Mobile Resource Management (MRM) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2432
Mobile Resource Management (MRM) Market size is growing due to rapid industrialization and population growth across the world. MRM enhances the performance of the organizations as it assists in tracking and monitoring the mobile assets and employees thus increasing the accountability and reducing the time and cost. It assists in the real-time tracking of mobile resources, which helps in serving customer demands and reducing fuel costs by locating better routes. The safety of the driver and operator performance is also maintained by detecting unsafe driving and identifying vehicle operators, who require additional training to prevent accidents. It also helps the managers in reducing risks and decreasing insurance cost by immediately detecting the problem as it arises.
The demand for mobile resource management market is growing as it is necessary for industries of all sizes, which majorly include transport companies, construction sites, police and fire service departments, oil and natural gas, government, and public work. MRM allows fleet operators to minimize the fuel consumed and miles traveled and increase the number of deliveries per day.
Various initiatives taken by the government to reduce the daily traffic and accidents have also given a boost to the MRM market. For instance, the government developed a National Safety Program, which assists GSA fleet vehicles operators by reducing crashes and minimizing costs. It provides messages of safety awareness amongst GSA fleet vehicle drivers, reducing risks and accidents.
Other benefits of investing in mobile resource management include automatic vehicle locating, strategic delivery planning, monitoring driver behavior, and fuel-efficiency maintenance. Furthermore, the mobile resource management market aids in the real-time communication in areas related to deliveries, on-site inspection, and inventory maintenance, enhancing the efficiency and improving the organizational profitability. There is a major opportunity for the growth of asset tracking in fields such as pharmaceuticals, waste disposal containers, and medical shipments.
The technological shift from hardware to 3G and 4G cellular services, reduced hardware costs, and wireless data also boost the demand for the MRM market. The introduction of GPS and GIS devices has increased the integration in vehicle fleets, assisting vehicle tracking and routing. Cloud computing is also adopted to convert data from vehicle sensors into useful vehicle information, which can be used by managers to determine alternative ways to avoid traffic, reduce fuel consumption, and improve safety. Moreover, it assists in discovering the best time window to trade in a vehicle by analyzing the previous and projected costs, monitoring geographic zones when planning delivery fleets and thus improving efficiency. However, cross-border vehicle tracking and data security are some of the factors that hinder the market growth.
North America and Europe are dominating the mobile resource management market due to their established economy, technological advancements, and the increasing need for reliability, efficiency, and customer safety. Many companies in the U.S. make use of mobile resource management services to track and monitor their fleet and other heavy vehicles. APAC is anticipated to witness a high growth rate during the forecast period owing to its huge population and increasing need for safety and optimization.
Some of the major vendors present in the MRM market include AT&T, Inc., Masternaut, Garmin International, Inc., CalAmp corporation, Telogis, Inc., Spireon, Inc., SkyBitz, Inc., Trimble, Inc. and Verizon Communications, Inc. The growing demand for MRM solutions has intensified the competition amongst the market players. The players are adopting strategies such as new product launches in developing economies and partnerships with local providers to gain market share and improve its brand value. For instance, in August 2016, AT&T entered into a partnership with Toronto-based Fleet Compete to offer AT&T Fleet compete, which offers customer solutions such as asset tracking, fleet tracking, and resource tracking.
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