Managing a fleet of vehicles is not an easy task, and as more transport operators increase in size, the demand for fleet management systems is on the rise. These systems track each vehicle in real-time and provide information on the optimized route, fuel and vehicle usage. Implementing a system helps operators improve operational costs, driver safety and vehicle maintenance.
The growing number of fleets adopting management systems has caused a spike in the market, which will grow a CAGR of 26.66 percent by 2016. This growth is due in large part to the key drivers detailed below:
Increase in Fleet Management Software
Vendors in the Fleet Management Systems market can now provide their services via the internet. This approach gives operators the same benefits, but at minimal expense to both vendor and end-user, and with the convenience of downloading upgrades.
Adoption by Smaller Fleets
After vendors released fleet management software, more small and medium sized companies are taking advantage of the benefits of having a system in place. Data collected from these systems will also help operators better allocate their resources, ultimately saving them a bundle.
Efficient Data Management
Operators are saddled with data from reports, workers, technicians and bills of fuel consumption. Fleet management systems help record and organize this data which cuts down on the work for operators and severely lessens errors.
Some concern has been raised over increasing operating costs of vehicles in the industry, but the money saved by the valuable insights provided by fleet management systems will help offset rising industry costs. In addition, vendors are also selling other products such as fuel cards, GPS navigation devices and third party complimentary devices, which is further driving the growth of the market. All in all, we at TechNavio expect the Global Fleet Management System Market to keep on trucking at a healthy rate in the years to come.
For more information, view our 2012-2016 Global Fleet Management System Market report.
