Growing business competition and race to deliver products on time to customers has fueled the growth of global fleet management solution market in recent times. A fleet management solution is an automated platform that is designed and developed to offer convenience to businesses by providing remote monitoring and real-time insights on whereabouts the vehicles.
Over the period of time, the global fleet management solution market has developed a highly competitive scenario as a result of rapid influx on new entrants in the market. Moreover, the growing demand for various end use industries such as logistics, transportation, and heavy lifting industries, the fleet management solution market is witnessing a staggering growth in terms of 9.3% CAGR in the forecast period of 2017 to 2025.
Recent Developments to Fuel the Growth of the Market
The current landscape of global fleet management solution is highly fragmented and competitive. Businesses are investing heavily on multiple research and development activities in order to maintain their brand presence in the market. Some of the players are looking forward to strategic collaborations as a resort for sustained growth. For instance, in June 2019, Saleswood has implemented a QR code based security in its fleet management solution. This additional layer of security is designed to facilitate safe transportation of company’s assets and final products to the client.
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As a result of features such as predictive analytics and one-window-for-all-solution monitoring, Audi has joined hands with an Israeli company Fleetonomy in May 2019. The partnership is a step towards a wider application of Israeli company’s fleet management and monitoring solution in the market.
Looking at the latest developments in the global fleet management solution market, many players have started expanding their resource bank by acquiring various small and medium scale business.
The market poses ample opportunities for the players in the projected duration. The players are expected to capture the opportunities and grow in global fleet management solution market in the forecast period.