The upsurge in the analytics and real time data demand by end users has also unlocked the growth possibilities for the vehicle analytics market. Market intensive reports associated to the information and communication technology industry among others recently have been made available by Market Research Future which publishes reports on this industry. The vehicle analytics market is projected to expand with a 24 percent CAGR while achieving USD 4.3 Billion in earnings by the year 2023.
Vehicle analytics have allowed business critical decisions to be made with a greater degree of control because of the availability of data in real-time. Rising integration of vehicle analytics in automobiles by various transportation providers and automobile manufacturers have increased the demand for the market greatly. Traffic management solutions are also one of the major causes for developing the market at an increased pace. Analytic insights that are essential to the end users of this market are creating further scope for the progress of the market over the forecast period.
Development in AI technology, high adoption rate of embedded in-vehicle connectivity, and growing market of smart technology are some of the factors driving the growth in vehicle analytics market globally. However, high initial cost, and data security concern among users is expected to hinder the market growth in coming years.
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Major Key Players
SAP SE (Germany),
Microsoft Corporation (U.S.),
IBM Corporation (U.S.),
Intelligent Mechatronic Systems (Canada),
Harman International Industries, Inc. (U.S.),
Teletrac Navman (U.S.),
Agnik LLC (U.S.),
Inquiron (U.S.), Automotive Rentals (ARI) (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Vehicle Analytics market.
According to MRFR, the Vehicle Analytics Market is growing rapidly over 24% of CAGR and is expected to reach at approx. USD 4.3 Billion by the end of forecast period.
Major giants like IBM Corporation and Microsoft Corporation are investing into vehicle analytics market due to increasing number of applications for vehicle analytics. Increasing adoption of smartphones and other mobile communication devices is one major factor fueling the growth of vehicle analytics market. IBM Corporation, in partnership with Panasonic Corporation has launched a cognitive infotainment platform in order to offer complete infotainment solutions for original equipment manufacturers and other fleet service providers. These infotainment solutions will be powered by cloud technologies in order to provide scalability and agility.
Detailed Regional Analysis
By region, North America, followed by Europe is leading the global vehicle analytics market in 2017. North America is a technically advanced region, and has well-established & financially intensive economy. Also, the presence of leading players such as IBM Corporation, Microsoft Corporation, Google Inc. and others is supporting the development of vehicle analytics in the region. Increasing population and growing economies have accelerated the pace of passenger cars’ demand in Asia-Pacific region. Economic meltdown in Europe and North America acted as a catalyst for the already growing automobile industry in Asia-Pacific and many European & American automobile manufacturers shifted their production plants to developing countries. Rising population, various economies ranging from developing to developed, and other government policies to promote industrial growth have made the Asia-Pacific region a perfect destination for automobile manufacturers to setup their facilities thereby Asia Pacific has considered as a fastest growing market for vehicle analytics during the forecast period.
The vehicle analytics market is segmented on the basis of component, professional services, deployment, application and end users. By component, the market is divided into the software and services segments. The professional services based segmentation of the vehicle analytics market comprises of support & maintenance, consulting services, managed services, deployment, and integration. The deployment based division of the market consists of on demand and on premise segment. Usage Based Insurance, Predictive Maintenance, Warranty Analytics, Traffic Management, Infotainment, Road Charging, Dealer Performance Analysis, Safety & Security Management, Driver & User Behavior Analysis are the segments on the basis of application. Finally, the end users segment comprises of automotive dealers, travel & hospitality, service providers, fleet owners, insurers, and others.
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- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Chip designers and fabricators
- Original equipment manufacturers (OEMs)
- OEM technology solution providers