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Fleet Management Market worth $55.6 billion by 2028 – Exclusive Report by MarketsandMarkets™

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7 months ago

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Innovations in telematics, IoT, and AI will propel the Fleet Management Market in the future, bringing with them integration with mobility services, predictive analytics, and a sustainability-focused approach. Regulation adherence, cybersecurity, and personalisation will influence developing business models that prioritise data-driven judgement and effective fleet management.

CHICAGO, Feb. 13, 2024 /PRNewswire/ — The Fleet Management Market is expected to reach USD 55.6 billion by 2028 from USD 28.6 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 14.2% during 2023–2028, according to a new report by MarketsandMarkets™. The fleet management industry is driven primarily by the increasing prevalence of automation technology. Companies are progressively incorporating automation into a broader range of operational aspects, particularly fleet management systems for maintenance reminders, dispatching, and route planning. Human resources are freed up by this adoption to concentrate on more strategically important work. The sector is seeing a transition towards automated processes, and automated fleet management jobs’ increased efficiency, lower operating overhead, and better decision-making capabilities are significant factors driving the market’s expansion.

 

Browse in-depth TOC on “Fleet Management Market”

394 – Tables
42 – Figures
324 – Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2018-2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Value (USD Billion)

Segments Covered

By component (solution(operations management, vehicle maintenance and diagnostics, performance management, fleet analytics and reporting, compliance management, other solutions), services (professional services, managed services)), by fleet type (commercial fleets, passenger vehicles) vertical  (retail, transportation & logistics, healthcare & pharmaceuticals, construction, utilities, oil, gas and mining, government, other verticals) and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America)

Region covered

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Companies covered

Geotab (Canada), Verizon Connect (US), Bridgestone Group (Japan), Trimble (US), Samsara (US), Wheels (US), Inseego (US), Solera Group (US), Verra Mobility (US), Teletrac Navman (US), Holman (US), Orbcomm (US), Mix Telematics (South Africa), Zebra Technologies (US), Motive (US), Chevin (UK), GPS Insight (US), Michelin (France), ClearpathGPS (US), Fleetcomplete (Canada), Gurtam (Belarus), Automile (US), VIA (Israel), Fleetroot (UAE), Ruptela (Lithuania), Freeway Fleet (UK).

 

By vertical, the transportation & logistics segment to hold the largest market size during the forecast period.

The escalating fuel costs have become a pivotal factor driving the adoption of advanced fleet management technologies to optimize fuel efficiency. Fleet managers increasingly invest in sophisticated route optimization systems that leverage real-time traffic data, historical route information, and predictive analytics to identify the most fuel-efficient vehicle paths. These systems consider traffic congestion, road conditions, and elevation changes to minimize fuel consumption. Moreover, integrating eco-driving technologies plays a crucial role in this scenario. These technologies, often facilitated by telematics and onboard sensors, provide real-time feedback to drivers on their driving behavior, encouraging fuel-efficient practices such as smooth acceleration, deceleration, and optimal speed maintenance. The synergy of route optimization and eco-driving not only reduces fuel consumption but also contributes to lower emissions, aligning with environmental sustainability goals. This technological approach not only addresses the immediate cost concerns associated with fuel but also positions fleet management systems as indispensable tools for achieving operational efficiency and environmental responsibility in the logistics and transportation sector.

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By solution, the performance management segment is expected to hold a higher growth rate during the forecast period.

Solutions for scalable performance management are essential for tackling the changing problems expanding fleets encounter. As fleets expand and undergo operational changes, these solutions provide a level of flexibility and adaptability that is crucial for seamless integration into evolving business operations. The scalability feature allows fleet managers to effortlessly accommodate an increasing number of vehicles, diverse assets, and a growing workforce. Whether expanding to new geographic locations, adjusting to fluctuating demand, or incorporating additional functionalities, scalable solutions ensure that the performance management system can readily grow alongside the fleet. This adaptability not only future-proofs the investment in technology but also facilitates a smooth transition during periods of change, ultimately contributing to sustained operational efficiency and optimized fleet performance in the face of evolving business landscapes.

Asia Pacific is expected to hold a higher growth rate during the forecast period.

Governments in Asian cities with high population densities invest heavily in sophisticated traffic control systems to deal with traffic bottlenecks and guarantee efficient traffic flow. In this urban setting, fleet management is essential since it increases the overall effectiveness of traffic control systems. Fleet management systems reduce traffic congestion and increase traffic flow by optimizing routes, minimizing idle times, and improving vehicle coordination via real-time data and analytics. Additionally, effective fleet management systems have become essential in the larger framework of commerce and cross-border transportation in the Asia Pacific area. They are critical to maintaining adherence to customs laws, enabling smooth logistical processes, and raising the general effectiveness of supply networks that span international borders. In these instances, the use of fleet management systems not only improves operational efficiency but also supports the larger regional objectives of trade facilitation and economic connection.

Top Key Companies in Fleet Management Market:

The major vendors covered in the Fleet Management Market are Geotab (Canada), Verizon Connect (US), Bridgestone Group (Japan), Trimble (US), Samsara (US), Wheels (US), Inseego (US), Solera Group (US), Verra Mobility (US), Teletrac Navman (US), Holman (US), Orbcomm (US), Mix Telematics (South Africa), Zebra Technologies (US), Motive (US), Chevin (UK), GPS Insight (US), Michelin (France), ClearpathGPS (US), Fleetcomplete (Canada), Gurtam (Belarus), Automile (US), VIA (Israel), Fleetroot (UAE), Ruptela (Lithuania), Freeway Fleet (UK).

These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the Fleet Management Market.

Recent Developments

In January 2024, MoveEV, an AI-powered EV transition platform, partnered with Geotab. The collaboration integrates MoveEV’s flagship product, ReimburseEV, into the Geotab Marketplace, marking a significant step in advancing sustainable fleet management.In September 2023, Trimble partnered with transportation solution provider Next Generation Logistics to make its Engage Lane solution available to their base of shippers through the Transportation Cloud.In December 2022, Donlen and LeasePlan partnered to enhance the offering of fleet management and mobility solutions in the North American fleet market.In August 2021, Bridgestone acquired Azuga Holdings, Inc. (Azuga) and the Azuga fleet management platform from Sumeru Equity Partners, Danlaw, Inc., and other shareholders. The acquisition accelerates Bridgestone’s efforts to develop and deploy a comprehensive fleet management solution as a central pillar of the company’s advanced mobility strategy.

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Fleet Management Market Advantages:

Fleet management solutions reduce operating costs and boost operational efficiency by optimising fuel use, vehicle maintenance, and route planning.

Fleet safety is increased overall when drivers behave better, have fewer accidents, and follow safety procedures thanks to real-time surveillance and monitoring features.

Fleet owners have lower operating costs and more profitability as a result of effective resource allocation, scheduled preventive maintenance, and fuel management.

With the monitoring of vehicle usage, idle time, and downtime, fleet management systems maximise fleet productivity through asset utilisation optimisation.

By keeping an eye on driver hours, vehicle emissions, and compliance with transportation laws, fleet management systems assist in ensuring regulatory compliance.

Better customer service is made possible by increased fleet operations visibility and transparency, which includes precise delivery tracking and prompt notifications.

Fleet management solutions use data analytics to deliver actionable insights that support wise decision-making and ongoing fleet operation improvement.

Fleet management solutions ensure flexibility and support for future growth by being scalable and adaptable to the needs of fleets of all sizes, from small businesses to huge corporations.

Report Objectives

To determine, segment, and forecast the Fleet Management Market by component, fleet type, vertical, and region in terms of valueTo forecast the size of the market segments concerning 5 main areas: North America, Europe, Asia Pacific, Middle East Africa, and Latin AmericaTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the marketTo study the complete value chain and related industry segments and perform a value chain analysis of the market landscapeTo strategically analyze the macro and micro-markets concerning individual growth trends, prospects, and contributions to the total marketTo analyze the industry trends, pricing data, patents, and innovations related to the marketTo analyze the opportunities for stakeholders by identifying the high-growth segments of the marketTo profile the key players in the market and comprehensively analyze their market share/ranking and core competenciesTo track and analyze competitive developments, such as mergers and acquisitions, product launches & developments, partnerships, agreements, collaborations, business expansions, and R&D activities

Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting

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About MarketsandMarkets™

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Technology

BASX Hosts Ribbon-Cutting Ceremony for New State-of-the-Art Weld Shop

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18 mins ago

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September 19, 2024

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REDMOND, Ore., Sept. 19, 2024 /PRNewswire/ — BASX (“BASX” or the “Company”), a leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, and custom HVAC systems, is proud to announce the official ribbon-cutting ceremony for its newly completed 36,000-square-foot weld shop. The Redmond Chamber of Commerce performed the ribbon cutting on September 18th, 2024, at BASX headquarters.

The weld shop will create significant job opportunities in the Central Oregon region, with the capacity to fill an additional 30 welding positions. Positions range from entry-level to experienced roles, with professional opportunities in various growing departments within the Company.

“This new facility is a major investment not just in our company, but in the future of Central Oregon,” said Dave Benson, AAON VP and BASX President. “We can now deliver even higher levels of quality and efficiency while providing more job opportunities for the community. We’re proud to support local manufacturing growth and look forward to seeing the impact this expansion will have on both BASX and the region.”

The new shop marks a major expansion in the Company’s production capabilities, introducing state-of-the-art welding technology within a climate-controlled environment. Equipped with advanced air filtration systems, including an AAON make-up air unit and multiple air scrubbers, the shop ensures exceptional air quality for its workers. The space also features two 5-ton overhead cranes and six ½-ton cantilever jib cranes, allowing for efficient movement of materials across the facility.

A key highlight of the facility is its cutting-edge tube laser, capable of precision cutting and profiling round and square tubes, as well as C-channel and I-beam profiles up to 27 feet in length. Additionally, a 75-foot-long dual-zone robotic welding cell is scheduled to be installed and operational in early 2025, enabling the welding of large subassemblies up to 10 tons.

The shop’s innovative capabilities will support the Company’s growth and solidify its position for ongoing expansion. In addition to the 30 new welding jobs, BASX is actively hiring across various departments to support its continued success. To learn more about available positions and apply, visit the BASX careers page at www.basxsolutions.com/careers.

About BASX
Founded in 2014 in Central Oregon, BASX is an industry leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, custom HVAC systems, and modular solutions. Acquired by AAON in 2021, BASX continues to focus on quality, innovation, and state-of-the-art technology. The Company is proud to display the Made-in-America emblem on all its products. For more information, please visit www.basx.com.

Contact Information
Christina Lattanzio
Marketing Manager
(918) 508-9272
Email: Marketing@basx.com

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SOURCE AAON

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NASA Sets Coverage for Astronaut Tracy C. Dyson, Crewmates Return

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18 mins ago

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September 19, 2024

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WASHINGTON, Sept. 19, 2024 /PRNewswire/ — NASA astronaut Tracy C. Dyson, accompanied by Roscosmos cosmonauts Nikolai Chub and Oleg Kononenko, will depart from the International Space Station aboard the Soyuz MS-25 spacecraft, and return to Earth.

Dyson, Chub, and Kononenko will undock from the orbiting laboratory’s Prichal module at 4:37 a.m. EDT Monday, Sept. 23, heading for a parachute-assisted landing at 8 a.m. (5 p.m. Kazakhstan time) on the steppe of Kazakhstan, southeast of the town of Dzhezkazgan.

NASA’s live coverage of return and related activities will stream on NASA+ and the agency’s website. Learn how to stream NASA content through a variety of platforms, including social media.

A change of command ceremony also will stream on NASA platforms at 10:15 a.m. Sunday, Sept. 22. Kononenko will hand over station command to NASA astronaut Suni Williams for Expedition 72, which begins at the time of undocking.

Spanning 184 days in space, Dyson’s mission includes covering 2,944 orbits of the Earth and a journey of 78 million miles. The Soyuz MS-25 spacecraft launched March 23, and arrived at the station March 25, with Dyson, Roscosmos cosmonaut Oleg Novitskiy, and spaceflight participant Marina Vasilevskaya of Belarus. Novitskiy and Vasilevskaya were aboard the station for 12 days before returning home with NASA astronaut Loral O’Hara on April 6.

Kononenko and Chub, who launched with O’Hara to the station on the Soyuz MS-24 spacecraft last September, will return after 374 days in space and a trip of 158.6 million miles, spanning 5,984 orbits.

Dyson spent her fourth spaceflight aboard the station as an Expedition 70 and 71 flight engineer, and departs with Kononenko, completing his fifth flight into space and accruing an all-time record 1,111 days in orbit, and Chub, who completed his first spaceflight.

After returning to Earth, the three crew members will fly on a helicopter from the landing site to the recovery staging city of Karaganda, Kazakhstan. Dyson will board a NASA plane and return to Houston, while Kononenko and Chub will depart for a training base in Star City, Russia.

NASA’s coverage is as follows (all times Eastern and subject to change based on real-time operations):

Sunday, Sept. 22
10:15 a.m. – Expedition 71/72 change of command ceremony begins on NASA+ and the agency’s website.

Monday, Sept. 23
12:45 a.m. – Hatch closing coverage begins on NASA+ and the agency’s website.

1:05 a.m. – Hatch closing

4 a.m. – Undocking coverage begins on NASA+ and the agency’s website.

4:37 a.m. – Undocking

6:45 a.m. – Coverage begins for deorbit burn, entry, and landing on NASA+ and the agency’s website.

7:05 a.m. – Deorbit burn

8 a.m. – Landing

For more than two decades, people have lived and worked continuously aboard the International Space Station, advancing scientific knowledge, and making research breakthroughs that are not possible on Earth. The station is a critical testbed for NASA to understand and overcome the challenges of long-duration spaceflight and to expand commercial opportunities in low Earth orbit. As commercial companies focus on providing human space transportation services and destinations as part of a robust low Earth orbit economy, NASA is focusing more resources on deep space missions to the Moon as part of Artemis in preparation for future human missions to Mars.

Learn more about International Space Station research and operations at:

https://www.nasa.gov/station

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SOURCE NASA

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Global claims guidance leader EvolutionIQ joins as CALI’s inaugural Life Partner

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18 mins ago

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September 19, 2024

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — US-based EvolutionIQ, a global leader in claims guidance technology, has signed on as the Council of Australian Life Insurers (CALI)’s first Life Partner as part of its corporate partner program.

The CALI Partner Program is designed to foster collaboration and create a connected ecosystem of industry experts.

CALI Life Partners share the industry’s mission to make life insurance accessible, understandable and trusted. They are companies that support Australian life insurers to help Australians and their families have peace of mind about their future so they can live in the most healthy, confident and secure way.

“We are pleased to welcome EvolutionIQ as CALI’s inaugural Life Partner. The CALI Partner Program plays an important role in connecting our members to the latest innovators, like EvolutionIQ, that can move their businesses forward,” said CALI CEO Christine Cupitt.

“We want to work closely with each of our partners to strengthen and support the life insurance industry to deliver better customer experiences for millions of Australians on their best and worst days.”

Headquartered in New York, EvolutionIQ has expanded significantly since 2019. Its clients include major insurance carriers such as Sun Life, Reliance Matrix and Principal Financial. Their AI-powered software makes insurance claims processes more personalised, fair and cost-effective so that more people can recover faster and return to work.

“We are committed to supporting the Australian life insurance ecosystem and being a CALI Life Partner enables us to specialise our products to meet the dynamic needs of the Australian markets,” said EvolutionIQ’s Co-CEO, Mike Saltzman.

“Our partnership with CALI means we can contribute to and shape customer experiences in Australia, and ultimately help more people return to health and a livelihood sooner.”

About EvolutionIQ
EvolutionIQ pioneered Claims Guidance in 2019. Its explainable AI guides insurance claims professionals to their highest potential impact claims, improving the claimant experience and delivering better claim outcomes to claimants, carriers and their customers. EvolutionIQ serves the group disability, individual disability and workers’ compensation markets worldwide. EvolutionIQ’s AI native products have been adopted by 70% of the top 15 U.S. disability carriers and a growing list of workers’ compensation carriers. The New York-based company employs 185 staff across the United States, Europe and Australia. For more information, visit evolutioniq.com and follow the company on LinkedIn.

About CALI
We support Australians to make informed choices about their future and help them live in a healthy, confident and secure way over their lifetime.

Our members’ products and services give people peace of mind when making important decisions and provide a financial safety net during life’s biggest challenges.

We advocate for national policy settings that expand Australians’ access to the life insurance protection that suits them when they need it most.

CALI represents all life insurers and reinsurers in Australia. The Australian life insurance industry is today a $26.4billion industry, employing thousands of Australians and paying billions of dollars of benefits each year.

To view CALI’s corporate partners visit www.cali.org.au/about-us/#our-partners

For more information, visit www.cali.org.au

Media Contact
Jason Kapler
Vice President of Marketing
EvolutionIQ
(917) 740-5608
Press@evolutioniq.com

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SOURCE EvolutionIQ

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