The horizon of the fleet telematics market is bright and this is apparent in the momentous forward movement in emerging markets and developed countries across the globe. So how does the industry cope with this tremendous growth and how can industry players prepare themselves for what's in store?
The growth that the telematics market is experiencing seems to be amply borne out by Clem Driscoll, president of C.J Associates, who stated that the fleet market has reached a tipping point and is poised for substantial growth with CAGR rates of 15.9 percent from 2010 to 2015.
And, that's not all; the Mobile Resource Management (MRM) market seems to be equally if not more positive with C.J. Driscoll & Associates estimating that by 2015, this market will expand to over nine million units.
About 5.5 million GPS and wireless devices are being currently used to manage fleet vehicles, trailers, construction equipment and mobile workers and revenue are forecasedt to reach $3 billion in revenue in 2015 in the United States.
Driscoll also added that along with the growth of the fleet telematics market, mergers and acquisitions are becoming more significant. In fact, some companies, in an effort to expand into the international market, are consolidating and building market share.
Even TSPs and private equity firms are entering new vertical markets in order to fully exploit the potential of the strong trend that has invaded the fleet telematics market.
Going forward, this trend is likely to gather greater momentum and Driscoll believes that key industry players would do well to prepare themselves adequately by attending the Telematics conference, which is expected to explore opportunities for partnership and business relationships, how to accelerate the adoption of fleet telematics and much more.
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Edited by Brooke Neuman