Global fleet management system revenues are expected to reach $27.61bn by 2018 from $9.08bn in 2013, according to the Commercial Telematics report by the ABI Research.
According to the report, the increase in the number and importance of factory-installed solutions from truck OEMs along with preference of companies to use Bus, Coach and trailer tracking will drive the revenues in the upcoming five years.
ABI Research VP and practice director Dominique Bonte said that the commercial telematics industry continues to see strong growth with FMS vendors increasing their installed base of vehicles under management.
"While until recently reaching the milestone of 100,000 subscriptions was exceptional, more than 20 vendors have now exceeded this number with Masternaut, TrafficMaster, Telogis, and TomTom even having passed the 200,000 mark and Fleetmatics, Trimble, and Qualcomm the 300,000 mark," Bonte addded.
Reasons for the revenue growth include increase in the use of smaller fleets and non-trucking segments and growth of international business in regions including Latin America, Asia-Pacific and Russia.
