Geotab releases "In the Driver's Seat:
Accelerating ROI Through Trusted Data Insights"
TORONTO, May 9, 2024
/PRNewswire/ - Geotab is pleased to announce the release of "In the
Driver's Seat: Accelerating ROI Through Data Driven Insights," its
second commercial transportation report. Expanded to a global
report, this comprehensive edition offers valuable insights into
the evolving landscape of the commercial transportation sector,
providing essential information to navigate challenges and
capitalize on opportunities.
The 2024 edition of the report delves into key trends,
challenges, and potential within the industry, highlighting the
pivotal role of advanced telematics in optimizing fleet operations.
By leveraging data intelligence and cutting-edge AI models, fleets
can enhance safety measures, improve productivity, and reduce
costs, amidst rising fuel prices, regulatory shifts, and economic
uncertainties.
Key Findings: Trends and Observations
- Fleets using Geotab's safety features have shown a 40%
reduction in collision rates.
- Brazil (4%), Italy (5.3%), and Spain (5.7%) experienced the most significant
rise in miles driven prior to a collision, suggesting increased
safety measures and fewer collisions.
- Germany (-27%), Portugal (-30%), the United Kingdom (-19%), and the United States (-12.6%) saw a decrease in
miles driven prior to a collision, suggesting a need for increased
focus on safety measures.
- Expanded use of Geotab's safety features could have averted an
estimated additional 3,500 collisions.
- Rising vehicle ages highlight predictive maintenance's role in
operational safety and efficiency.
- Sustainability initiatives that cut fuel consumption are
critical as fuel costs hit 60% of total fleet operating costs.
- Canada and the United States have shown strong,
successful reductions in idling times, with decreases of 5.73% and
3.75% respectively.
- Germany, the United Kingdom, and Mexico experienced a rise in idling time over
the same period, indicating an opportunity to further optimize
sustainability operations.
- In 2023, EV adoption surged globally:
- Strongest growth in South
Africa (796%); Peru (289%);
and Mexico (248%) indicating
strong momentum toward EV adoption in these regions.
"The transformative potential of connected vehicles and the
power of trusted data are clear," said Mike
Branch, Vice President of Data and Analytics, Geotab. "'In
the Driver's Seat: Accelerating ROI Through Data Driven Insights'
provides invaluable insights into the dynamic landscape of the
transportation industry. As companies strive to adapt to evolving
market conditions and embrace sustainable practices, Geotab remains
committed to empowering them with the data-driven tools and
recommendations needed to thrive in an increasingly complex
environment."
The global telematics industry is strong and continuing to grow,
it is expected to reach $172.4B US by
2032, demonstrating an incredible 17% growth between 2023 and 2032.
This report highlights trends that demonstrate the pivotal role
that data and AI will play in driving performance, efficiency,
profitability, and sustainability in the transportation industry in
the coming months. Amid complex economic, environmental, and
technological transformations, Geotab is committed to provide
exceptional insights that empower businesses to make informed
decisions.
This report is available for free and can be accessed on the
Geotab website. The 2022 report is available here.
About Geotab
Geotab is a global leader in connected transportation solutions.
We provide telematics — vehicle and asset tracking — solutions to
over 50,000 customers in 160 countries. For more than 20 years, we
have invested in ground-breaking data research and innovation to
enable partners and customers, including Fortune 500 and public
sector organizations, to transform their fleets and operations.
With over 4 million subscriptions and processing more than 75
billion data points a day, we help customers make better decisions,
increase productivity, have safer fleets, and achieve their
sustainability goals. Geotab's open platform and Marketplace,
offers hundreds of third-party solution options. Backed by a team
of industry leading data scientists and AI experts, Geotab is
unlocking the power of data to understand real-time and predictive
analytics — solving for today's challenges and tomorrow's world. To
learn more, visit www.geotab.com, follow @GEOTAB on X and
LinkedIn or visit the Geotab Blog.
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SOURCE Geotab Inc.