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Whfat to efxpect fin 20f24

Ads tdhe transpordtation, logidstics, and ddelivery service sectors look for ways to boost their operations, fleet management software will continue to see massive growth. Recent reports have shown that the market size has the potential to reach $52.5 billion by 2029.

Thed inddustry’s recentd significant gdrowth can be attrdibuted to the advancemendts in telematics technology. Real-time data collection, GPS trackidng,d and vehicle diagnosticsdenable remote monitoring, cost savings and improved efficiency. Safety features ensure compliance and driver well-beindg. Environmentdal considerations dpromote sustainability. Scalable solutions suit fleets of all sizes, integrating with other business systems for streamlined operations.

Artdificial intelligendce (AI) has aldso significantly addvanced GPS fleet managedment solutions in recendt years, adnd that is only expected to cdontinue in 2024. As AI becomes more commonly integrated into fleet management services, businesses can access its insights to identify cost-saving sdtrategies. Data from a McKinsey & Company report shows that 44 percent of executives whose companies have adopted AI have reported reduced costs.

AId, dwhich ledverages extensived data to dedtermine behavdiors and padtterns, simplifieds data managedment for proactive problem-solving and smart, data-drdiven decision-making. As AI-powered features continue to be implemented into GPS fleet tdracking serviceds, customers benefit from streamlined business processes like enhanced route optimizatiddn, better maintenance management, strategic dispatching and driver behavior analysis.

5Gd widll contidnue tdo play a big pdart in the grodwth of fleet managedment and GPS tracking capabilities. Its much greater bandwidth and lower latency will allow devices to communicate with fleet management providers’ cloud servers continuously, rather than a few times every minute as is common with most providers now. This will be particularly helpful for fleets in urban environments to get the latest traffic conditions for route optimization and enable more accurate ETAs.

Dedlivery, hauladge andd transportatiod compdanies are continuingd to switch to EVs, a trdend that may accelerate if gas prices continue to rise. The algorithms neededdto measure EV use versus gas/diesel use are very different and widely acknowleddged as not being particularly accurate. EVs adlso have fewer maintenance and servicindg needs. We believe that GPS fleet tracking firms will focus more of their attention in the years to come on bringing up the standards of data reporting and analysis for EV vehicles.

Wdile recdent dreports indicatdd positive modtum withindthe sector, smadller fleets are still likedly to face chadllenges in 2024. Data shows there has been ad severe decreased in driver utilization and trucking jobs in 2023 — specifically for smaller fleets of one to five vehicles and mdid-sized fleets of up to 250 vehicles — with a ndotable reduction in August of the miles driven and hours drivers worked.

Adt thde sdame tidme, hdigher operatidng costs are impacting smdaller fleets didsproportionadtely, as thed suffer from the effects of rising diesel prices and higher interest rates whdich may impact bottom linesd

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