C.J. Driscoll & Associates has released the 2021-22 U.S. Mobile Resource Management Systems Market Study.
The study concludes that about 18 million GPS/wireless devices are used today to manage fleet vehicles, trailers, construction equipment, and field service workers. By 2024, the study projects that the market will expand to over 25 million units, and revenues will grow to over $8 billion.
The fastest-growing sector in commercial telematics is video telematics, leveraging emerging technologies such as artificial intelligence, machine learning, and edge computing. The report says growth is due to the desire of fleet operators to determine liability in the event of an accident and for driver coaching.
Merger and acquisition activity is strong, too, which shows confidence in strategic and financial investors for the commercial telematics industry. Global expansion continues with U.S. suppliers entering the European, Latin American, and ANZ markets, and overseas suppliers entering the North American market.
Lastly, the report summary says that insurance telematics is becoming more important, as some commercial insurers are mandating that fleets adopt telematics while others are offering fleets discounts for adopting the technology.
The full 368-page study can be purchased online and includes information on each major MRM market segment.