With researchers citing the potential global IoT fleet management industry to grow by more than $17 billion over the next seven years it is easy to see why telematics is now going global. And not just global, mean each and every corner of the globe including remote and rough areas such as Antarctica.
Trends of Fleet Management Industry in 2020
In the last decade fleet management has moved from a small niche within a limited number of industries into a multi-billion dollar industry. It is this rapid growth and expansion that have led to many new technologies being introduced to help businesses better manage their fleets.
These technologies include new software, such as FleetWorks, which allow businesses to connect to a central database to track fleet data across all of their vehicles. This allows businesses to create detailed reports of everything from vehicle tracking speeds and mileage to road traffic violations and fuel usage.
This technology is great for fleet management, but it only works if all of a fleet’s vehicles are equipped with GPS technology. These days most vehicles on the road today have at least some sort of GPS system installed. It’s only natural that there will be an exponential increase in fleet use of fleet tracking software as people become more aware of this type of tracking technology and its benefits.
Trends in Commercial Fleet Management
The other trend that has taken place over recent years is a shift in the way fleet maintenance and care is done. Many companies now spend a greater percentage of their overall fleet maintenance budget on vehicle servicing, instead of spending money on purchasing vehicles or hiring drivers for their fleet. The result is that fleet maintenance costs are becoming significantly more expensive for businesses, especially small business owners.
This is a problem for small business owners because it means that they have to cut back on any excess expenses they may have. One solution to this problem is to offer fleet insurance. However this option is not without its own set of issues, mainly because it limits a company’s ability to control costs by limiting them to certain vehicles.
A newer trend in fleet insurance is the use of fleet monitoring software. By placing devices on vehicles that send a signal when the vehicle is parked the fleet can monitor vehicle location, even when the vehicle is not in use. This allows companies to save money on fuel and eliminate unnecessary costs associated with parking their vehicles.
So fleet management trends are certainly a force to be reckoned with as we move into the future. As they grow our dependence on the internet, especially in the realm of communication and computing, it will be important to keep up with the latest trends in the industry.
Fleet Management Trends That Will Change Future
The next trend that may impact how business is conducted involves the development of more efficient communication and computing technologies such as wireless networks. While a wireless network can be implemented into a traditional system of vehicle tracking, it can also be used for more general purposes. For example, fleet insurance systems may communicate with a central database so that each company can determine the current whereabouts of their fleet’s vehicles and their fuel consumption.
Many companies are finding that wireless networking can be an effective way to reduce their fleet insurance costs by freeing them up to focus on other things. In fact many companies have already embraced this technology to help them provide more accurate vehicle tracking to their customers, allowing them to provide more accurate estimates for fuel costs.
Emerging Trends Of Fleet Management In 2020
As this trend continues to evolve, more businesses will find that they have more options available to them when it comes to the implementation of these wireless networks. As more companies get into the driverless car technology field, the use of wireless networks for fleet tracking is likely to continue to grow. Many of these companies will find that they can save a significant amount of money on fuel and can better manage their fleet, while still managing the overall cost of their operations.
As we move further into the future more aspects of fleet management and maintenance will require advances in communications technology. In particular, as technology improves, it will become easier for a business to provide accurate, more timely feedback about the status of their fleet and the performance of their vehicles. Trends in this area are expected to continue to change, but one thing is for sure; fleet management will continue to grow.