MarketsandMarkets Names Teletrac Navman a Leader in Fleet Management Microquadrant
Glenview, IL, Oct. 27, 2017 — Teletrac Navman, a global software-as-a-service provider leveraging location-based technology and services for managing mobile assets, has been positioned by leading research firm MarketsandMarkets in the “Visionary Leaders” quadrant of its recently published Microquadrant report covering the Global Fleet Management Market. Teletrac Navman achieved high ratings across its “strength of product” portfolio and “business strategy excellence” categories.
Using the MarketsandMarkets MicroQuadrant, MarketsandMarkets compared 31 fleet management vendors based on two broad categories: Strength of Product Portfolio and Business Strategy Excellence. Under the Strength of Product Portfolio, Teletrac Navman achieved high ratings for the breadth and depth of product offering and focus on product innovation, while strong ratings were achieved for product features/functionalities, product differentiation and impact on customer value criteria.
Under Business Strategy Excellence, Teletrac Navman achieved high ratings on criteria such as effectiveness of growth strategy, channel strategy and fit criteria, while strong ratings were achieved for geographic footprint and vision alignment.
According to MarketsandMarkets, the fleet management market is anticipating growth from USD 12.08 billion in 2016 to USD 28.66 billion by 2022, at a CAGR of 15.8 percent. Driving this at a high level is increasing government regulations, and the need for operators to reduce operating expenses.
On the regulatory side, the Electronic Logging Device Mandate goes live on December 18th, at which time roadside inspections will yield fines for operators who haven’t yet implemented an ELD solution in their vehicles for HOS compliance. A grace period has been announced between that date and April 1, 2018 before any vehicles will be taken out of service for violations.
Additionally, operators are taking advantage of decreasing hardware and software costs to reduce overall expenses and optimize fleet operations through technology. These advancements have made it easier to mitigate risks, stay ahead of vehicle maintenance, maintain safety compliance, reduce carbon emissions, train drivers in real time, and better manage information.
“The MarketsandMarkets findings are reflective of Teletrac Navman’s values and commitment to delivering the best possible fleet management solutions for our customers, who are operating in challenging physical and regulatory environments,” said Sid Nair, Senior Director of Transport and Compliance at Teletrac Navman. “The research done to measure the competitive set in this market is as important as any right now, as most fleets are evaluating the equipment they need to become ELD compliant. Validation from a respected third party such as MarketsandMarkets should alleviate the trepidation procurement people may have about fleet management technology investments given the breadth of solutions available on the market.”
Click here to learn more about Teletrac Navman’s full suite of fleet management solutions.
Source: MarketsandMarkets “Fleet Management Market”, Mayank B, Hitesh K, and Minal G - August, 2017. To browse the MarketsandMarkets Fleet Management report, visit here.
About Teletrac Navman
Teletrac Navman is a leading software-as-a-service (SaaS) provider leveraging location-based technology and services for managing mobile assets. With specialized solutions that deliver greater visibility into real-time insights and analytics, Teletrac Navman helps companies make better business decisions that enhance productivity and profitability. Its fleet and asset management technology uncovers information that would otherwise go unseen, helping customers reduce risk and confidently move their business forward with certainty. It tracks and manages more than 500,000 vehicles and assets for more than 40,000 companies around the world. The company is headquartered in Glenview, IL, with additional offices in the United States, United Kingdom, Australia, New Zealand and Mexico. For more information visit TeletracNavman.com.
MarketsandMarkets provides quantified B2B research on 30,000 high growth emerging opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their pain points around revenues decisions. www.marketsandmarkets.com