Operational Efficiency-Boost Operator Effectiveness and Brings Competitive Advantage
Every industry strives for maximum output at the lowest possible cost. For fleet managers, the cost of fleet accounts for a sizable portion of the company's operating expenses. Whether it is an executive fleet of luxury cars, a transportation fleet of big rigs and reefer trucks, a construction fleet of heavy vehicles, or a localized fleet of municipal service vehicles, there is always a high demand for efficiency - to get more done with less. Fleet management solutions help fleet owners increase profits by optimising routing, ensuring vehicle security, increasing driver safety, and improving fleet vehicle performance and life cycle. It also aids in visualising fleet performance and determining which drivers or cost-cutting categories should be prioritised for improvement. Fleet management assists managers in rightsizing fleet vehicles, providing maintenance management, lowering fuel costs and distance travelled, changing driver behaviour, and lowering overhead costs. The advantages increase the cost-effectiveness of fleet owners' business operations, giving them a competitive advantage. The benefits have increased the commercial potential of fleet management solutions and increased investment inflows into the fleet management market.
Fleet Management enables: -
Mobility-as-a-Service (MaaS) is New Revenue Stream
As cities become more densely populated, the transition to shared mobility becomes easier, resulting in increased use of ride-hailing and car-sharing apps. MaaS places users at the centre of transportation services, providing them with customised mobility solutions based on their specific requirements. It will have a significant future application in the fleet industry, such as how fleets will be provided and managed. With the expected decline in the number of personally owned vehicles, few changes (new service offerings, enhanced service offerings, and service pruning) are expected in the service portfolio of fleet management vendors.
Fleet managers are using GPS fleet management solutions to: increase efficiency, improve maintenance, prevent theft, prevent fraud, increase safety
GPS Connectivity and Hiccups
One of the major issues impeding GPS connectivity is atmospheric inference. For the GPS system to function properly, it must provide an accurate location. The most recent navigation service, such as Google Maps, also provides an accurate location within 3-10 metres. These services also perform best under certain conditions, such as users being in ideal conditions, being outdoors rather than indoors, being in a city, and having strong internet connectivity. To reach the mobile phone, the GPS signal must travel vast distances through the atmosphere and through multiple satellites. Receiving data from at least 3-4 satellites and up to 7-8 satellites can provide accurate data. Natural barriers include large buildings in cities, trees, mountains, ridges, and so on. In short, it becomes more difficult to obtain an accurate GPS signal.
Increasing Data Volumes and Corresponding Cyber Threats
The implementation of telematics in fleets has resulted in the generation of massive amounts of data. As a result, fleet managers are concerned about two key security issues: privacy and cybercriminal exposure. Fleet data contains sensitive information such as vehicle make, driver personal information, and routes travelled. The information can be used to carry out malicious or criminal activities such as vehicle robberies and planned crime. Infringement on data privacy is a major deterrent to end users using telematics solutions, particularly in North American countries and China, where regulations are stringent. The issue is currently being observed by countries, and several data-related laws and regulations are being gradually rolled out. For instance, as per the GDPR, fleet companies must ensure the process of collecting data is safe. The process of protecting telematics data must be comprehensive and proactive. It should involve exploring, locating, and patching any notable vulnerabilities. However, currently, a uniform global standard has not been implemented to address the data breach issue.
As per Fairfield Market Research preliminary evaluation, the market is expected to grow at a CAGR of ~10-12%. TomTom N.V., Trimble Inc., Cisco Systems, Inc., GoFleet Corporation, Geotab Inc., Digital Matter, GPS Trackit, Fleetmatics Group PLC, GoGPS, Wireless Links, Embitel, Gurtam, Teletrac Navman, Linxio, StreetFleet, TigerFleet, Ruptela, Trakm8 Limited, and WebEye Telematics Group are among the leading fleet management companies. Recently,
Key Elements Included In The Study: Global Fleet Management Market
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