Smart Fleet Management Market| Benefits Such as Real-time Fleet Monitoring to Boost the Market Growth | Technavio
The global smart fleet management market size is poised to grow by USD 153.63 billion during 2020-2024, progressing at a CAGR of over 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Smart Fleet Management Market 2020-2024 (Graphic: Business Wire)
Benefits such as real-time fleet monitoring will drive the growth of the smart fleet management market size during the forecast period. The advanced fleet management software (FMS) connects the vehicle's onboard computer and helps the user in acquiring data such as the vehicle's mileage and fuel consumption. Moreover, FMS also acts as a vehicle tracking component and connects to a cellular triangulation platform for data acquisition. Additionally, FMS can also track vehicles and transmit necessary information, through terrestrial and satellite tracking. Highly developed vehicle telematics and fleet management systems collect real-time data for fleet and transport managers to efficiently monitor and track the driver.
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Rising Dependence on Software Solutions in Fleet Management and the Growing Popularity of Cold Chain Transportation will be the Key Market Trends
The rising dependence on software solutions in fleet management and the growing popularity of cold chain transportation, major smart fleet management market trends, will also drive market growth. Tracking procurement costs, recording driver and vehicle details, measuring fleet performance through reports and charts, and scheduling maintenance and servicing tasks are some of the tasks that can be eased by adopting fleet management software. The growing transportation of perishable goods through commercial fleets is also increasing the adoption of smart fleet management systems to monitor field resource activities. Such factors will drive market growth.
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Smart Fleet Management Market 2020-2024: Key Highlights
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Five Forces Analysis
Market Segmentation by Transportation Type
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