What Factors Are Anticipated To Drive Fleet Management Market?
There is a lot of buzz on the topic of the fleet management market and the factors that contribute to making it one of the most efficient ways to manage fleets. The fleet management market industry is booming with the new shift in digital technology that helps cost control and increases efficiency.
As per the trends report concerning the fleet management market, there is a significant increase in the adoption of this technology by 8% from the year 2018 to 2020.
Factors And Trends That Will Impact The FM Drive:
There are a lot of factors that impact the drive of the fleet management market, but the following few are to be looked out for, especially in 2021 and the years to come:
- Enhancing the safety of drivers: The first and foremost thing that every fleet management unit should consider in 2021, and henceforth, is the safety of their drivers. They are the primary factors that drive fleet operations management during the COVID-19 pandemic. If the drivers fall ill, how will the operations function, how will the products reach the destination from warehouses on time? There is a lot at stake if the drivers’ safety and health are not taken into consideration.
- 5G network evolution: This year is predicted to be the year of 5G fleet management. Henceforth, they will be able to utilize the main feature of the network of 5G that not only helps latency but also contributes to an increase in productivity. The benefits of 5G are being leveraged by most fleet companies today, as they have apps that utilize the 5G network, which helps increase coverage and increase the efficiency of coordination. Now is the absolute perfect time for an investment in fleet management software that will enable the company to maximize efficiency due to the globally available network of 5G and stay ahead of all their potential competition.
- Telematic tracking: There will be a significant increase in telematic tracking and GPS systems, which will further increase the real-time level of diagnostics. The fleet driver and his vehicle’s location can now be easily tracked, which can be viewed on a customizable dashboard as per the client’s needs. The vehicle’s status and other information related to transporting the goods/fleet movement can be used as safety measures to ensure safe delivery. It is estimated that in 2021 and the years to come, there will be many more upgrades to the software dedicated to fleet management. There will be additions like voice recognition, more healthy data analytics, and further AI (Artificial Intelligence) enhancement. There is also a new featured technology called in-cab video, which is the latest addition to fleet management technology.
- Increase in data security: The fleet vehicles are known to hold a lot of sensitive information, and hence this data has to be secured from theft or corruption. This has, in turn, led to an increase in the cybersecurity systems in fleet management businesses. If the information leaks to the wrong group of people, they could potentially take advantage and risk the safety of the people and driver in the vehicle or could use it to damage the brand’s reputation. There is a significant shift in the management’s technique from tactical management to more strategic-focused management, which leads to newer IT roles.
- Autonomous and electric vehicle demand: An increase in the number of pollutants and decreasing fossil fuels has not only led to a crisis, but it has also led to drastic climate change. This has, in turn, led to an increase in demand for electric vehicles. This trend has caught on to even the fleet management sectors, where there is an increasing number of electric fleet vehicles rolling out. These environment-friendly vehicles will eventually get better with their communication, with updates in their data-sharing technology and software. In the meantime, the fleet systems have seen a significant leap in AVs (Autonomous Vehicle) due to its technology’s growth in their capabilities. This is because these Autonomous Vehicles have shown an increase in driving hours, clearly stating the rise in fleet drivers’ productivity.
Conclusion:
Throughout 2021 and the years to come, fleet management and fleet management software is expected to only grow in demand. This is mainly due to the rapid growth in the technology sector and its integration, which is essential for the software to increase operational efficiency. This will further enhance the management of the fleets and their tracking, leading to a brighter future.
