It is a sort of software that assists businesses in managing their corporate travel plans. The program assists businesses in reducing travel expenditures, streamlining trip booking procedures, and ensuring compliance with company rules and laws.
Global Commercial Fleet Management Service
Market Report
2024
the global Commercial Fleet Management Service market was estimated at USD 25.1 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 10.58% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Commercial Fleet Management Service market was estimated at USD 25.1 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 10.58% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Commercial Fleet Management Service Market Sales Revenue 2022 | $ 25.1 Billion |
Global Commercial Fleet Management Service Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.58% |
Market Split by Component |
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Market Split by Industry |
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Market Split by Communication Technology |
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Market Split by Deployment Type |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Commercial Fleet Management Service Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
It is a sort of software that assists businesses in managing their corporate travel plans. The program assists businesses in reducing travel expenditures, streamlining trip booking procedures, and ensuring compliance with company rules and laws. These advancements enable firms to provide better-tailored solutions and services, contributing to the growth of the Commercial Fleet Management Service market.
For instance, the World Travel and Tourism Council estimates that the worldwide tourism and travel industry will contribute $5.8 trillion to worldwide GDP in 2021. The business travel category is growing the fastest in this market since personnel in international corporations are frequently obliged to travel across many nations for professional purposes. Lifestyle changes, an increase in tourist marketing, increased accessibility of transit facilities, and an expansion in infrastructure are all predicted to fuel the development of the commercial travel sector.
(Source:wttc.org/Portals/0/Documents/Reports/2022/EIR2022-Global%20Trends.pdf)
Technological Innovation and Automating processes are Driving the Market Expansion
Enterprises are leveraging a variety of technical breakthroughs and automated solutions to improve the overall efficiency of the travel process. Smartphone apps, online reservation tools, online conferences, and artificial intelligence (AI) are among the technologies available to help with travel planning, bookings, expense disclosure, and travel-related duties.
SAP Concur, a market leader in travel management software, introduced a new product called Concur Locate and Proactive Monitoring on January 20, 2021.
(Source:www.concur.co.in/)
This technology assists businesses in locating and monitoring their staff while on business trips. It offers real-time location monitoring, trip interruption notifications, and communication capabilities to guarantee staff safety and policy compliance.
Some market restrictions may exist in the commercial Fleet Management Service industry. The high cost of implementing and maintaining Commercial Fleet Management Services could pose a barrier for small and medium-sized businesses. Furthermore, a lack of understanding of the advantages of Commercial Fleet Management Services could hinder market expansion, particularly in developing nations. Regarding travel for work, a substantial part of corporate organizations, around 68%, rely primarily on ad hoc travel demands and intuitive choices. However, there is rising acknowledgment among corporations, with roughly 70% indicating a willingness to employ result-oriented technology that can assist in making educated business travel decisions.
The pandemic of COVID-19 had a tremendous influence on the commercial Fleet Management Service business. The epidemic reduced corporate travel, which affected the need for Commercial Fleet Management software. However, the industry will likely expand when the world heals from the epidemic as companies resume travel. The need for touchless technologies and mobile applications that allow travelers to manage their journeys and costs from their cell phones will likely increase post-COVID. The use of videoconferencing systems is satisfying the demands of many businesses for meetings and conferences, and it is also being used as a cost-cutting tool as businesses avoid costly business trip expenditures. COVID-19 has thereby altered the competitive structure of the global business travel sector and is expected to have a long-term impact.
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The Commercial Fleet Management Services market is a highly dynamic and diversified competitive environment. It includes a wide range of commercial fleet service suppliers, ranging from large multinational enterprises to smaller specialized organizations. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new Material portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings.
August 2022: BCD Group (BCD Travel) has announced the expansion of their agreement with FairFly, allowing them to provide the unique air price assurance (APA) service to their entire worldwide client base. BCD Travel intends to improve its APA service by integrating FairFly's superior technology and artificial intelligence.
(Source:www.bcdtravel.com/blog/bcd-extends-fairfly-partnership-to-power-air-price-assurance-for-all-clients/)
December 2022: CWT Global B.V., a worldwide media and entertainment giant, has expanded its global collaboration with Paramount Global. This increased partnership allows CWT Global to handle Paramount's expanding travel business.
(Source:www.mycwt.com/news/pr/paramount-global-expands-global-partnership-with-cwt/)
Top Companies Market Share in Commercial Fleet Management Service Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the market in 2022 and accounted for a share of more than 40% of the worldwide revenue due to several variables. Because of the presence of key companies such as SAP Concur, Oracle, and Expedia in the area, North America is likely to take over the Commercial Fleet Management Service industry. Cloud-based solutions, which provide better scalability and adaptability than on-premises systems, are widely used in the region. The region is also highly digitalized, making it easier for firms to use Commercial Fleet Management Services.
The United States now dominates the market, and this dominance is projected to remain shortly. The region's robust economy, significant use of technology, including booking engines and mobile devices, established travel facilities, and density of business centers and corporate offices all contribute to the region's increasing need for Professional Travel. USA's market is predicted to expand significantly throughout the forecast period. The region's high adoption of sophisticated technologies, as well as the existence of significant players, are projected to provide sufficient development prospects for the market.
Due to strong compliance and duty of care laws, Europe is also likely to see substantial development in the Commercial Fleet Management Service market. The European Union has enacted several requirements to guarantee the security and well-being of staff members when on business travel, which has resulted in greater use of Commercial Fleet Management Services. The region's growing emphasis on sustainability and minimizing carbon footprint is also pushing the usage of Commercial Fleet Management Service.
The current report Scope analyzes Commercial Fleet Management Service Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Commercial Fleet Management Service Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Commercial Fleet Management Service Industry growth. Commercial Fleet Management Service market has been segmented with the help of its Component, Industry Communication Technology, and others. Commercial Fleet Management Service market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to the Commercial Fleet Management Service market estimate, the Professional Services sector is predicted to develop quickly, with a CAGR of 9.8% over the forecast period. Food and housing were likewise the most dominant sector, accounting for most of the market share. The increasing prevalence of hotel booking companies such as Airbnb and Oravel Stays is boosting the Professional Services category's development.
The availability of managed services software, which has aided in enhancing the effectiveness of various organizations by delivering current data in order to make effective judgments, is one of the most important factors that will drive market expansion in the approaching years.
Solutions
Services
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Commercial Fleet Management Service Industry. Request a Free Sample PDF!
According to the industry, the transportation category was the dominant sector and is also expected to be the fastest-growing section due to the global expansion of corporate operations.
In contrast, the government sector is expected to develop significantly throughout the predicted period. Government agencies are important users of travel services. Government personnel may travel domestically or internationally, with expenditures paid for by the governing body or repaid by the employees.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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Cellular network infrastructure is quickly expanding in the commercial fleet management community. They help to track driver behavior, save money on fuel and maintenance, and enhance customer service. When AI-enabled dash cams and asset trackers are integrated, you obtain extra benefits that can safeguard drivers, machinery, brands, and profitability.
However, most wireless algorithms and protocols don't need location information in their functioning, GNSS technology is not frequently used in wireless systems for information positioning. Even though it is quite beneficial to many people applications such as offering mobile Internet access.
On-premises solutions are less versatile, adaptable, and cost-effective than cloud-based travel management software. Second, increased demand for integrated travel and cost management solutions propels the industry forward. Companies may use integrated solutions to improve their travel and expense management operations, lowering administrative expenses and increasing efficiency.
The rising popularity of on-premises deployment is because of the benefits it provides in terms of rapidity, scalability, and administration. The use of on-premises deployment guarantees that the platform operates consistently across varied settings, avoiding compatibility difficulties and simplifying scaling operations.
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The Global Commercial Fleet Management Service Market is witnessing significant growth in the near future.
In 2023, the Solutions segment accounted for noticeable share of global Commercial Fleet Management Service Market and is projected to experience significant growth in the near future.
The Construction segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies TomTom N.V. U.S , Fleetmatics Group PLC and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
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Component | Solutions, Services |
Industry | Construction, Transportation, Government, Logistics, Retail, Automotive, Oil and Gas, Others |
Communication Technology | Cellular system, GNSS |
Deployment Type | On-Premises, Cloud |
List of Competitors | TomTom N.V. U.S, General Services Administration, Fleetmatics Group PLC, Telogis, Freeway Fleet Systems, IBM Corporation, AT&T Inc., Navico, Grupo Autofin de Monterrey, Grab, Scope Technologies, Troncalnet, FAMSA, Ola Cabs, I.D. Systems, MiTAC International Corporation, Cisco Systems, Trimble Transportation & Logistics, Uber Technologies, Didi Chuxing, DC Velocity, Fleet Robo, European GNSS Agency (GSA) |
This chapter will help you gain GLOBAL Market Analysis of Commercial Fleet Management Service. Further deep in this chapter, you will be able to review Global Commercial Fleet Management Service Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Component Analysis 2019 -2031, will provide market size split by Component. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Component Analysis 2019 -2031
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Chapter 11 Market Split by Industry Analysis 2019 -2031
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Chapter 12 Market Split by Communication Technology Analysis 2019 -2031
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Chapter 13 Market Split by Deployment Type Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Commercial Fleet Management Service market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Solutions have a significant impact on Commercial Fleet Management Service market? |
What are the key factors affecting the Solutions and Services of Commercial Fleet Management Service Market? |
What is the CAGR/Growth Rate of Construction during the forecast period? |
By type, which segment accounted for largest share of the global Commercial Fleet Management Service Market? |
Which region is expected to dominate the global Commercial Fleet Management Service Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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Report Format Alteration |
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It is a sort of software that assists businesses in managing their corporate travel plans. The program assists businesses in reducing travel expenditures, streamlining trip booking procedures, and ensuring compliance with company rules and laws.
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