The Indian Fleet Management Software Market is expected to reach a CAGR of 15.2% during the forecast period (2021 – 2026). The global spread of COVID-19 has also negatively impacted the Indian Fleet Management Market but the impact is expected to be for a limited period. Demand from customers is seeing a downturn. Moreover, customers with vehicle assets are considering sale and leaseback options. As new leasing activities are slowly resuming, there will be extended lead times, and leasing companies are also offering contract extensions to retain customers. Profitability is expected to reduce, and this, in turn, will have an impact on lease prices in the future.
Fleet management software includes a range of functions, such as vehicle financing, vehicle maintenance, tracking and diagnostics, driver management, speed management, fuel management, and health and safety management to name a few. The market for such solutions in India is observed to be still at a nascent stage, thereby portraying ample opportunities for the vendors.
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Regulatory norms in India have come up with the installation of vehicle trackers on public transport from 1st January 2019. The Government’s progressive push for better connectivity and vehicle tracking through such mandates is driving the use of telematics devices and solutions in the market studied. Further, the Insurance Regulatory and Development Authority of India (IRDAI) endorsed telematics as a saving scheme for drivers along with bringing safety and awareness. IRDA estimates that based on driving behaviors, a car with telematics can save up to 30% on insurance premiums.
The region is witnessing increased funding towards fleet management due to increasing awareness and offered benefits. For instance, in February 2020, FleetX raised USD 2.8 million in Series A round, led by a Singapore-based venture capital firm, named Beenext along with India Quotient. The company planned to invest this funding towards product and technology enhancement, hiring talent and expansion of operations to other Indian cities. These funding trends are indicative of market support in flourishing homegrown business for the market studied.
Looking at other stake holders in the market, that is, fleet leasing companies, the trend suggests that growth of renewable energy resource is likely to further push the market in adoption of fleet management.
Key Market Trends
Cloud Deployment is expected to Witness Significant Growth
The vendors in the market are opting for cloud offerings due to its offered benefits such as faster time to market, High efficiency, more number of features and lower cost as compared to On-premise. For instance, Zoho Corporation is banking on technologies such as the cloud, Internet of Things (IoT), and artificial intelligence (AI) to leverage IRDA’s estimates. For instance, WebNMS enhanced its fleet management solutions with AI and machine learning and claimed that a midsized fleet with 25-50 vehicles can benefit from 10-15% fuel savings by using its offerings.
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