Competition in the global vehicle analytics market is expected to rise sharply in the coming years, as players are using different organic and inorganic strategies to strengthen their position in the market. According to Transparency Market Research, this market is likely to witness high growth due to advanced taking place in the automotive industry.
Leading players providing vehicle analytics services are
investing heavily in upgrading their product portfolio. They are also entering
in partnership, collaboration, and merging with other smaller players operating
in the market. This will benefit the players to stretch their business in
different regions. Moreover, players are also investing to upgrade their
product portfolio and services to provide advanced services to their users.
Amodo, Automotive Rentals, Inc., Agnik LLC, Harman International Industries,
Inc., SAS Institute Inc., IBM, and Inquiron are some of the key players
operating in the global vehicle analytics market.
Statistical information presented in the report states that
the global vehicle analytics market might progress at staggering 20.9% CAGR
between 2017 and 2022. The market valuation is expected to reach US$10.21 bn by
the end of 2022. In 2017, the market earned US$0.64 bn.
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Based on deployment type, the demand for on-premises
deployment type is high as compared to cloud deployment type. High adoption
rate of on-premises in various industries led this segment lead the market.
However, the demand for cloud deployment type is also expected to rise
significantly in the forthcoming years. In terms of geography, Europe is likely
to hold maximum share in the global vehicle analytics market. Presence of key
players in the region along with growing demand for advanced electric cars and
car analytics solutions has strengthened position of Europe in the global
vehicle analytics market. Asia Pacific can be termed one of the fastest growing
market for vehicle analytics due to growing preference for advanced electric
vehicles.
Manufacturers Are Focusing on Using Artificial
Intelligence that Will Boost Growth in Vehicle Analytics Market
Growing need for real-time tracking is one of the major
factor driving demand in the global vehicle analytics market. Moreover, growing
need for mobility and fleet management is also triggering demand this market.
This has forced transport service providers to improve operational efficiency,
and deliver enhanced customer service while offering sustainability.
Manufacturers are also planning to shift their focus on machine learning,
artificial intelligence, and predictive analysis in vehicles, making them even
more tech-savvy.
Furthermore, migration towards cloud is also projected to
boost the market’s growth and offer new doors for innovation. Another
significant factor that led the demand for vehicle analytics is the way
manufacturers are integrating advanced vehicular technology in vehicles.
High Initial Cost and High Security Issues Might Challenge
Market Growth
Limited network coverage is one of the key restraint that
might hamper growth in the global vehicle analytics market. High cost involved
during initial setup and concerns related to data security are projected to
challenge demand in this market. Moreover, integrating data with existing
software systems is also tricky, which might restrict growth in the global
vehicle analytics market.
However, excess efforts made to make autonomous vehicle a
reality and to leverage analytics to enhance customer experience that might
assist in overcoming these restraints. Moreover, increasing use of real-time
data collection from GPS tracking devices and sensors are also expected to
expand the global vehicle analytics market.
The global vehicle analytics market is segmented based on:
Deployment Type
- Cloud
- On-Premise
End-user
- Tier
1 Suppliers
- Original
Equipment Manufacturers (OEMs)
- Service
Providers
- Automotive
Dealers
- Fleet
Owners
- Regulatory
Bodies
- Insurers
Application
- Predictive
Maintenance
- Warranty
Analytics
- Traffic
Management
- Safety
and Security Management
- Driver
and User Behavior Analysis
- Dealer
Performance Analysis
- Infotainment
- Usage-Based
Insurance
- Road
Charging
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