Fleet Management Software Market Size, Share, Growth Analysis, By Deployment(Cloud Based, On Premises, Hybrid), By Industry(Power, Automotive, Mining, Oil), By Region - Industry Forecast 2024-2031

Global Fleet Management Software Market size was valued at USD 18.2 billion in 2019 and is poised to grow from USD 20.73 billion in 2023 to USD 67.38 billion by 2031, growing at a CAGR of 18.3% in the forecast period (2024-2031).

Software for fleet management performs a variety of tasks, including, among others, finance for vehicles, vehicle maintenance, tracking and diagnostics, driver and vehicle management, speed and fuel management, and health and safety management. Since the market for these solutions is still in its infancy, there are many chances for the sellers.

Due to the benefits it offers, like a quicker time to market, high efficiency, more features, and a cheaper cost than on-premise, vendors in the industry are choosing cloud products. For example, Zoho Corporation is relying on innovations like the cloud, the Internet of Things (IoT), and artificial intelligence (AI) to use IRDA's predictions. For instance, WebNMS said that by incorporating AI and machine learning into its fleet management solutions, a midsized fleet of 25–50 cars could save 10-15% on fuel.

Telematics is starting to revolutionise the way organisations plan and organise their employees. Technology for fleet management has several advantages for companies of all sizes. They can effectively monitor operations thanks to it, and it acts as a digital road map for encouraging safe and efficient driving. This has the potential to lower risk while also lowering costs. It has evolved into a vital tool for enterprises in many ways.

Fleet management must prioritise driver safety above anything else. According to a recent study, speed is "at the heart of the problem with road safety" and "in about 30% of the fatal incidents speed is an important contributory element." Because of this, a fleet management system's primary focus is on the performance and behaviour of the drivers. The ability to receive notifications and alerts concerning risky driving practises in close to real-time is a key advantage of fleet management software. For instance, fleet tracking tools like dashboard cameras enable fleet managers to keep an eye on any instances of speeding, forceful braking, or sharp turns made by their drivers.

US Fleet Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.