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, Electric Vehicle Analytics Market. 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 by 2023, growing at 24% CAGR throughout the projected period (2017-2023). Inventions and developments of new vehicle analytics software drive the market growth, replacing the outdated technology. Also, upgrades and advances in vehicle analytics solutions accelerate the growth of the market.
Additionally, augmenting demand for efficient vehicle analytics platform 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.
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 market growth, upgrading automatic traffic handling devices.
Global Vehicle Analytics Market- Segments
The report is segmented into five dynamics;
By Component: Software and Services (Professional Services, Deployment & Integration, Support & Maintenance, Consulting Services, Managed Services, others.)
By Deployment: On Demand and On Premise.
By Application: Predictive Maintenance, Traffic Management, Warranty Analytics, Infotainment, Usage Based Insurance, Road Charging, Dealer Performance Analysis, Safety & Security Management, Driver & User Behavior Analysis, and others.
By End User: Travel & Hospitality, Service Providers, Automotive Dealers, Fleet Owners, Insurers, and others.
By Regions: Europe, Americas, APAC, and Rest-of-the-World.
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Global Vehicle Analytics Market - Regional Analysis
North America dominates the global vehicle analytics market. The largest market share attributes to the strong presence of notable players and well-established technology development centers, enabling the early adoption of vehicle analytics software. Besides, the presence of some of the leading players fosters the growth of the regional market.
Rising market proliferation of connected vehicles and the increasing uptake of vehicle intelligence for vehicle detection applications drive the regional market growth. The North American vehicle analytics market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global vehicle analytics market. Market growth is driven by the rising adoption of vehicle analytics software in the region. Additionally, increased adoption of vehicle intelligence for smart signaling and route guidance for better traffic management accelerates the regional market's growth.
Continual R&D investments by public and private sectors to develop vehicle analytics software boost the regional market growth. The European vehicle analytics market is expected to witness spectacular growth during the review period.
The Asia Pacific vehicle analytics market has emerged as a profitable market globally. Factors such as the rising adoption of mobile communication devices and rising numbers of smartphone users fuel the vehicle analytics market growth in the region.
Furthermore, increasing smart city projects in China, India, South Korea, and Japan contribute to the development of the vehicle analytics market. China, India, Japan, and South Korea, among other APAC countries, account for considerable shares in the regional market.
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.
Players leading the Global 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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