According to Future Market Insights (FMI), the global market for vehicle analytics would exceed US$ 2,370 million by the end of 2022, with a CAGR of 15.5%, which is more than expected. According to the report, customer demand for more noticeable travel comfort, particularly among urban travellers, may be partly to blame for the growing adoption of automotive analytics.
The growing need to improve present vehicle structures in order to handle the gradually increasing traffic load is also expected to have an impact on market growth during the forecasted time period. Armada proprietors or transport specialized co-ops are discovering that vehicle analytics is becoming crucial in order to work on the board and administration contributions, which in turn helps in producing more business.
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Additionally, the expansion of the market is anticipated to be impacted by the requirement to further improve the current vehicle structure in order to meet the continuously increasing traffic strain. Vehicle analytics is becoming more and more crucial for armada owners or transport-specific co-ops because it enables them to work on armada board and administration contributions, which in turn helps them increase revenue.
How swiftly automotive analytics are being adopted may be seen from the escalating worries about street safety and the initiatives to reduce commuting times. The development of modern car diagnostic systems that can handle complex diagnostic needs including video assistance, fleet checking, explorer information, and course guiding is being advanced by an increasing number of automakers.
If used properly, this function has the potential to revolutionize traffic management. In parallel, it is anticipated that rising interest in autonomous vehicles would increase demand for vehicle analytics. Autonomous vehicles are likely to become more practical and safe with the use of vehicle analytics.
The global market for vehicle analytics is anticipated to benefit as modern customers become more aware of automobile technologies that can efficiently monitor, manage, and simplify travel. Vehicle analytics are being used by the automotive industry to examine driving behavior, spot faulty parts, and avoid accidents. The global market for vehicle analytics is anticipated to rise in the next years as a result of rising auto demand and rapid infrastructure development in emerging nations like China, India, and Brazil.
Global Market for Vehicle Analytics: Key Segment Analysis
On the basis of End-Use, the automotive OEM segment is expected to hold its top spot in 2017 and beyond. This is mainly due to the increase of vehicle analytics by automotive OEMs to improve product performance and offer cutting-edge services. Currently, the segment command for the largest revenue share of the global market. In addition, the segment is expected to reach a valuation in excess of US$ 1,100 Mn towards the end of 2022, reflecting a sound CAGR.
On the basis of application, the driver behavior analysis segment is likely to maintain its dominance over 2022. In modern cars, driver behavior analysis can be of high importance as it can provide information on drivers’ concentration levels, driving capabilities, and driving skills. Moreover, driver behavior analysis can also help address the issue of distracted driving. The driver behavior analysis segment currently commands a significant share of the market share in terms of revenues and is expected to remain highly attractive during the forecast period.
Among regions, the market in North America will continue to be the largest in 2022. The region is expected present lucrative growth opportunities for market participants in the near future. Meanwhile, Revenue from the Europe vehicle analytics market is projected to witness a CAGR of 16.1% and surpass a valuation of US$ 600 Mn by 2022-end.
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Global Vehicle Analytics Market: Key Players
SAP SE, Genetec Inc., INQUIRON LTD, SAS Institute Inc., Acerta Systems Analytics Inc., Automotive Rentals, Inc., Microsoft Corp., IBM Corporation, Agnik Llc, and Amodo Ltd. are the leading market participants profiled in FMI’s report. A majority of these companies are actively focusing on improving their service offerings to cater to the specific requirements of their customers.
Market Segmentation
Region:
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Component:
- Vehicle Analytics Software Platform
- Professional & Consulting Services
- Managed Services
End-User:
- Automotive OEM
- Government
- Insurance Provider
- Fleet Owner
- Others
Application:
- Driver Behavior Analysis
- Traffic Management
- Fleet Behavior Analysis
- Predictive Maintenance
- Location Based Services
- Infotainment
- Other Applications
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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