Vehicle Analytics Market Size Overview
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.
The global Vehicle
Analytics Market Size 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.
Vehicle Analytics Market Size 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.
COVID-19 Impact on the Global Vehicle
Analytics Market Size
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 Size
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.
Vehicle Analytics Market Size Regional
Analysis
Region-wise, the
global vehicle
analytics market size 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.
Read more:
Automotive Powertrain Systems Market Trends
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