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Global Smart Fleet Management to touch $ 537.53 BN by the year 2025

– Is your business in the running?

According to recent marketing reports and developments, the Global Smart Fleet Management market is more than likely to touch $537.53 BN by 2025. Parallely, it will observe a CAGR of 8.9% by 2025. 

Source: Allied Market Research

If this is not the absolutely right time to venture into and invest in the best Fleet Management Software for your business, then we don’t know what is. 

GROWING TRENDS OF THE DEMANDS OF MARKET 

  • Rising adoption of smart fleet management in telematics and autonomous vehicles 
  • High-speed network requirements
  • Investment by government agencies globally in intelligent transport systems 
  • Mandating use of connected technologies
  • Real-time Inspection and Security

KEY TAKEAWAYS FROM THE REPORT:

MARKET OVERVIEW

Fleet Management business administrators spend a whole lot of effort of progressively tracking fleets/vehicles to reduce lag and inactivity time. Other focal points include reducing transportation costs, all of which in turn improves the operational efficiency. 

With such clarity in operational goals, it becomes only relevant that there is an enhanced need of a Fleet Management System that touches all the pain-points of the trade. Therefore, with the increasing adoption of smart telematics, there is and is going to be a rapid increase in the market for smart fleet management. 

REGIONAL ANALYSIS- SMART FLEET MANAGEMENT 

According to the report that covers the analysis primarily of 6 market players; Europe, North America, South America, Asia Pacific, Africa and Middle East; Asia Pacific holds the biggest market share in 2017-19 with a total of 29.64%.

Key factors that led to the significant developments in this part of the world include a major change in the government’s approach towards fleet operators. There has also been a significant imposition of regulations based on driver, passenger and goods safety that have led to the development of a smart fleet management market.

SWOT ANALYSIS FOR GLOBAL SMART FLEET MANAGEMENT 

STRENGTHS/DRIVERS
Government regulations
Need of high speed network
Rising adoption of smart fleet
management in telematics and autonomous vehicles
WEAKNESSES/RESTRAINTS
Complex and expensive technology and lack of adaptability in developing nations
OPPORTUNITIES
The automatic data capture and transfer reduces manual errorsFleets integration with artificial intelligence
THREATS/CHALLENGES
Cost and qualitySafety and security threats

CHOOSING THE RIGHT FLEET MANAGEMENT SOFTWARE FOR YOUR BUSINESS

Fleet Management Software are adopted by companies both big and small; since most work relies on cars, vans, trucks and their likes to deliver goods. It often thus becomes a hassle sometimes to keep tabs on vehicle maintenance schedules and their associated costs; piping the data of which in the accounting system directly again becomes a task. 

This is where a fleet management system comes in. If chosen with insight, a suitable fleet management system can help curb expenses and simultaneously improve efficiency. Data Analytics enable companies to draw sense of if their current vehicles and force fit into the bigger vision and can thus be seen as an important feature of a Fleet Management Software.

Following are some more features that you must take note of before choosing a fleet management software for your business:

1. Efficient Task Management: Depending upon the kind of business you run, your fleet size may vary from a few to plenty. Managing the fleet therefore needs smart work. Choose a Fleet Management tool that offers a diverse task management functionality – enabling you to create tasks, assign drivers, set due dates, create multiple tasks etc. For instance, a software like Tookan applies all these essentials along with a lot more. With Tookan, you can even assign agents to a particular task/vehicle and manage literally every aspect of your fleet. 
2. Vehicle Tracking : GPS Tracking in real time is the most basic requirement of a fleet management business. For instance, if you’re a cab services company, with this feature, you can keep track of the entire fleet delivery life cycle with SMS alerts on various milestones. Real-time tracking also enables you to reduce vehicle downtime and further improve business and operational efficiency.
3. Cost curbing via insightful analytics: Analytics, like already stated and obvious are key to supporting relative business decisions. With a clear report of how multiple fronts of the business are functioning, management can take more informed decisions relative to business growth. These are more focussed at curbing costs for maximum profitability. 

A preview of analytics in the Tookan Fleet Management Dashboard

4. Vehicle Health and Alerts: Not many fleet management softwares offer alerts about vehicle health. However, it constitutes as an absolute essential of a fleet management software. Vehicle health basically means the condition and state of the vehicle: whether it needs repair, service due, fuel indicators, breakdown, accident alert etc. Business managers; when well aware about the vehicles in fleet’s health; can act promptly upon the situation and improve the service provision.

Whatever fleet management software you choose, it is further important that you make an absolutely informed decision that is worth investing in. Start small, but start right. Schedule a demo, or take a free trial with a fleet management software and see what wonders a support toolkit can do for your business. 

Work smart, for the industry is becoming smarter.

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