Ltd., Modular Mining Systems, Inc., Risk Technology Ltd., SafeTrac Solutions Ltd., TomTom International B.V., Verizon Enterprise Solutions, V-SOL Ltd., among others.
The research report titled “Fleet Management Systems: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections of cumulative installed base of Fleet Management Systems (FMS) in Thousand Units for all major geographic markets such as the US, Canada, Europe, Asia-Pacific, Latin America, and Rest of World.
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