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According to Technavio's analysts, the AI-powered fleet-management software market share is expected to rise to USD 4.68 billion by 2026, at an accelerating CAGR of 20.04%.
This AI-powered fleet-management software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers AI-powered fleet-management software market segmentations by the following:
The AI-powered fleet-management software market report also offers information on several market vendors, including AnyConnect Pvt. Ltd., Azuga Inc., Fleet Complete, FleetCor Technologies Inc., Intelex Systems Pvt. Ltd., TrueLite Trace Inc., Geotab Inc., GoFleet Inc., Inseego Corp., International Business Machines Corp., MiX Telematics Ltd., Motive Technologies, NetraDyne Inc., Pegasus Transtech LLC, PowerFleet Inc., Samsara Inc., ThinAir Telematics, Trimble Inc., Verizon Communications Inc., and VIA TECHNOLOGIES Inc. among others.
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The growing focus on efficient use of data to enhance fleet management is notably driving the AI-powered fleet-management software market growth, although factors such as data privacy issue may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the AI-powered fleet-management software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key AI-powered Fleet-management Software Market Driver
One of the key factors driving the global AI-powered fleet-management software industry growth is the growing focus on the efficient use of data to enhance fleet management. Fleet operators that use fleet management software receive a large amount of data related to the daily operations of the fleet, such as fuel bills, routes traversed, real-time traffic data, telematics data, and work order performance. AI-powered fleet management software enables real-time data management and reduces the probability of manual errors by automating the fleet management process. Moreover, the AI-based fleet management software can optimize routes to reduce mileage, which will reduce fuel and maintenance costs. In addition, AI provides a better understanding of changes in fleet capacity over time. For instance, it will provide insight through data analytics that how fleet capacity changes on weekends compared with that on weekdays. Such factors will drive market growth during the forecast period.
Key AI-powered Fleet-management Software Market Trend
Increasing investments in autonomous fleets is one of the key AI-powered fleet-management software market trends that is expected to impact the industry positively in the forecast period. The integration of driverless technology into commercial trucking and other fleets in the near future can help reduce costs. Some of the investments in autonomous cars are mentioned below:
The increase in investments will further support the market growth in the coming years.
Key AI-powered Fleet-management Software Market Challenge
One of the key challenges to the global AI-powered fleet-management software industry growth is the data privacy issue. With the emergence of advanced AI solutions, concerns over data privacy are increasing. Data privacy issues arise in AI due to the tools' ability to make autonomous decisions and actions. Fleet management companies are using data anonymization techniques, wherein they generalize key details of a data point to prevent data breaches while using AI. However, ensuring the privacy and anonymity of data points and large amounts of data is becoming a major challenge for companies. The increasing number of cybersecurity threats has further made it difficult to manage and secure data. For instance, in 2020, the automotive cybersecurity threats increased from 24 in 2019 to 33 in 2020. Such factors may limit the adoption of global AI-based fleet management software during the forecast period.
This AI-powered fleet-management software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global AI-powered fleet-management software market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the AI-powered fleet-management software market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the AI-powered fleet-management software market encompasses successful business strategies deployed by the key vendors. The AI-powered fleet-management software market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The AI-powered fleet-management software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the AI-powered fleet-management software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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32% of the market's growth will originate from North America during the forecast period. The US is the key market for AI-powered fleet-management software in North America. However, market growth in this region will be slower than the growth of the market in other regions.
The presence of several global vendors such as Geotab Inc., Trimble Inc., and Omnitracs, LLC will facilitate the AI-powered fleet-management software market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the growth of the AI-powered fleet-management software market in the region was hindered by the increasing spread of COVID-19. In March 2020, the government of countries across the region, such as the US, announced nationwide lockdowns and the closure of all nonessential businesses. This hindered the growth of the fleet management system in the country. However, the lockdown was lifted in Q4 2020, and business operations were resumed in 2021. Moreover, the initiation of vaccination drives and the safety measures taken by the fleet operators helped the market to recover in 2021. During the forecast period, the rapid adoption of autonomous cars is expected to positively influence regional market growth.
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The AI-powered fleet-management software market share growth by the on-premise segment will be significant during the forecast period. In an on-premise fleet management software, hardware and software are handled on the premises of the organization, which offers more control over the system and data. This will drive market growth through this segment in the coming years.
his report provides an accurate prediction of the contribution of all the segments to the growth of the AI-powered fleet-management software market size and actionable market insights on post COVID-19 impact on each segment.
AI-powered Fleet-management Software Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.04% |
Market growth 2022-2026 |
$ 4.68 billion |
Market structure |
Fragmented |
YoY growth (%) |
18.74 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 32% |
Key consumer countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AnyConnect Pvt. Ltd., Azuga Inc., Fleet Complete, FleetCor Technologies Inc., Intelex Systems Pvt. Ltd., TrueLite Trace Inc., Geotab Inc., GoFleet Inc., Inseego Corp., International Business Machines Corp., MiX Telematics Ltd., Motive Technologies, NetraDyne Inc., Pegasus Transtech LLC, PowerFleet Inc., Samsara Inc., ThinAir Telematics, Trimble Inc., Verizon Communications Inc., and VIA TECHNOLOGIES Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Deployment
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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