Cloud-Based Fleet Management Systems to Remain Highly Sought-After, Registering 23% CAGR until 2032
The latest research report by Fact.MR on global fleet management market studies in detail various growth drivers, restraints, and challenges shaping the market dynamics. It provides exhaustive coverage on latest trends and opportunities driving the demand across leading segments in terms of deployment, type, end user, and regions.
A Market Research and Competitive Intelligence Provider: The global fleet management market is estimated to reach US$ 239 Mn by the end of 2032, exhibiting growth at 17.4% CAGR between 2022 and 2032.
Rising adoption of cloud based and big data analytics solutions to enhance the operational efficiency in commercial vehicles is one of the major factor driving the demand. Also, surging demand for real-time tracking solutions such as global positioning system (GPS) to avoid the risks of accidents and timely delivery is estimated to boost the market.
Advent of digital transformation is increasing the application of 5G technology among fleet operators for asset management and vehicle & driver tracking. This is likely to create lucrative opportunities for the market.
Besides this, increase in fuel prices is shifting the focus of several fleet management providers towards low-speed electric vehicles for efficient delivery needs of pharmacies, and others. Additionally, growing demand for improving the fleet safety is boosting the adoption of telematics and fleet analytics solutions.