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. Vehicle Analytics Market, By Component (Software, Services), By Deployment (On Premise, On Demand), By Application (Predictive Maintenance, Traffic Management, Infotainment) and By End User – Forecast 2023
Major Information Technology (IT) giants are investing in vehicle analytics market due to increasing number of applications for vehicle analytics. Market Research Future (MRFR) has published a research report about the global vehicle analytics market that estimates staggering growth for this market with 24% CAGR (Compound Annual Growth Rate) for this market between 2017 and 2023. In terms of cash, this market is expected to be worth the US $ 4.3 bn by the end of the forecast period.
A major factor driving the global vehicle analytics market growth is a real-time analysis of data that gets collected from sensors and global positioning system (GPS) tracking devices. Another factor responsible for market growth is technological advancement.
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The prominent players in vehicle analytics market are – SAP SE (Germany), Genetec (Canada), Microsoft Corporation (U.S.), IBM Corporation (U.S.), CloudMade (Ukraine), Intelligent Mechatronic Systems (Canada), Harman International Industries, Inc. (U.S.), Teletrac Navman (U.S.), Inseego (U.S.), Agnik LLC (U.S.), Inquiron (U.S.), Automotive Rentals (ARI) (U.S.) among others.
Global Vehicle Analytics Market Segments Analysis:
By component, the global vehicle analytics market has been segmented into software and services. The services segment is sub-segmented into professional services and managed services.
By deployment, the vehicle analytics market has been segmented into on premise and on demand.
By application, the global vehicle analytics market has been segmented into predictive maintenance, traffic management, infotainment, warranty analytics, usage based insurance, road charging, dealer performance analysis, safety & security management, and driver & user behavior analysis.
By end-user, the vehicle analytics market has been segmented into travel & hospitality, service providers, automotive dealers, fleet owners, insurers, and others.
Global Vehicle Analytics Market Regional Analysis:
By region, the global vehicle analytics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America holds the most significant market share in the global marketplace and houses a technologically advanced infrastructure for supporting market growth. The technical brilliance of the region is poised to drive the expansion of the vehicle analytics market in the region over the assessment period.
Asia Pacific has been expected to exhibit the highest CAGR across the projection period. Thriving automotive industry in conjunction with increasing demand for automobiles is likely to catalyze the growth pace of the vehicle analytics market in the region.
Vehicle Analytics Market By Application
Usage Based Insurance
Dealer Performance Analysis
Safety & Security Management
Driver & User Behavior Analysis
Latest Industry News
• According to a newly inked business deal, Avis Budget Group is set to use the Amazon Web Services’ (AWS) Connected Vehicle Solution to build a cutting-edge data analytics platform. The global car rental firm will leverage AWS’ capabilities in artificial intelligence (AI), data management and machine learning to develop a wide variety of mobility services and vehicle applications for its fleets. 2 NOV 2018.
• Mack Trucks has added advanced vehicle analytics and AI from Statistical Analysis System (SAS) to its GuardDog Connect telematics solution, allowing for more effective analysis of data flowing from trucks. 31 OCT 2018.
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• Technology Investors
• Research/Consultancy Firms
• Infrastructure Providers
• Chip designers and fabricators
• Original equipment manufacturers (OEMs)
• OEM technology solution providers
The regional analysis of vehicle analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in vehicle analytics market in North America is attributed to technical advancements and increasing use of mobile devices, tablets and smartphones in that region.
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