The vehicle analytics market is expected to reach USD 12.18 Billion By 2028, according to a new report by Reports and Data. Technologies, applications, and services are changing automobiles through the adoption of several things, such as artificial intelligence, sensors, and big data analysis. With vehicles nowadays producing gigabytes of data in moments, the possibility to deliver excellent customer experiences and business method is more vital than ever. Apart from this, the increase in the connected car industry is anticipated to provide a significant number of difficulties as well as possibilities to the automotive sector, including analytics.
Vehicle analytics is a technology that lets the manufacturer or users obtain real-time data about the present state of the vehicle as well as operating methods of the driver. It also allows the vehicle counting, road condition inspection, brand detection, tracking, as well as wrong direction discovery. It needs a lot of space for storage of data. It is extensively practiced in small and medium as well as large businesses. The surging needs for efficient transport services are building a demand for vehicle analytics.
The market in the APAC region is expected to witness the highest CAGR of 23.1% during the forecast period. Technology approval and the digital revolution in the region has made the market extremely engaging for the vendors as the business volume has been growing. The governments are anticipating to build a production industry for parts, such as sensors and implanted chips.
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Further key findings from the report suggest
- The vehicle analytics market is estimated to reach USD 8.57 Billion by 2026, at a CAGR of 21.9% during the forecast period.
- Future vehicles are expected to show gigantic intelligence with ample connectivity. Also, data analytics will let the vehicles to navigate, collaborate, and interact without human intervention, and create a large volume of data. Apart from this, the application of vehicle telematics and improvements in machine learning and AI are anticipated to propel market growth.
- The software component accounts for a larger share of 63.8% of the market in 2018.
- The cloud deployment is anticipated to grow at a higher rate of 22.3% during the forecast period.
- The predictive maintenance application segment is anticipated to grow at the highest rate of 22.0% during the forecast period.
- The OEM end user is anticipated to grow at the highest rate of 22.0% during the forecast period.
- North America region accounts for the largest share of 32.3% of the market in 2018.
- Technological progress in the manufacturing sector due to more eminent automation and excellent transportation are among the crucial factors propelling the demand for products. North America is leading the market for vehicle analytics, especially from the developed economies of Canada and the U.S.
- The large share is due to the high awareness levels and purchasing power for the new technology.
- Various players are developing strategies to mark their presence in the industry.
- For example, Foray Motor Group's TRACKER platform would present information regarding time and distance covered along with insurance renewals, fuel consumption, and service reminders and CO2 discharge rates of the vehicle. It is also supportive of Google Maps, which procure directions to all the nearby facilities.
Some leading companies operating in the global Vehicle Analytics market.
Vehicle Analytics Market include Sap Se, Genetec Inc., IBM Corporation, Cloudmade, Harman International, Inquiron Ltd., Intelligent Mechatronic Systems Inc., Teletrac Navman Us Ltd., Microsoft Corporation, Acerta Analytics Solutions
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Demand and potential benefits of vehicle analytics in fleet management across industries such as logistics, transportation, and construction. It is true that vehicle analytics can greatly improve fleet operations, reduce fuel costs, enhance driver safety, and increase overall fleet efficiency.
The growing economies of countries like China and India, with their expanding logistics and transportation sectors, are expected to contribute to the increasing adoption of vehicle analytics in these regions.
However, there are some challenges that may limit the growth of the vehicle analytics market. One such challenge is the high cost associated with implementing vehicle analytics systems. These systems require investments in hardware, software, and infrastructure, which can be a barrier for some organizations.
Additionally, the need for experienced labor is another challenge. Vehicle analytics systems generate a significant amount of data that needs to be analyzed and interpreted. Skilled professionals are required to effectively utilize this data and extract actionable insights.
Furthermore, concerns related to data security and privacy can hinder the adoption of automotive analytics technologies. As vehicle analytics systems collect and process sensitive information, there is a need to ensure robust data security measures and comply with privacy regulations. Addressing these concerns is crucial to building trust and encouraging widespread adoption.
Overall, while there is a growing demand for vehicle analytics in fleet management, challenges such as cost, skilled labor, and data security need to be addressed to fully leverage the potential benefits of these technologies.
The global market is further segmentedinto type and application:
Deployment Outlook (Revenue, USD Million; 2018-2028)
- Cloud
- On-Premises
Component Outlook (Revenue, USD Million; 2018-2028)
- Software
- Services
Application Outlook (Revenue, USD Million; 2018-2028)
- Predictive maintenance
- Warranty Analytics
- Traffic Management
- Dealer Performance Analysis
- Infotainment
- Usage-Based Insurance
- Road Charging
End User Outlook (Revenue, USD Million; 2018-2028)
- OEMs
- Service Providers
- Automotive Dealers
- Fleet Owners
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
· North America (U.S., Canada, Mexico)
· Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
· Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
· Latin America (Brazil, Rest of LATAM)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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