Vehicle analytics market worth $3.6 billion by 2022
The vehicle analytics market is expected to grow from $1.1 billion in 2017 to $3.6 billion by 2022, at a compound annual growth rate (CAGR) of 26.5%. This projected growth is discussed in a new market research report, “Vehicle Analytics Market by Application (Safety and Security Management, Traffic Management, Usage-Based Insurance), Component, and End-User (OEMs, Service Providers, Automotive Dealers, Fleet Owners, Regulatory Bodies, and Insurers) - Global Forecast to 2022," published by MarketsandMarkets.
The major driving factors for the market are advancements in technologies such as machine learning, artificial intelligence, and predictive maintenance to enhance fleet management; and increasing use of real-time data collected from sensors and GPS tracking devices. Automotive players leveraging vehicle analytics to enhance customer experience and significant advancements toward autonomous vehicles are key opportunities that are expected to fuel the growth of the market.
With connected traffic management systems offering digital road maps of the city, this application is expected to be adopted heavily. Robust navigation systems will not only be helpful to drivers in identifying the fastest route but will also help them to distinguish the most fuel-efficient route. Cab aggregators such as Uber and Ola are expected to leverage more of this application.
Moreover, with the increasing adoption of smart cities, real-time mobility is expected to see substantial adoption. Real-time analytics of data captured from sensors of other cars can be used in smart parking and other similar areas.
The on-demand deployment model makes use of the cloud to deliver solutions to clients. Scalability and agility of cloud-based technologies are increasing the adoption of cloud-based vehicle analytics solutions. In the cloud deployment model, organizations are relieved of the complexities involved in integration, installation, configuration, optimization, maintenance, and support, as these tasks are, in most cases, managed or hosted by a third-party service provider.
The vehicle analytics market is segmented based on regions including North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America has been a frontrunner in adopting new paradigms related to innovative technologies and disruptive practices. The reason behind the early adopters is the well-established and financially intensive economies as well as the presence of many of the world’s largest companies, such as IBM, Microsoft, SAP, and SAS Institute. Technology companies such as Google, Apple, and AT&T have all contributed to the growing U.S. market. AT&T has contributed a fair share in the connected car ecosystem in the region. The company added 2.7 million connected cars in the first three-quarters of 2015. The key drivers for the massive adoption of vehicle analytics software and services in the region were the Electronic Logging Device (ELD) mandate; CSA Compliance, Safety, and Accountability (CSA); and Hours of Service Solution (HOS) revisions.
Major vendors in the vehicle analytics market include 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). For more information or to order the report, go to http://www.marketsandmarkets.com/Market-Reports/vehicle-analytics-market-67598601.html.