https://hdfleet.com/wp-content/uploads/2021/08/fleet-manager-banner.jpg The $20.6 billion fleet management market is projected to expand at an estimated compound annual growth rate (CAGR) of 10.5% to $33.9 billion in five years, according to July research from MarketsandMarkets. Some of the main contributing growth factors in the fleet management space include: Accelerated adoption of cloud computingExpanded use of analytics from dual dash camsPlummeting costs related to hardware like GPS tracking camerasAffordable internet of things (IoT) connectivityEscalating need for better efficiencyImpact of the latest government regulationsThere remains significant growth opportunities for businesses in the fleet management sector, including startups and smaller companies looking to penetrate cross-border markets. The fleet management industry has largely been proactive in embracing advanced technologies and many operators of fleets are now eyeing green initiatives that not only reduce environmental impact, but increase overall efficiency. Explosion in Fleet Analytics and Reporting Fleet analytics and reporting is an area that is expected to surge between now and 2026, even more so than the overall fleet management space as a whole. Fleet management tools are being looked to as solutions that benefit not just owners and operators, but also the public at large, insurance companies, and even law enforcement. Having the ability to create reports based on the real-time information from dual dash cams can help:Reduce accident riskImprovement safetyEnhance asset securityOffer video documentation of accidents, theftsOptimize operationsProve accident faultReduce total cost of ownershipAssist in asset inventory managementTrigger preventive maintenance alertsReduce repair costsEnsure adherence to OEM guidelines Market Share Growth for Passenger Cars The proliferation of the gig economy — rideshares, food and grocery delivery, medical transport — means there are more vehicles on the road that could/should make use of dual dash cam technology and other fleet management solutions. Although the cars are often — but not always — owned and operated by an individual, the need for video documentation is as necessary as it is for a fleet of trucks making eCommerce deliveries. The market for passenger cars —which means any vehicle carrying up to six passengers — is a growth area that can benefit from fleet management solutions. Benefits of Fleet Management Systems The right fleet management system utilizes the latest dual dash cam technology and has a cloud-based centralized information system that streamlines operations and improves data flow between fleets, back-end users, and management. Better organization Efficient management Fleet coordination Data facilitation North America Market Tracking for Highest Growth North America is anticipated to have the highest growth in the global fleet management market, in part due to the rapid pace of digital transformation and deep expansion of telematics in the U.S. Fleet management solutions can help boost profits for fleet owners by optimizing routes, upping vehicle security, increasing driver safety, and adding to the performance and life cycle of vehicles. The right tools such as Fleet Dash Cams also give a visualization of fleet performance and can pinpoint where savings can happen and improvements can be made.