Fleet Management Market Worth $27.9 Billion in 5 Years
Perhaps a bit challenging to predict with accuracy, but one new report shows that the fleet management market is estimated to from from $9.54 billion in 2016 to nearly $28 billion in five years.
So what’s driving the growth? According to the authors, MarketsandMarkets, “Increasing need for operational efficiency is expected to be the primary driver for the fleet management market during the forecast period.” Specifically the increasing costs associated with maintenance, fuel, regulations, and accidents are key forces that will really make this market nearly triple.
In addition to operational efficiencies, fleet managers are also concerned with driver safety and security.
Key verticals in the fleet management space include Warehouse Management Systems (WMS), Radio Frequency Identification (RFID), Electronic Data Interchange (EDI), sensor technologies, and Global Positioning System (GPS) tracking, among others, increase the applicability of fleet management in the manufacturing sector. Moreover, government, transportation and logistic, energy & utilities, retail, and construction verticals are also expected to gain traction during the forecast period.
Category: Featured
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