Vehicle Analytics Market Analysis
The vehicle analytics market involves the use of data analysis and data mining techniques to provide insights into vehicle performance, driver behavior, and other factors affecting vehicle operations. This market is growing rapidly due to the increasing demand for connected vehicles and the need to optimize vehicle performance and reduce maintenance costs.
The market is divided into several segments based on the type of solution, deployment type, end-user, and region. Some of the key solutions in the market include predictive maintenance, warranty analytics, traffic management, and safety and security analytics. These solutions are used by various end-users, such as automotive OEMs, fleet operators, insurance companies, and government agencies.
The growing requirement for real-time analysis of data collected from sensors and GPS tracking devices is a major driver driving the growth of the vehicle analytics market. Another key element fuelling the growth of the vehicle analytics market is technological advancements.
Market Research Future (MRFR) predicts the global vehicle analytics market to reach USD 4.3 Billion at a CAGR of 24% from 2022 to 2030 (forecast period).
Major giants such as IBM Corporation and Microsoft Corporation are investing in the vehicle analytics market due to the increasing number of applications for vehicle analytics. One key element driving the growth of the vehicle analytics trend is the growing adoption of smartphones and other mobile communication devices. IBM Corporation has introduced a cognitive infotainment platform in collaboration with Panasonic Corporation in order to give complete infotainment solutions to original equipment manufacturers and other fleet service providers. To enable scalability and agility, these infotainment solutions will be powered by cloud technologies.
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COVID-19 Impact on the Global Vehicle Analytics Market
Carpooling was anticipated to have the largest proportion of all mobility services by 2025 as a result of government legislation and increased awareness about the importance of reducing greenhouse gas emissions. However, due to the emergence of COVID-19, it is projected that owned car usage will outnumber carpooling in order to stop the virus's transmission and maintain social distancing. This would raise the amount of data generated for vehicle analytics even further. However, the installation of vehicle analytics solutions in new cars is unlikely to rise much. Automobile sales have deteriorated as a result of the economic slump.
Vehicle Analytics Market Segmentation
The global vehicle analytics industry has been segmented into component, deployment, application, and end-user.
By component, the global vehicle analytics industry has been segmented into software and services.
By deployment, the global vehicle analytics market has been segmented into on-premise and on-demand.
By application, the global vehicle analytics industry has been segmented into predictive maintenance, traffic management, and infotainment.
By end-user, the global vehicle analytics market has been segmented into BFSI, healthcare, travel hospitality, service providers, government, automotive dealers, fleet owners, insurers and others.
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Vehicle Analytics Market Regional Analysis
Region-wise, the global vehicle analytics market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America is the largest market shareholder in the global vehicle analytics industry, followed by Europe and the Asia Pacific. The North America area's growth is mostly related to the rising installation of modern technologies such as artificial intelligence, machine learning, and predictive maintenance in order to perform real-time data analysis in the region. It makes use of data gathered by sensors and GPS tracking devices. The region also has a well-established infrastructure which allows easy implementation of advanced technologies as well. The Asia Pacific region, on the other hand, is predicted to develop at the fastest rate during the projection period. China mostly leads the Asia Pacific region's growth due to the presence of a large manufacturing base, and China is also keeping pace with the North American region in terms of car manufacturing annually.
Vehicle Analytics Market Key Players
The prominent players in the global 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.
Summary
The global vehicle analytics market is set to reach USD 4.3 Billion at a CAGR of 24% between 2017 and 2023. The increased demand for real-time analysis of data acquired from sensors and GPS tracking devices is a major driver driving the growth of the vehicle analytics market. Another key element fueling the growth of the vehicle analytics market is technological advancement.
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