Technology adoption in the transportation and fleet industry has increased dramatically in recent years. As companies strive to optimize efficiency, safety, compliance and performance – especially in the current climate – the use of technology in fleet management presents a real opportunity for innovation and growth in 2023 and beyond.
In fact, according to a report by MarketsandMarkets the global fleet management market is expected to grow at a compound annual growth rate (CAGR) of 15.5%, from $25.5 billion in 2022 to $52.4 billion by 2027. what technology is on the horizon and what should fleet managers be looking for to keep pace with the market?
Here are the top four fleet technology trends for 2023:
- Artificial Intelligence (AI) in transport
AI-powered technology is about learned intelligence; AI can instantly analyze and interpret data to provide insights and the ability to make more informed decisions. Transportation companies work with massive amounts of data every day, so having an AI-powered solution that not only collects the data, but interprets it, is essential to add more value and insight.
A platform powered by AI and machine learning enables businesses to streamline processes, predict trends, and gain real-time insights. This, in turn, helps identify inefficiencies to increase productivity and improve driver behavior, for the safety of all road users.
According to McKinseyby 2030, AI is expected to add $13 trillion to global economic output.
- Growing adoption of smart cameras in fleets
AI-enabled smart dashcams are rapidly being adopted by forward-thinking organizations because they provide visibility far beyond just video and audio. In fact, Berg Insight predicts a CAGR of 16.8% for video telematics, growing from nearly 3.9 million units at the end of 2021 to 8.4 million by 2026 in Europe and North America.
They are essential to help reduce road accidents and insurance premiums, prevent fraudulent claims and identify ways to improve driver behavior. Integrated sensors show what is happening inside and around the vehicle in real time. From distracted driving to dangerous following distances, fleet managers can use data to encourage drivers to improve safety and performance. The AI-based technology also learns from its environment, which means it becomes more accurate over time.
- Electric vehicles (EV)
It’s no secret that electric vehicles are growing in popularity. They will make up 48% of all new cars sold globally in 2030, according to Electric Vehicle Outlook: 2021 and Beyond report. To put this into perspective, BloombergNEF predicts global electric vehicle sales will jump 14 million units in 2025, accounting for about 16% of all passenger vehicle sales.
The technology is improving with market adoption, so as more people welcome electric vehicle ownership, the cost and availability will improve accordingly. Fleet managers need to consider the growing use of electric vehicles for future planning, factoring in battery charging, repair and transition costs as we move into tomorrow’s fleet today.
- A focus on driver safety
Safety is a growing concern for drivers and fleet managers, and for good reason. According to the World Health Organization, around 1.3 million people lose their lives in road accidents worldwide. Something that the United Nations General Assembly takes seriously, with its work to halve the global number of road traffic deaths and injuries by 2030.
So what can fleet managers do to achieve this goal? Put driver safety at the top of the list.
The benefits of fleet technology to solving security issues are becoming more commonplace. Real-time data produced by telematics allows fleet managers to create individualized training and coaching programs for drivers in need, as well as reward positive behavior. In turn, improving driver retention, which is vital in the context of the continuing shortage of drivers.
What’s next for technology?
In this increasingly digitized world, data only really has value if it is interpreted to produce insights and, in turn, actions. Advanced artificial intelligence technology is the most effective way for fleet managers to optimize and learn more about their fleet, through more informed decisions and impactful changes.
2023 is set to be another pioneering year for technology in transportation and as adoption increases, this will pave the way for continued growth and innovation for safer, more efficient and better connected fleets and industry. in its entirety.
Author: Barney Goffer, UK Product Manager at Teletrac Navman UK
 Fleet management market worth $52.4 billion by 2027 (marketsandmarkets.com)
 AI in Government: Seizing the Potential Value | McKinsey
 The video telematics market (berginsight.com)
 Electric Vehicle Outlook: 2021 and Beyond – Research and Markets
 2022 EVO Report | BloombergNEF | Bloomberg Finance LP (bnef.com)
 Road trauma (who.int)
 Road Safety | The United Nations