The segment growth is attributed to the surging need for fuel management and lower insurance costs. The fleet management market size from the vehicle tracking system segment is foreseen to showcase notable progress between 20. Government initiatives for improving traffic control systems to boost the demand for vehicle tracking systems Request for a sample of this research report Nevertheless, advancements in cloud-based fleet management systems are predicted to spur product penetration.
Even though small fleet operators own up to 100 fleet vehicles, the lack of operational efficiency restricts the agility of fleet operations. The limited knowledge among small fleet operators, insufficient financial budgets, and mounting operational costs are affecting product adoption among small-scale OEMs. The lack of awareness among smaller fleet owners may emerge as a key restraining factor. Industry players are also offering advanced fleet management solutions, thereby augmenting market share. AI-based fleet management systems help operators adopt IoTs, machine learning systems, displays, and communication systems. The emergence of AI technology in fleet management systems is set to drive industry trends. The fleet management market is expected to record a valuation of USD 70 billion by 2032, as reported in a research study by Global Market Insights Inc. Major fleet management market participants include Teletrac Navman US Ltd., Masternaut Ltd., ORIX Corporation, MiX Telematics International (Pty) Ltd., LeasePlan Corporation., Omnitracs, LLC, Samsara Networks, Inc., and others. Fleet Management Market to hit USD 70 Billion by 2032: Global Market Insights Inc.
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