Vehicle Analytics Market By Size Estimation, Growth Rate, Regional Analysis With Global Forecast To 2030
Vehicle Analytics Market Analysis -
The Global Vehicle Analytics Market is growing rapidly. The market growth attributes to the increasing uptake of vehicle intelligence. Besides, increasing implementation of advanced technologies like artificial intelligence, machine learning, and predictive maintenance offering real-time data analysis drive the market growth. Moreover, rising uses of data collected by sensors and GPS tracking devices to improve traffic management escalate market demand.
According to Market Research Future (MRFR), the global vehicle analytics market is estimated to create a valuation of approximately USD 4.3 BN, growing at 24% CAGR throughout the projected period. Inventions and developments of new vehicle analytics software drive the market growth, replacing outdated technology. Also, upgrades and advances in vehicle analytics solutions accelerate the growth of the market.
Additionally, augmenting demand for efficient vehicle analytics platforms to control the traffic volume and transport needs boosts the market size. Growing traffic issues due to the increasing population in the city and urbanization influence the growth of the market. Technological advancements provide a vast impetus to the market growth, allowing accessibility and availability of various automatic devices.
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Also, rising R&D investments made by market key players substantiate market growth. Besides, government initiatives & funding to promote vehicle analytics systems and increased smart city projects positively impact the market growth, upgrading automatic traffic handling devices.
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.
Global Vehicle Analytics Market — Competitive Analysis
Highly competitive, the vehicle analytics market appears fragmented, with several well-established players forming a competitive landscape. To gain a significant competitive share, industry players adopt growth strategies, such as mergers& acquisitions, collaborations, expansion, and product & technology launches.
The already competitive nature of the market would intensify further as more products and new players enter this market. Given the increasing government regulations and consumer demand for traffic safety & advanced features, the market is expected to witness relentless innovations and new products.
Major Players:
Players leading the vehicle analytics market are Genetec (Canada), SAP SE (Germany), Microsoft Corporation (US), CloudMade (Ukraine), IBM Corporation (US), Intelligent Mechatronic Systems (Canada), Teletrac Navman (US), Harman International Industries, Inc. (US), Inseego (US), Inquiron (US), Agnik LLC (US), and Automotive Rentals (ARI) (US), among others.
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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.
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.
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