Fleet Management Market Worth $34.0 Billion by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, June 25, 2020 /PRNewswire/ -- According to the new market research report "Fleet Management Market by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service (Professional and Managed), Deployment Type, Fleet Type, and Region - Global Forecast to 2025", published by MarketsandMarkets, the Fleet Management Market is expected to grow from USD 19.9 billion in 2020 to USD 34.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The major growth drivers of the market include the increasing strict government mandates, rising deployment of cloud-based solutions, growing IoT implementations, and rising demand for big data analytics.
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The fleet analytics and reporting segment to record a higher growth rate during the forecast period
In the Fleet Management Market by solution, the fleet analytics and reporting segment is expected to record a higher growth rate during the forecast period. Fleet management solutions aim at reducing risks, improving safety and security, monitoring fleets, and optimizing fleet operations. They help in reducing the total cost of ownership, protecting investments in assets, assisting asset inventory management, facilitating preventative maintenance in compliant with vehicles' Original Equipment Manufacturers (OEM) guidelines, and reducing repair costs by improving fleet safety.
Among services, the professional service provider segment to have a larger market size during the forecast period
In the Fleet Management Market by service, the professional service provider segment is expected to have a larger market share during the forecast period. Currently, the Fleet Management Market is emerging and expected to grow during the forecast period. Professional service providers study the fleet operations of logistics companies, thereby comprehending business constraints, providing major insights that help these companies optimally utilize all available resources, and making the most of their technological investments.