Three major components of the system are equipment assignment & optimization, position & material monitoring, and production monitoring. Factors driving the market are increasing fuel costs, rising emission rates, and a need to improve efficiency. It can beneficial to many industries by integrating Internet of Things (IoT) and communication technologies across automotive and transportation & logistics industries. Market challenges include less transparency, less data integrity, and compliance to safety and other important standards. These can be overcome by training the right people and using the right fleet management software.
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The worldwide market is segmented according to technology, end-users, and regions. Technologies involve connectivity technologies, commercial telematics, and software components. Connectivity technologies are further segmented into cellular system and Global Navigation Satellite System (GNSS).
End-users entail Transportation & Logistics, Energy & Utilities, Construction, Manufacturing, Retail, Government, and others. Manufacturing will hold large market shares on account of expanding the customer base. Retail will also have a significant market share in light of the recent expansion of E-commerce stores and need for rapid delivery. Transportation & logistics industry will benefit from the market and reduce their downtime and provide additional services to other verticals.
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Regions comprise of EMEA (Europe, Middle East & Africa), APAC (Asia Pacific), and Americas. North America is expected to lead the global fleet management system market by the end of the forecast period. Asia Pacific will display the highest growth during the same period. Europe in EMEA will experience slow growth on account of many small & medium enterprises unable to afford the expensive technology.
Prominent players operating in the global fleet management system market are TomTom International BV, Fleetmatics, EMKAY, Navman Wireless, and Wireless Matrix. Mergers and acquisitions and improving existing technology are core strategies followed by these players. Navman Wireless was acquired by Danaher Corporation in 2013. This allowed it to offer fleet management solutions to more than 14000 organizations worldwide.
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