GPS Fleet Tracking Software Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[221+ Pages Report] According to Facts and Factors, the global GPS fleet tracking software market size was worth USD 16,528.40 million in 2021 and is estimated to grow to USD 38,431.09 million by 2028, with a compound annual growth rate (CAGR) of approximately 15.10% over the forecast period. The report analyzes the GPS fleet tracking software market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the GPS fleet tracking software market.

Market Overview

Gps fleet tracking is a management system commonly used by firms in the transportation industry, such as trucking and car services, to monitor company assets such as equipment, vehicles, and drivers. A mobile app that allows for real-time monitoring of vehicle information, current location, and any other relevant data is a GPS fleet tracking program. Vehicle management technology of this kind can be tailored to optimize routes by avoiding congested areas or offering backup routes if one of them is broken. Businesses can follow their vehicles using on-premises and cloud-based systems, both available on the global GPS fleet tracking software market.

Gps fleet tracking software (telematics) enables businesses to track the whereabouts of their goods and equipment in near real-time and give relevant data about fleets and driver performance. Gps fleet tracking software can help you improve driver safety, manage fleet performance, keep vehicles in good condition, and comply with laws and regulations. The market is anticipated to experience considerable expansion due to several factors, including the rising demand for cloud-based and big data analytics solutions and the growing requirement for dependable and affordable GPS fleet tracking software.

COVID-19 Impact:

An individual's daily activities have changed dramatically due to the COVID-19 influence. Even though several companies have adopted work-from-home rules, others, including transportation, utilities, field services, logistics, and others, are working at full capacity to meet the demand for basic services. The transportation and logistics sectors face enormous difficulties due to crises and supply chain disruptions. Due to the COVID-19 pandemic, major market companies saw a considerable revenue reduction.

Key Insights

• As per the analysis shared by our research analyst, the global GPS fleet tracking software market value is expected to grow at a CAGR of 15.10% over the forecast period.
• In terms of revenue, the global GPS fleet tracking software market size was valued at around USD 16,528.40 million in 2021 and is projected to reach USD 38,431.09 million by 2028.
• The market is anticipated to experience considerable expansion due to several factors, including the rising demand for cloud-based and big data analytics solutions and the growing requirement for dependable and affordable GPS fleet tracking software.
• By deployment, the cloud-based category dominated the market in 2021.
• By fleet type, the commercial fleet category dominated the market in 2021.
• North America dominated the global GPS fleet tracking software market in 2021.

Growth Drivers

• Expansion of state-of-the-art technologies to drive market growth

Artificial intelligence, machine learning, and big data analytics will likely increase market share for GPS fleet tracking software. Every industry sector is supported by technological innovation, and the transportation and logistics sectors are no exception. With the proliferation of smartphones and related applications and the availability of real-time tracking solutions, cargo delivery is guaranteed. Due to these technological improvements, fleet management systems allow customers and companies to optimize their transportation and logistics costs, including fuel and route selection.

Restraints

• Atmospheric inference causing issues in GPS connectivity may hinder the market growth

One of the major issues impeding GPS connectivity is atmospheric inference. For the GPS to function properly, it must provide an accurate location. The most recent navigation service, such as Google Maps, also provides an exact location within 3-10 meters. These services also perform best under particular parameters, such as customers being in optimum conditions, being outdoors rather than indoors, being in a city, and having strong internet access. The GPS signal must travel vast distances through the atmosphere and several satellites to reach the cell phone.

Growth Opportunities

• Mobility-as-a-service (MaaS) to provide new revenue streams presents market opportunities

As cities become more densely populated, the move to shared mobility becomes easier, resulting in greater use of ride-hailing and car-sharing apps. MaaS places people at the center of transportation services, providing customized mobility solutions based on their specific requirements. It will have significant future use in the fleet business, such as how fleets will be given and managed. With the predicted drop in the number of personally owned vehicles, the GPS fleet monitoring software service portfolio will see minor modifications (new service offers, upgraded service offerings, and service pruning).

Challenges

• Rapidly growing data volumes and increasing cyber threats may hinder the market growth

Implementing telematics in fleets has resulted in the creation of massive amounts of data. As a result, fleet managers are concerned about two primary security issues: privacy and cybercriminal exposure. Fleet data contains sensitive information such as vehicle manufacturers, personal driver information, and routes traveled. The information can be used to carry out malicious or criminal operations such as vehicle robberies and planned crimes. Infringement of data privacy is a major deterrent to end users using telematics technologies.

Segmentation Analysis

The global GPS fleet tracking software market has been segmented into deployment, component, and fleet type.

Based on deployment, the market is segregated into cloud-based & on-premises. In 2021, the cloud-based segment dominated the global GPS fleet tracking software. Cloud-based solutions exist for the cloud. The data is saved in the cloud so that it may be accessed remotely from any location at any time via a web browser, software application, or mobile device.

Based on the component, the market is segregated into services and solutions. In 2021, the solution category dominated the global GPS fleet tracking software due to the growing demand from numerous industries for cutting-edge solutions and the extensive need for crucial components to provide greater performance and efficient fleet operations.

Based on the fleet type, the market is segmented into commercial fleets and non-commercial fleets. In 2021, the commercial fleet segment will dominate the global GPS fleet tracking software. Manufacturing, transportation, logistics, and other industries rely heavily on the supply chain and on-time delivery. Fleet timing must be maintained for the proper exchange of material scheduling and tracking. Companies are quickly integrating these technologies into commercial fleets to meet these demands. Similarly, increased demand for passenger vehicles, such as connected and electric automobiles, presents enormous prospects for the software sector.

Report Scope

Regional Landscape

• North America dominated the GPS fleet tracking software market in 2021

In 2021, North America dominated the global GPS fleet tracking software market because of the widespread adoption of real-time tracking systems across sectors for seamless company operations. In the United States, automobile firms such as Ford, General Motors, and Fiat-Chrysler are increasing their use of vehicle tracking systems. Further, the region is an early adopter of digital technologies, which contributes to the region's market growth. The rising demand for vehicle monitoring systems in the manufacturing and transportation industries in the United States and Canada bodes well for the North American market outlook. Moreover, the automotive and logistics industries have been at the forefront.

Competitive Landscape

Key players within the Global GPS Fleet Tracking Software Market include 

• GPS Insight
• Teletrac Navman Ltd.
• Omnitracs
• US Fleet Tracking
• GPS Trackit
• One Step GPS LLC
• Verizon
• NexTraq LLC
• ClearPathGPS Inc.
• Agile Fleet
• Rarestep Inc. (Fleetio)
• Rhino Fleet Tracking
• BrickHouse Security
• AT&T
• TomTom Telematics B.V.
• Mix Telematics
• Trimble Inc.
• Track Your Truck
• LiveViewGPS Inc.
• Zubie Inc.
• Fleet Trax and Phantom Ltd.
   

The Global GPS Fleet Tracking Software Market is segmented as follows:

By Deployment

• Cloud-Based
• On-Premises

By Component

• Solution
• Services

By Fleet Type

• Commercial Fleet
• Non-Commercial Fleet

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America