Vehicle Analytics Market 2021 Industry to Develop at a 24% CAGR by 2027

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.

Market Analysis

Market Research Future (MRFR) predicts the global vehicle analytics market to reach USD 4.3 Billion at a CAGR of 24% from 2017 to 2023 (forecast period).

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.

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.

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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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.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Pune – 411028, Maharashtra, India

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