Overview and Scope
Vehicles analytics is an analytical technique that also provides road condition inspection, information related to vehicle counting, tracking, speed detection, incorrect direction detection, and brand detection. It is used to track real-time information from the vehicles and gain real-time insights about the current state of the vehicle and related operating activities.
Sizing and Forecast
The vehicle analytics market size has grown exponentially in recent years. It will grow from $3.19 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 22.6%. The growth in the historic period can be attributed to telematics adoption, safety and security concerns, predictive maintenance, regulatory compliance, urbanization and traffic management..
The vehicle analytics market size is expected to see exponential growth in the next few years. It will grow to $8.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to autonomous vehicle development, environmental sustainability, focus on driver and passenger experience, consumer demand for advanced features, shift towards mobility services.. Major trends in the forecast period include rise of connected vehicles, telematics integration, fuel efficiency optimization, integration with fleet management solutions, smart cities and traffic management, collaboration with oems and automotive suppliers..
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Segmentation & Regional Insights
The vehicle analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Model: On-Premises, On-Demand
3) By Application: Predictive Maintenance, Warranty Analytics, Traffic Management, Safety And Security Management, Driver And User Behaviour Analysis, Dealer Performance Analysis, Infotainment, Usage-Based Insurance, Road Charging
4) By End-User: Original Equipment Manufacturers (OEMs), Service Providers, Automotive Dealers, Fleet Owners, Regulatory Bodies, Insurers
North America was the largest region in the vehicle analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing dominance of connected vehicles is significantly contributing to the growth of the vehicle analytics market. Connected vehicles are the type of vehicles that are capable of connecting to nearby devices to communicate over networks. Growing connected vehicles are resulting in the rising need for vehicle analytics to offer various features such as warranty analytics, predictive maintenance, dealer performance analysis, and others. For instance, according to Connected Vehicle Trend Radar, a global study by Capgemini, a France-based information technology company, the number of connected cars is predicted to reach 352 million by end of 2023. Therefore, the growing dominance of connected vehicles expected to promote the vehicle analytics market growth.
Key Industry Players
Major companies operating in the vehicle analytics market report are SAP SE, International Business Machines Corporation, Microsoft Corporation, Genetec Inc., Cloud Made Ltd., Harman International Industries Inc., Teletrac Navman, Agnik LL, Pivotal Software Inc., SAS Institute Inc., Acerta Systems Analytics Inc., Amodo Ltd., INRIX Inc., Inseego Corp., Automotive Resources International Fleet Management Company, Continental AG, Google Inc., Cisco Systems Inc., Drust Vehicle Analytics, Sight Machine Inc., Fair Isaac Corporation, Bosch Software Innovations GmbH, Experian plc, WABCO Holdings Inc., Trimble Inc., TomTom International B. V., Airbiquity Inc., Pivotal Software Inc., Oracle Corporation, Mix Telematics Ltd.
The vehicle analytics market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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