Covid-19, yep, it’s still here and its left businesses and people looking for new ways to adapt and prepare for a future that’s somewhat unpredictable. As daunting as that may sound, there are some service offerings destined for greatness – fleet management is one of those.
Technology is changing fast
Endless new and improved technologies are constantly making their way into the fleet management world and the impact is far from small. The global fleet management market alone is expected to grow from USD 19.9 billion to USD 34.0 billion by 2025. Some of the main growth factors behind fleet tracking software can be attributed to the benefits of Software-as-a-Service (SaaS) and cloud-based deployments of fleet management solutions. And in a time where every cent saved is felt, the massive cost-saving benefits of fleet tracking software suddenly become more of a need-to-have. 36% of companies say they have lowered their fuel costs as a result of implementing fleet tracking, 22% report lower accident costs, and 13% say the technology has helped them reduce labour costs. You don’t have to look too far to see why fleet tracking systems are growing faster than you can say evolution. Government regulations are constantly on the increase, the need for optimisation of fleet operating expenses is ever greater, costs of hardware and software are decreasing and the demand for operational efficiency among fleet owners is ever-growing.
Then there’s the big 5G factor
5G is not just an upgrade from its 4G predecessor, it’s a network game-changer. The latest wireless technology is meant to deliver speeds that are 100 times faster and is capable of greater bandwidths resulting in more reliability, massive network capacity and increased availability. This means it can handle many more connected devices at once, showing the full potential of the Internet of Things (IoT). Higher performance and improved efficiency empowers new user experiences and connects new industries. You can already begin to see the positive impact this will have on the future of tracking and fleet management. Everything that is already happening is just going to happen a lot faster, meaning more accuracy in fleet monitoring, lower fuel, operating and labour costs, improved productivity, advanced reporting, increased safety and security, reduced maintenance costs, longer vehicle life spans, and more importantly, customer-centricity.
Ride the tracking and fleet management wave
All-in-all, the future of tracking and fleet management is bright, even amidst the Covid-19 uncertainties. Results of the 2019 Fleet Technology Trends Survey conducted for Verizon Connect, talks about the rise in fleet tracking software from 59% to 64% in just a year and how all these companies are realising a positive return on investment faster than ever, with 45% saying they’ve achieved a positive ROI in 11 months or less. A leading global provider of mobility solutions like Cartrack already offers customers far more benefits than simple GPS tracking. Our innovative offerings include fully-fledged smart fleet solutions for every industry, Artificial Intelligence (AI) driven driver behaviour scorecards, advanced fitment techniques, lifetime hardware warranty, industry-leading cost management reports and complementary additional services that ensure fleet security and greater profitability, no matter the size of your fleet or price of your car. Take a look and see how Cartrack can help shape your future in tracking and fleet management.