Facts and Factors Market Research has published a new report titled “GPS Fleet Tracking Software Market By Deployment (Cloud-Based and On-Premises), By Component (Solution and Services), and By Fleet Type (Commercial Fleet and Non-Commercial Fleet): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global GPS Fleet Tracking Software Market is predicted to be valued at approximately USD 15, 341 million in 2018 and is expected to reach a value of around USD 57,042 million by 2027, at a CAGR of around 15.72 % between 2019 and 2027.
A GPS tracking system assists the fleet management to detect poor driving activities in order to bring an improvement in the behavior of the drivers and help him make informed decisions along with ensuring his or her safety. With records exhibiting information on vehicle speed, harsh decelerating, acceleration, and surrounding, a business through the assistance from GPS tracking tool is able to know the way fleet vehicles are being driven. It can also help in assessing the performance of the drivers and help in enhancing the driving skills of the driver. By using vehicle telematics to improve vehicle activities on roads, businesses often experience a cost reduction of fuel and reduction in the number of vehicle collisions on roads.
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Furthermore, GPS fleet tracking allows the fleet manager to plan demarcations or alterations in the path at any point of the trip and then communicate this effortlessly to the driver. This helps the vehicles in the fleet to prevent traffic jams, roadblocks, or bad weather. GPS fleet tracking system helps in visualizing the performance of the fleet in a manner that is most required. By monitoring idle time, firms have experienced that on average, there is a 30% reduction in consumption of the fuel. Real-world experience displays that GPS data analysis can help in the promotion of safe driving behaviors not only for personal use but also in fleet operations.
Growing acceptance of new software for fleet tracking to drive the market trends
Escalating acceptance of telematics and self-driven vehicles along with the massive induction of electric vehicles in the company fleet will steer the expansion of the GPS fleet management software industry over the forecast period. Furthermore, growing reliance on software services like advanced fleet management systems along with the high popularity of cold chain transport is set to steer the business growth over the forecast timeline.
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Apparently, the launching of new technologies like connected cars and smart transport will enhance the GPD fleet tracking software industry demand over the forecast period. In addition to this, the burgeoning need for improving the business functionalities, real-time fleet monitoring, and strict enforcement of the legislations for ensuring the safety of the vehicle fleet will exhilarate the growth of the industry during the period from 2019 to 2027. Nonetheless, difficulty in handling the geographically spread team will obstruct the business growth over the forecast timeline. However, breakthroughs in IoT and cloud systems will create lucrative growth avenues for the business, thereby minimizing the impacts of hindrances on the market expansion.
On-Premise to lead the deployment segment by 2027 in terms of revenue
The growth of the segment during the forecast period is attributed to the on-premise deployment being preferred by many giant firms in order to ensure the managing & maintaining of confidential data as well as compliance with the laws.
Solution segment to contribute massively towards the overall market share by 2027
The growth of the segment is due to the GPS fleet tracking solution offering the best driving performance and constantly sending feedback pertaining to the type of driving. The solutions offer the firms with fuel cost savings, reducing maintenance costs, and assists in improving the vehicle management security along with safeguarding the interests & safety of customers.
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North America to dominate the regional market in terms of earnings
The growth of the market in North America is due to the massive demand for the software across the thriving automotive sector in the countries like the U.S. along with the presence of key product manufacturers in the region. Apart from this, massive awareness about the product in North America will further result in the astute growth of the regional market during the forecast timeline.
Some of the key players in the market include GPS Insight, Teletrac Navman US Ltd., ClearPathGPS, Inc., Agile Fleet, Rarestep, Inc. (Fleetio), Omnitracs, US Fleet Tracking, GPS Trackit, One Step GPS, LLC, Verizon, NexTraq LLC, Rhino Fleet Tracking, Mix Telematics, Trimble Inc., Track Your Truck, BrickHouse Security, AT&T, TomTom Telematics B.V., LiveViewGPS Inc., Zubie, Inc., Fleet Trax, and Phantom Ltd.
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This report segments the GPS Fleet Tracking Software market as follows:
GPS Fleet Tracking Software Market: By Deployment Type Segment Analysis
GPS Fleet Tracking Software Market: By Component Segment Analysis
- Operations Measurement
- Performance Measurement
- Fleet Analytics
- Others (Vehicle maintenance)
GPS Fleet Tracking Software Market: By Fleet Type Segment Analysis
- Commercial Fleet
- Non-Commercial Fleet
GPS Fleet Tracking Software Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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