Adoption of advanced vehicular technologies such as vehicle analytics has been on a rise, owing to the demand for convenience during travel and better customer experience. In addition, rising need for effective transport service technologies that can tackle traffic and route mapping issues is boosting the adoption of vehicle analytics. Due to this, the driving experience has greatly enhanced, thereby providing a safe and secure environment to the passengers in the cars. The worldwide market for vehicle analytics is expected to witness a good growth in the years to come.
Market overview
The global vehicle analytics market which is estimated to be worth USD 1,124.1 Million in 2017 is projected to reach a value of USD 3,637.4 Million by 2022, growing at a CAGR of 26.5% during the forecast period from 2017 to 2022.
Among applications, the safety and security management application is expected to be the largest market over the forecast period. However, the traffic management application is projected to witness the highest growth in the coming years, owing to the high adoption rate. The connected traffic management systems offer digital road maps that are helpful in navigation and identifying the fastest route to the destination.
Based on deployment model, the on-demand deployment model is expected to witness the highest growth over the forecast period, owing to the scalability and agility of cloud-based technologies that has resulted in high adoption of cloud-based vehicle analytics solution.
How is the market progressing, geographically?
The North American market for vehicle analytics is expected to hold the largest market share over the forecast period, owing to the early adoption of innovative technologies and disruptive practices, since it was a well-established and financially intensive economy. Moreover, the presence of all the major players in this region has also led to the growth of this market. However, the market in Asia-Pacific is estimated to grow at the highest CAGR over the forecast period.
What is driving and restraining the market growth?
The worldwide market for vehicle analytics is being majorly driven by the following factors:
- Technological advancements such as machine learning, Artificial Intelligence (AI), and predictive maintenance to improve fleet management
- Growing usage of real-time data collected from sensors and GPS tracking devices
In addition, automotive companies using vehicle analytics for enhanced customer experience and remarkable advances in developing autonomous vehicles are the factors expected to further create ample growth opportunities for the market.
However, network coverage limitations and higher costs of initial setup are the major factors expected to hinder the growth of this market to a certain extent. Moreover, issues related to data security and integration of data with existing software systems are the key challenges to be overcome by the companies involved in this market.
Ask for Sample Pages @ https://www.marketsandmarkets.com/requestsample.asp?id=67598601
Major players and strategies adopted
The key players operating in the global market for vehicle analytics include several software and service providers, such as Acerta Analytics Solutions (Canada), Agnik LLC (US), Amodo (Croatia), Automotive Rentals (ARI) (US), Azuga (US), C-4 Analytics, LLC (US), CloudMade (UK), Digital Recognition Network (US), EngineCAL (India), Genetec Inc.(Canada), HARMAN International (US), IBM (US), Inquiron (Dubai), INRIX (US), Inseego Corp. (US), Intelligent Mechatronic Systems (Canada), Microsoft (US), Noregon (US), Pivotal Software, Inc. (US), Plotly (Canada), Procon Analytics (US), SAP (Germany), Teletrac Navman (US), WEX Inc. (US), and Xevo Inc.(US). Acquisitions, agreements, collaborations and partnerships, new product launches, product upgradations, and expansions are the major strategies being implemented by these companies in order to expand their base and cater to the needs of the customer.
