New York, United States, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Vehicle analytics is a technology that tracks real-time data from the vehicle. It provides real-time insights to end-users such as the OEM, fleet owner, and insurer on the present state of the vehicle and related operating activities.
"The global vehicle analytics market size was worth USD 2,857 million in 2021 and is projected to reach USD 20,109 million by 2030, registering a CAGR of 24.21% during the forecast period (2022-2030). The market is predicted to develop due to factors such as the rising trend of connection solutions in automotive, the increased use of cloud-based technology for smart fleet management systems, and an increased concern for vehicle safety and security," said Seema, Research Manager at Straits Research P.Ltd.
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Rising Trends
Connected vehicles allow cars to communicate with other vehicles, road infrastructure, and the cloud via an advanced digital platform. This interaction with devices generates a set of data points, which are collected and combined using software solutions to conduct the needed activities. Such information is mined and put to good use to achieve the highest level of operational efficiency possible. Automotive dealers, fleet operators, and drivers can use this software and related services to optimize resource utilization, increase safety, and automate certain driving functions while collecting vital data such as vehicle performance, weather, and road conditions.
Vehicles enabled with analytic features collect data from their surroundings and communicate and process it to exchange data points and generate required actions, as well as intelligent transportation infrastructure that provides real-time traffic data to transportation authorities for better road management and infrastructure planning. The demand for fundamental vehicle connectivity applications such as real-time updates, performance analysis, navigation, and in-car infotainment is driving the need for connected technologies in the automotive sector.
Growth Opportunities
The increasing effort to deploy autonomous driving features positively impacts the vehicle analytics market growth. Semi-autonomous and autonomous vehicles rely heavily on software. Several automakers, including BMW, Volvo, Ford, and others, are integrating Level 1 and Level 2 autonomous technology into their vehicles; several Level 3 autonomous models were also released in 2019. These launches come with various automotive software and high-tech systems that allow for real-time data collecting and analysis of vehicle operations.
Furthermore, many major car OEMs are conducting research and development and testing for Level 4 and Level 5 autonomous vehicles in various cities worldwide. As a result of these evolving breakthroughs in semi-autonomous and autonomous vehicles, the vehicle analytics industry is predicted to increase.
Regional Insights
Region-wise, the global vehicle analytics market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The Europe vehicle analytics market is projected to grow at a CAGR of 23.8% during the forecast period. The Europe vehicle analytics market dominated the market during the forecast period, owing to the growing penetration of autonomous mobility and adoption of high-end technologies by most manufacturers to attain the changing consumer sentiments toward vehicle safety in the era of digitalization.
“The Asia-Pacific vehicle analytics market is the fastest growing and second-largest region. It is projected to grow at a CAGR of 27% during the forecast period. The vehicle analytics market is anticipated to experience exponential growth, owing to the collaboration of leading connected car companies and the adoption of the 5G network for connected cars.” These technologies need data-driven technologies to perform the operations. In addition, wireless service providers are working to provide advanced wireless platforms for connected cars, which are expected to supplement the growth of the Asia-Pacific vehicle analytics market.
Key Highlights
- The global vehicle analytics market size is projected to reach USD 20,109 million by 2030, registering a CAGR of 24.21% during the forecast period (2022-2030).
- Depending on the application, the global vehicle analytics market is classified into dealer performance analysis, driver and user behaviour analysis, predictive maintenance, safety and security management, traffic management, and usage-based insurance. The safety and security management segment were the highest contributor to the market and is estimated to grow at a CAGR of 24.8% during the forecast period.
- By deployment, the global vehicle analytics market is divided into on premise and cloud. The on-premise segment was the highest contributor to the market and is estimated to grow at a CAGR of 22.8% during the forecast period.
- Based on end-user, the global vehicle analytics market is categorized into original equipment manufacturers (OEMs), insurers, automotive dealers, regulatory bodies, and fleet owners. The original equipment manufacturers (OEMs) segment was the highest contributor to the market and is estimated to grow at a CAGR of 26.4% during the forecast period.
List of Top Vehicle Analytics Market Companies
- ARI Fleet Management Company
- Inquiry Limited
- Inseego Corp.
- Continental AG
- Genetec Inc.
- International Business Machines Corporation
- Microsoft Corporation
- Samsung Electronics Co., Ltd
- SAP SE
- Teletrac
Vehicle Analytics Market Segmentations
By Application
- Dealer Performance Analysis
- Driver and User Behavior Analysis
- Predictive Maintenance
- Safety and Security Management
- Traffic Management
- Usage-based Insurance
By Deployment
- On-premise
- Cloud
By End-User
- Original Equipment Manufacturers (OEMs)
- Insurers
- Automotive Dealers
- Regulatory Bodies
- Fleet Owners
By Regions
- North America
- Europe
- APAC
- Middle East and Africa
- LATAM
About Straits Research Pvt. Ltd.
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