Fleet Management Market size would surge beyond USD 70 billion by 2032. It is defined as the supervision, procurement, and maintenance of vehicles, driver safety, vehicular equipment, and associated costs of the retainment of vehicles. Moreover, industry solutions and software can enable fleet managers to streamline and automate various aspects of day-to-day business processes related to industry effectively and accurately.
The concept of connected cars and an increase in the sales of commercial vehicles worldwide are taking the automotive industry by storm. To this end, the management of fleet of connected cars has become quite crucial. This is where fleet management market solutions come into the picture.
Some of the prominent advantages of fleet management market include:
- Increase vehicle lifespan
- Reduce costs
- Improve customer satisfaction
- Manage fleet remotely
- Maintain communication
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Artificial intelligence is starting to gain significant traction in the fleet management market landscape. Fleet managers have come to terms that AI is meant to assist in making their roles highly productive and more streamlined, and not replace them.
AI-based fleet management market platforms deliver the same level of accuracy, accessibility, and speed to the logistics, mobility, and transportation industry, making the transport of goods and people faster, more economical, and safer. With AI in radar, industry companies also have access to visibility and insights into challenges that help with:
Improving safety
Decreasing costs associated with parts and labor
Increasing revenue generation and productivity
Prioritizing asset replacement and renewal
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Cloud-based tools are now leading the transition toward an advanced and enhanced fleet management market landscape as technology is becoming more deeply embedded in corporate operations and functions. Reasons why cloud-based technology is highly critical for fleet manager, include:
Robust growth of the fleet and automobile industry
Increased emphasis on cost reduction and resource utilization
Stiff competition to take over the major market proportion
Besides, advantages that have enabled a push toward cloud market solutions are:
Improved tracking
Proper data preservation
Enhanced customer relationships and communication
Risk mitigation
To sum up, the technological revolution including the emergence of AI, IoT, and cloud computing is opening new growth opportunities for fleet management market players. In addition, increasing production and sales of commercial vehicles for logistics and transportation purposes subject to expanding urbanization, is propelling the market growth.
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