Top 5 Fleet Management Technologies to Keep an Eye on in 2023
With the advancement of technology and the integration of artificial intelligence (AI) and machine learning in vehicles, connected mobility has become the future of transportation.
Developers are creating new software and applications for driver assistance and evolving existing technologies such as global positioning systems (GPS) and telematics to optimize fleet management in a connected world.
Fleet management technologies are becoming increasingly important as automotive businesses such as transportation, delivery, and construction that rely on vehicle fleets strive to increase efficiency and productivity.
According to BIS Research, the global fleet management market is projected to reach $41.54 billion by 2031 from $8.35 billion in 2022, growing at a CAGR of 19.52% during the forecast period 2022–2031.
Click here to download a free sample.
Read further to learn more about fleet management and the types of emerging fleet management technologies.
What is Fleet Management?
Fleet management is the process of managing a company’s fleet of vehicles such as cars, trucks, vans, or ships which involves multiple actions such as vehicle maintenance, fuel management, driver management, safety and compliance, and tracking and monitoring of vehicles.
Fleet management technologies help fleet managers to optimize vehicle utilization, reduce costs, improve safety, and ensure compliance with regulations.
With efficient fleet management technologies, businesses can increase their operational efficiency and reduce downtime and repair costs which improves overall profitability.
Top Five Fleet Management Technologies to Keep an Eye on in 2023
1. Internet of Things (IoT) Sensors
As connected vehicles become the future of urban mobility, data management is a major challenge for automakers.
By embedding IoT sensors in fleet vehicles such as trucks, the fleet manager can efficiently track, monitor and transmit crucial information on drivers’ behavior and performance, such as speeding, unoriented driving due to poor vision or intoxication, and unscheduled stops and delays.
IoT sensors in fleet management can monitor vehicle conditions and assess overall performance, which will provide predictive analysis of the fleet, including tire conditions, fuel levels, the functionality of connectivity, and the requirement of any repair, preventing failed or delayed trips.
With data received through IoT sensors, fleet managers can monitor fuel efficiency and optimize clear routes for future consignments, which can help businesses in balancing their fuel expenses.
IoT-based sensors integrated with in-vehicle vision systems can help improve the safety of the driver, passengers, and cargo by accessing the type of risk and preventing any life-threatening accidents and inventory loss from the vehicles by mitigating that risk.
IoT-based blind spot technologies and collision avoidance systems can help in the detection of unidentified objects inside or outside the vehicle, lane departure signs, pedestrian crossing lanes, and even the real-time status of traffic signals on the path.
Data can be collected and stored, providing a valuable source for training drivers through which they can be made aware of cargo and passenger conditions during transit or the start of a journey.
Fleet managers can access real-time data and analytics with IoT sensors and transform this data into actionable insights allowing informed decision-making and valuable feedback that would help in business planning.
For instance, in passenger-carrying vehicle fleets, IoT technology helps in accurate passenger counting and provides in-vehicle monitoring, access to Wi-Fi, and contactless ticketing systems.
On the other hand, in cargo-carrying vehicle fleets, IoT technology controls and monitors the usage of storage facility usage, allowing fleet managers to remotely access the data of assets present in the trailer and preventing theft and fraudulent activities.
2. Advanced GPS Tracking Systems
Advanced GPS tracking systems have become an essential part of any modern fleet management solution as these systems can provide a wealth of data and insights to fleet managers, enabling them to optimize operations, reduce costs, and improve safety.
With real-time tracking through GPS, fleet managers can see the location of each vehicle in their fleet at any time with the data displayed on a digitalized map, aiding in emergency situations, such as when a vehicle is stolen or when a driver is lost or stranded.
With advanced geofencing integrated into the GPS tracking systems, fleet managers can set up virtual boundaries around specific areas, also termed as ‘GeoArea,’ such as job sites or delivery locations.
When a vehicle enters or leaves a geofenced area, the GPS tracking system can automatically send alerts to the fleet manager, ensuring that drivers are following their assigned routes and simultaneously addressing any unauthorized use of company vehicles.
For instance, Advantrack, a U.S.-based GPS tracking solution provider for fleet management and asset management, has incorporated a 10 seconds update feature in their GPS tracking systems.
With location updated every 10 seconds, fleet managers can locate their vehicles even in remote or off-track locations with precise longitudinal and latitudinal locations via satellite technology.
This technology is being utilized in different industries where time is money, such as logistics and transportation.
3. Fleet Management Software
Fleet management software helps companies optimize their operations, reduce costs, and improve their bottom line by providing real-time data and analytics, automating time-consuming tasks, improving communication, enabling predictive maintenance, and improving safety.
There are multiple fleet management software in the market, such as:
· Samsara is a cloud-based fleet management software for managing company vehicles by tracking, optimizing routes, and managing fuel and maintenance.
It offers automated workflows allowing drivers to check in for work, inspect their vehicle, and complete safety and compliance forms easily.
The software collects all the data from these workflows in one place, which makes it simple for managers to optimize their fleets.
There are over 30 reporting templates to choose from, or one can create a personalized version.
The platform also sends alerts through SMS and email when the vehicle contacts geofences and temperature sensors and detects unsafe driving.
· Fleetio is a comprehensive fleet management software that excels specifically in fuel management and fleet maintenance.
Fleetio can easily integrate with fuel card systems which enable automatic importing of fuel card transactions daily, notifying managers of any errors immediately.
The reporting dashboard allows fleet managers to track fuel efficiency by vehicle, driver, location, and time period.
Fleetio provides a range of tools for tracking vehicle maintenance and repairs, through which business owners can keep track of how long each vehicle has been on hold for repair and which mechanics have worked on them.
· Omnitracs XRS is a cloud-based fleet management software that offers a mobile app for drivers to access important information and stay connected to the fleet.
With Omnitracs XRS, drivers can send automatic diagnostic, positioning, and log data from a small device called XRS Relay to their fleet managers using a smartphone or tablet.
Omnitracs XRS ensures near-real-time visibility and compliance from the driver’s end.
· Connecteam is fleet management software that not only tracks vehicles but also assists with employee coordination, seamless payroll management, and workforce safety.
This software automates several critical business functions, enabling employees to clock in and out of shifts using a mobile app.
Geofencing ensures that employees are present at their job sites, and timesheet data is automatically transferred to payroll software.
Managers can assign workers to nearby job sites, and they receive a notification if an employee leaves their designated work area.
Connecteam’s software streamlines the process of assigning routes and shifts as open jobs can be left for any employee to take, special instructions can be added to a job, and reminders can be set up for important tasks.
4. Electronic Logging Devices (ELDs)
Electronic logging devices (ELDs) have revolutionized the way that fleet management is conducted, improving efficiency, safety, and compliance.
To effectively manage a fleet with multiple drivers, it is important for fleet managers to know which driver is operating a vehicle at any given time. Driver identification through ELDs devices allows the tracking of driver behaviors, including compliments and complaints.
ELDs use advanced technology to automate the process of recording and tracking a driver’s hours of service (HOS), making it easier for both drivers and fleet managers to stay compliant with regulations.
ELDs help to improve compliance by ensuring that drivers follow industry regulations regarding the maximum amount of driving time allowed before taking a break.
The system alerts drivers and fleet managers when the maximum driving time is about to be exceeded, reducing the risk of drivers operating their vehicles while tired and improving safety on the road.
Moreover, ELDs help to reduce the amount of paperwork required in the logging process, as critical information is automatically logged and recorded in real-time under the immediate review of fleet managers.
For example, The Shadow Tracker Live, a mobile time tracking device provided by Advantrack, offers an enhanced level of security and authentication while monitoring employees by a biometric keypad that offers three punch options — keypad, fingerprint, or RDIF Card, which can help in minimizing employee time theft and promoting constructive workforce habits.
5. Dash Cameras
Dash cameras or in-car cameras are small, mounted cameras that are placed on a vehicle dashboard, windshield, or rear-view mirror to record video footage of the road ahead, behind, or around the vehicle.
Dash cameras can capture footage of accidents, near misses, and unsafe driving practices, which can be used to improve driver behavior through simulated training and reduce the likelihood of future accidents.
Dash cameras can also be used to provide evidence in the event of a crash or dispute, protecting the company against false claims and insurance fraud.
Conclusion
With advancements in autonomous vehicles, machine learning, and artificial intelligence, fleet management systems will become more efficient and autonomous.
The future potential of fleet management technologies looks promising with advancements in AI and IoT, as fleet managers can expect a better data-driven approach to their operations.
Predictive analytics and machine learning algorithms will help to identify trends and provide insights into fuel consumption, driver behaviors, and vehicle maintenance.
Furthermore, integration with smart city infrastructure will allow for more efficient routing, reduced congestion, and improved safety for drivers and pedestrians.
Interested to know more about the growing technologies in your industry vertical? Get the latest market studies and insights from BIS Research. Connect with us at hello@bisresearch.com to learn and understand more.
