IMARC Group’s latest report, titled “Vehicle Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global vehicle analytics market size reached US$ 1.84 Billion in 2021. Vehicle analytics is an advanced technological solution that tracks real-time data from vehicles. It enables the user or manufacturer to gain valuable insights from real-time information about the present state of an automobile and the driving methods of the driver. It aids in performing various tasks, such as vehicle counting, tracking, speed detection, road condition inspection, incorrect direction detection, and brand detection. In recent years, vehicle analytics has gained immense traction across the globe as it assists in enhancing the efficiency and safety of drivers while improving the overall driving experience.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vehicle Analytics Market Trends:
The surging penetration of connected and autonomous vehicles represents the primary factor driving the market growth. Besides this, rapid digitization across the automotive industry is another major growth-inducing factor. Additionally, governments of various countries are promoting the adoption of vehicle analytics to obtain real-time data about traffic patterns and road conditions. This can be attributed to the growing safety concerns, such as distracted pedestrians and the rising number of bicyclists, due to the increasing congestion on city streets and sidewalks. Furthermore, there has been a significant shift toward vehicle analytics as it enables drivers to obtain information about areas with poor road conditions and bottlenecks that cause traffic delays. In line with this, the surging popularity of predictive maintenance has augmented the demand for vehicle analytics as it alerts the owner about the potential maintenance requirement before a breakdown can occur. This, in turn, helps reduce road accidents caused due to human negligence in the timely service and maintenance of vehicles. Moreover, the rising adoption of predictive analytics solutions to keep naval, aircraft, and ground vehicles online and avoid costly last-minute repairs has propelled market growth. Other factors, including the emergence of cloud-based analytics, escalating demand for usage-based insurance (UBI), increasing sales of electric vehicles (EVs), and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 7.27 Billion by 2027, expanding at a CAGR of 25.77% during 2022-2027.
- Based on the component, the market has been bifurcated into software and services.
- On the basis of the deployment mode, the market has been classified as on-premises and cloud-based.
- The market has been divided based on the application into dealer performance analysis, driver and user behavior analysis, predictive maintenance, safety and security management, traffic management, and usage-based insurance.
- Based on the end user, the market has been categorized into original equipment manufacturers (OEMs), insurers, automotive dealers, regulatory bodies, and fleet owners.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Agnik LLC, CloudMade (Valeo), Continental AG, Genetec Inc., IMS (Insurance & Mobility Solutions), Inquiron Limited, Inseego Corp., International Business Machines Corporation, Microsoft Corporation, Samsung Electronics Co. Ltd., SAP SE, and Teletrac Navman US Ltd (Vontier Corporation).
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