IFTA Software Market Scope
International Fuel Tax Agreement (IFTA) reporting software is used to track all fuel records and to generate fuel tax reports online. It is a hassle-free way to update, manage, and edit all IFTA records. This software is particularly made for trucking and logistics businesses to automatically and accurately generate fuel tax reports. This software can be easily deployed on the premises or as a cloud-based solution.
According to AMA, the Global IFTA Software market is expected to see growth rate of 20.3% Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IFTA Software market throughout the predicted period.
SPAN Enterprises LLC (TruckLogics.com) (United States), Axon Software (Canada), TruckingOffice, LLC (United States), HighJump (United States), FleetUp (United States), Linxup (United States), Geotab Inc. (Canada), My Fuel Tax (United States), Samsara (United States) and Verizon Connect (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Omnitracs (United States), IfTA Systems GmbH (Germany) and Fuel Tax System (France).
Segmentation Overview
The study have segmented the market of Global IFTA Software market by Type (Standalone and Integrated), by Application (IFTA Report Generation, Fuel Tax Calculation, Penalty Calculation, Fuel & Mileage Tracking and Others) and Region with country level break-up.
On the basis of geography, the market of IFTA Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Integrated IFTA Software to Manage All Trucking Operations like Invoicing, and IRP
Market Growth Drivers:
Recent Changes in the Fuel Tax Regulations by the United States and Canada, Increasing need have Automated Software by Fleet Managers and Owner Operators and Improved Efficiency & Increased Profits
Challenges:
Availability of Free Software Solutions
Restraints:
Lack of Awareness about the Product among Small Fleet Managers
Opportunities:
Growing Cloud-based Solutions and Integrated Features and Growing Trade Business in the United States and Canada
Market Leaders and their Expansionary Development Strategies
In February 2020,-Omnitracs, LLC, the global pioneer of fleet management solutions to transportation and logistics companies, today announced the release of Omnitracs Tax Manager, their most comprehensive and intuitive International Fuel Tax Agreement (IFTA) and highway tax management tool to date. Omnitracs Tax Manager uses the latest in artificial intelligence from the Omnitracs One platform to provide an easier and more user-friendly tax management experience for the trucking industry.
In February , 2020, Omnitracs, LLC, the global pioneer of fleet management solutions to transportation and logistics companies, released Omnitracs Tax Manager, the most comprehensive and intuitive International Fuel Tax Agreement (IFTA) and highway tax management tool.
In 2019, Canadian governments have rolled out the new carbon tax regulation that requires the production of a quarterly report for all carriers traveling on the roads of Ontario, Manitoba, Saskatchewan, and Alberta. Alaska, Hawaii, and the Canadian territories are not part of the agreement.
Key Target Audience
IFTA Software Providers, Software Developers and Integrators, Logistics and Trucking Firms, Fleet Managers, End-Use Industries and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.