According to Future Market Insights (FMI), in its most recent study, the global market for vehicle analytics will reach around US$ 2,370 Million by the end of 2022, reflecting a CAGR that is higher than anticipated. According to the report, demand in more noticeable travel comfort, particularly among urban travellers, is partly responsible for the swift uptake of car analytics.
The market’s growth over the estimated period of time is also expected to be impacted by the growing need to improve the current vehicle structure in order to handle the continually increasing traffic load. In order to work on armada the board and administration contributions, which in turn assists in producing more business, armada owners or transport specialist co-ops are finding that vehicle analytics is becoming very important.
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Additionally, the need to further upgrade the current vehicle structure in order to handle the constantly growing traffic strain is expected to have an impact on the market’s growth throughout the estimated timeframe. For armada owners or transport specialised co-ops, vehicle analytics is becoming increasingly important since it enables them to work on armada the board and administration contributions, which in turn helps them generate more revenue.
The growing concerns about street safety and the efforts to shorten commute times show how quickly car analytics are being adopted. More and more automakers are advancing plans to produce advanced vehicle diagnostic tools that can handle sophisticated diagnostic requirements, such as video assistance, fleet checking, explorer information, and course guidance.
These feature can transform traffic management if utilized effectively. Concurrently, increasing popularity of autonomous cars is expected to propel the demand for vehicle analytics. With the help of vehicle analytics, autonomous cars likely to become for safer and pragmatic.
Modern consumers are becoming increasingly aware about automotive technologies that can effectively monitor, manage and streamline travel, which is expected to have a positive impact on the global market for vehicle analytics. Automotive companies are utilizing vehicle analytics to analyze vehicle performance, detection of component malfunctioning and prevent road collisions. Increasing demand for cars and robust infrastructural development in emerging countries such as China, India and Brazil is also expected to support the growth of global market for vehicle analytics in the forthcoming years.
Global Market for Vehicle Analytics: Key Segment Analysis
On the basis of End-Use, the automotive OEM segment is expected to hold its top spot in 2017 and beyond. This mainly due to increasing of vehicle analytics by automotive OEMs to improve the product performance and offer cutting-edge services. Currently, the segment command for the largest revenue share of the global market. In addition, the segment is expected to reach a valuation in excess of US$ 1,100 Mn towards the end of 2022, reflecting a sound CAGR.
On the basis of application, the driver behavior analysis segment is likely to maintain its dominance over 2022. In modern cars, deriver behavior analysis can be of high importance as it can provide information on driver’s concentration levels, driving capabilities and driving skills. Moreover, deriver behavior analysis can also help address the issues of distracted driving. The driver behaviour analysis segment currently commands for a significant share of the market share of the in terms of revenues and is expected to remain highly attractive during the forecast period.
Among regions, the market in North America will continue to the largest over 2022. The region is expected present lucrative growth opportunities for market participants in the near future. Meanwhile, Revenue from Europe vehicle analytics market is projected to witness a CAGR of 16.1% and surpass a valuation of US$ 600 Mn by 2022-end.
Global Vehicle Analytics Market: Key Players
SAP SE, Genetec Inc., INQUIRON LTD, SAS Institute Inc., Acerta Systems Analytics Inc., Automotive Rentals, Inc., Microsoft Corp., IBM Corporation, Agnik Llc, and Amodo Ltd. are the leading market participants profiled in FMI’s report. A majority of these companies are actively focusing on improving their service offerings to cater to specific requirements of their customers.
Market Segmentation
Region:
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Component:
- Vehicle Analytics Software Platform
- Professional Consulting Services
- Managed Services
End-User:
- Automotive OEM
- Government
- Insurance Provider
- Fleet Owner
- Others
Application:
- Driver Behavior Analysis
- Traffic Management
- Fleet Behavior Analysis
- Predictive Maintenance
- Location Based Services
- Infotainment
- Other Applications
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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