The upsurge in the analytics and real time data demand by end users have 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 % CAGR while achieving USD 4.3 Billion in earnings by the year 2023.
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
- Agnik LLC (USA),
- Automotive Rentals (ARI) (USA),
- CloudMade (Ukraine),
- Genetec (Canada),
- Harman International Industries, Inc. (the USA),
- IBM Corporation (USA),
- Intelligent Mechatronic Systems (Canada),
- Inseego (USA),
- Inquiron (USA),
- Microsoft Corporation (USA),
- SAP SE (Germany),
- Teletrac Navman (USA).
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.
The market position analysis is derived by considering various factors such as financial position, segmental R&D investment, brand value, product portfolio, strategy analysis, and key innovations in Vehicle Analytics market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between on the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
The global vehicle analytics market has been segmented on the basis of application, component, end user, managed services by deployment, professional services, and lastly, region. Application-based segmentation of this market covers dealer performance analysis, driver & user behavior analysis, infotainment, predictive maintenance, road charging, safety & security management, traffic management, usage-based insurance, and warranty analytics. Segmentation by components segments the market into software and services.
Based on the end user, the market has been segmented into automotive dealers, fleet owners, insurers, service providers, travel & hospitality, and others. Managed services by deployment segment the market into on-demand deployment and on-premise deployment. On-demand deployment is customized deployment that can vary as per the requirement of client. On-premise deployment is defined as the procedure of setting up the system in the client premises which is usually a center that would track the GPS of the vehicle. On the basis of professional services, the market has been segmented into consulting services, deployment & integration, and support & maintenance.
The regional segmentation segments the global vehicle analytics market into continents-based regional markets namely Asia Pacific, North America, Europe and rest of the world (RoW). North America has the largest market share due to technological advancement, increasing use of mobile devices, tablets, and smartphones in this region, and developed the automotive sector in this region. Many key market players are also based in North America. The biggest country-specific markets in this region are the United States of America (USA) and Canada.
After North America, Europe has maximum technological advancement as well as developed automotive sector. Many key market players are based in Europe too, especially in Germany. Other important country-specific markets in Europe are France and the United Kingdom (UK). According to the report, Asia Pacific region is expected to witness the fastest growth during the forecast period. In this region, the strongest economies with developed automotive sectors are China, India, and Japan.
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- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Chip designers and fabricators
- Original equipment manufacturers (OEMs)
- OEM technology solution providers
LIST OF TABLES
TABLE 1 VEHICLE ANALYTICS MARKET, BY COMPONENT
TABLE 2 VEHICLE ANALYTICS MARKET, BY DEPLOYMENT
TABLE 3 VEHICLE ANALYTICS MARKET, BY APPLICATION
TABLE 4 VEHICLE ANALYTICS MARKET, BY END USER
TABLE 5 VEHICLE ANALYTICS MARKET, BY REGIONS
TABLE 6 NORTH AMERICA VEHICLE ANALYTICS MARKET, BY COMPONENT
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 VEHICLE ANALYTICS MARKET, BY COMPONENT (%)
FIGURE 3 VEHICLE ANALYTICS MARKET, BY DEPLOYMENT (%)
FIGURE 4 VEHICLE ANALYTICS MARKET, BY APPLICATION (%)
FIGURE 5 VEHICLE ANALYTICS MARKET, BY END USER (%)
FIGURE 6 VEHICLE ANALYTICS MARKET, BY REGIONS (%)