The on-going Covid-19 pandemic has affected the global economy in three main ways. First is a long-term effect on production and demand. Second is by creating a chain of market disruption. And third is the lasting financial impact on businesses and markets. Amidst the slowdown in global economic growth, the Fleet Management Services industry has also suffered an impact but has still managed to maintain moderate and optimistic growth in the past few years.
The fleet management market revenue in 2016 was only $3.2 million. But a study by the Zion Market Research reports that the market revenue is expected to reach 15.5 million by the end of 2024. Researchers and organizations have forecasted that the growth of IoT will be high globally, and since then, global fleet operators are largely accepting the technology.
Fortune Business Insights published a report that forecasts for the global fleet management software market to reach USD 46.5 Million by 2025 at a CAGR of 16.52% from the USD 14 Million in 2018. The fleet market will presumably obtain this from increasing focus on fleet effectiveness. Some of the best fleet management software providers and top players in the market are Omnitracs, Verizon, GPS Insight, Geotab, Trimble, Mix Telematics, Fleet Complete, Global Track, and NexTraq.
The global fleet management software and solutions market are persistently rising due to the growing usage of cloud-based fleet management solutions and increasing demand for electronic logging devices (ELDs), government regulations, and increasing demand for real-time tracking service. The on-going pandemic has put a steady spotlight on the high need to transport food supplies and essential medical supplies by acknowledging the Electronic Logging capability of the fleet management software.
The applications for GPS tracking fleet management are aiming to rapidly lead automated industrial machinery and drones and move away from manned transportation vehicles. Telematics technology supports devices that can range from electronic logging devices (ELDs), video cameras, GPS, and temperature sensors. These devices can help wirelessly connect a vehicle to keep up on its movement, location, status, performance, and behavior within their fleets.
A use-case example of fleet management software – A fleet software company located in Texas, U.S. named Omnitracs, announced the launch of Command, MilesAhead Drive, and Resolve solution in February of 2019. These operations were meant to enhance and simplify the daily jobs and exhaustive tasks of assigned fleet drivers. It will help the drivers to easily access detailed information about specific locations while also viewing the associated job tasks from the routes.
The arrival and mandate of the electronic logging devices (ELD) have simplified the compliance by hours of service regulations. This can specify how long and when the drivers can be active on the road. The ELD is recognized to be telematics technology-based because it digitally communicates and transfers information between the driver and the vehicle. It also communicates location data to the driver for vehicle inspection, reporting and verifying hours-of-service. Thus, it eliminates the need for inaccurate and time-consuming paper logs because electronic logging devices can record and monitor several data points. They also manage the attainment of many regulations related to foods and beverages. They facilitate regulations into digital reports that can be collected way faster than manual audits.
The ability to manage and monitor a fleet of moving devices to make real-time decisions on their performance is a brand-new field of interest. Remarkably, the Department of Transportation (DOT) improvised on some of its stringent guidelines to allow materials and freight to pass through wherever they are required. Drivers are also being inquired to do more for maintaining safety.
Fleet administrators are celebrating after recognizing the true potentials of IoT. Smart fleet management maintenance software, which is meant for technologies such as cloud, IoT, big data, and largely Telematics, has demonstrated to be reliable for many of the transport and freight companies around the world.