A recent comprehensive report by (FMI) sheds light on the promising outlook of the global vehicle analytics market. The report projects a robust (CAGR) of 15.5% during the forecast period spanning forecast period spanning from 2017 to 2022.
Future Market Insights (FMI) in its latest report projects that the global vehicle analytics market will stand at around US$ 2,370 Mn by the end of 2022, reflecting an above-average CAGR. The report finds that the rapid adoption of vehicle analytics is partly owing to demand for greater travel convenience, especially from passengers in cities. Also, the growing necessities of improving the existing transport structure that is struggling to manage the ever-increasing traffic pressure is expected to influence the growth of the market over the forecast period. Vehicle analytics is becoming extremely essential for fleet owners or transport service providers as it helps them in improving fleet management and service offerings, which is turn helps in creating more business.
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Growing concerns over road safety and effort to reduce travel duration is characterizing the rapid adoption of vehicle analytics. Further many of the automotive companies are stepping up investments to develop more advanced vehicle analytic tools that can facilitate complex analytic requirements, including video assistance, fleet monitoring, traveler data, route mapping solution, traffic analytics and predictive analytics. These feature can transform traffic management if utilized effectively. Concurrently, increasing popularity of autonomous cars is expected to propel the demand for vehicle analytics. With the help of vehicle analytics, autonomous cars likely to become for safer and pragmatic. Modern consumers are becoming increasingly aware about automotive technologies that can effectively monitor, manage and streamline travel, which is expected to have a positive impact on the global market for vehicle analytics. Automotive companies are utilizing vehicle analytics to analyze vehicle performance, detection of component malfunctioning and prevent road collisions. Increasing demand for cars and robust infrastructural development in emerging countries such as China, India and Brazil is also expected to support the growth of global market for vehicle analytics in the forthcoming years.
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 mainly due to increasing of vehicle analytics by automotive OEMs to improve the 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.
Preview Analysis on Global Vehicle Analytics Market Segmentation By Application – Driver Behavior Analysis, Traffic Management, Fleet Behavior Analysis, Predictive Maintenance, Location Based Services and Infotainment; By Component and By End-User: https://www.futuremarketinsights.com/reports/vehicle-analytics-market
On the basis of application, the driver behavior analysis segment is likely to maintain its dominance over 2022. In modern cars, deriver behavior analysis can be of high importance as it can provide information on driver’s concentration levels, driving capabilities and driving skills. Moreover, deriver behavior analysis can also help address the issues of distracted driving. The driver behaviour analysis segment currently commands for a significant share of the market share of the 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 the largest over 2022. The region is expected present lucrative growth opportunities for market participants in the near future. Meanwhile, Revenue from Europe vehicle analytics market is projected to witness a CAGR of 16.1% and surpass a valuation of US$ 600 Mn by 2022-end.
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 specific requirements of their customers.
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Feb 08, 2024
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