According to a report from ResearchAndMarkets, the fleet management market size is expected to grow from $13.78 billion in 2017 to $28.66 billion by 2022, marking a CAGR of 15.8%.

The major drivers of the market include the growing need for operational efficiency, resulting in increased demand for fleet management; the adoption of cloud computing in fleets, thereby streamlining the 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 a large 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.

The vehicle maintenance and leasing solution is expected to grow at an elevated CAGR during the forecast period because fleets are increasingly opting for leasing to cut down expenses and increase the focus and spending on vehicle maintenance to increase the lifecycle of vehicles and decrease vehicle down time.

The professional services segment is expected to have large market share during the forecast period, owing to the need for technological consulting and continuous support and maintenance activities for the deployment of fleet management technologies. Managed services is expected to grow at a high rate as well, owing to the increased adoption of outsourced managed services across various fleets.

The cloud deployment type is estimated to have a large market share during the forecast period and is expected to grow at the highest rate during the forecast period, owing to the cost-effectiveness, scalability and real-time accessibility to organizational content.

The passenger cars segment will have a large market share and is expected to grow at an elevated CAGR during the forecast period, owing to its large presence and increased deployment by fleet leasing companies.