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The latest report by IMARC, titled “ FleetManagementSystemMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandFor ecast2023-2028
” the global fleet management system market is expected to exhibit a CAGR of 10.5% during.
Fleet management (FM) refers to the handling of commercial automobiles, which enables enterprises to track and maintain their vehicles in a quick and cost-effective way. There are three basic components of this system, namely position and material monitoring; equipment assigning and production monitoring; and optimization. FM systems allow transportation-dependent companies to reduce or eliminate the risks associated with vehicle investment and staff costs. They also assist in financing, vehicle tracking and diagnostics, and fuel management, and provide maximum compliance with government legislation. Due to these advantages, FM systems find applications in a wide range of sectors, such as manufacturing, construction, utilities, retail, and logistics.
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One of the major factors influencing the growth of the market is the integration of cloud-based software programs and wireless technology in FM systems, along with advancements in 4G and 5G networks. These technologies help in enhancing productivity, covering a wide area for a seamless connection, and offering quick responses. Moreover, FM solutions are now being utilized for medium- and large-scale fleets to streamline operations.
Along with this, the implementation of favorable policies and rising concerns toward the increasing incidences of road accidents are also catalyzing the market growth. For instance, the Government of the United States is assessing the potential of telematics to reduce accidents. Furthermore, increasing awareness about the efficiency and cost benefits of FM systems is expected to attract more customers. Technological innovations, such as in-vehicle cameras and GPS with telematics compatibility, are further anticipated to create a positive outlook for the market.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
ComponentInsights:
• Solutions
• Fleet Telematics
• Driver Information Management
• Vehicle Maintenance
• Safety and Compliance Management
• Others
• Services
• Installation and Integration Services
• After-Sales Support Services
• Consulting Services
VehicleTypeInsights:
• Commercial Vehicles
• Passenger Cars
• Aircrafts
• Watercrafts
EndUseSectorInsights:
• Automotive
• Energy & Utilities
• Manufacturing
• Retail
• Transportation and Logistics
• Construction
• Others
TechnologyInsights:
• GNSS
• Cellular Systems
DeploymentTypeInsights:
• Cloud-based
• On-premises
• Hybrid
RegionalInsights:
• North America
• United States
• Canada
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• AT&T Inc
• Geotab
• I.D. Systems
• IBM Corporation
• Inseego Corporation
• Mix Telematics Ltd.
• Omnitracs LLC
• TomTom N.V.
• Trimble Inc.
• Verizon Communications
• Wheels Inc.
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https://www.imarcgroup.com/fleet-management-system-market
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