The fleet management market size is expected to grow from $13.78 billion in 2017 to $28.66 billion by 2022, at a CAGR of 15.8%, according to a report from Research and Markets.

The major drivers of the market include the growing need for operational efficiency, resulting in increased demand for fleet management, adoption of cloud computing in fleet, thereby streamlining fleet management operations, and declining hardware and connectivity costs, leading to increased deployment of fleet management solutions.

The operations management solution is expected to have the largest market share during the forecast period, owing to much needed functionalities, such as the real time-tracking of vehicle location, geo-fencing and route optimization, aiding in optimizing fuel usage. The vehicle maintenance and leasing solution is expected to grow at the highest CAGR during the forecast period because fleets are increasingly opting for leasing to cut down expenses, and increasing the focus and spending on vehicle maintenance to increase the lifecycle of the vehicles and decrease vehicle down time.