Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Vehicle Analytics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 29, 2021 (GLOBE NEWSWIRE) -- The Global Vehicle Analytics Market is expected to grow at a CAGR of around 24.5% from 2020 to 2027 and reach the market value of over US$ 7,300.2 Mn by 2027.
North America dominates the vehicle analytics market; Asia Pacific records fastest growing CAGR
North America currently holds the lion's share of the vehicle analytics market and will do so for the foreseeable future. This is due to the increasing penetration of smart devices and technologies in the automotive industry, which has fueled the growth in vehicle analytics demand. The increasing adoption of software and applications that streamline real-time data in connected vehicles has increased the market value of vehicle analytics. The increased emphasis on public safety and security issues has also aided the growth of the vehicle analytics market.
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Asia-Pacific is the fastest-growing region since it is witnessing a growing dominance of connected and autonomous vehicles. Furthermore, the increased penetration of new technology companies making their way into the automotive industry is expected to usher in a new era of automotive analytics. The government has been very active in adopting technology to assist with policy implementation. China also intends to relax quotas designed to boost the production of electric vehicles in an effort to assist automakers in reviving sales.
Market Drivers
One major factor driving the growth of the vehicle analytics market is the increasing adoption of smart phones and other mobile communication devices. For example, IBM Corporation has launched a cognitive infotainment platform in collaboration with Panasonic Corporation in order to provide complete infotainment solutions to original equipment manufacturers and other fleet service providers. These infotainment solutions will be powered by cloud technologies in order to provide scalability and agility.
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High adoption of cloud based technology contribute immensely for the growth of global vehicle analytics market
Smart devices and applications have become the go-to tools for fleet operators as demand for connectivity and vehicle networking solutions has increased. Cloud management-based vehicle analytics solutions address asset tracking, driver behaviour analysis, predictive maintenance, fleet optimization, and other related issues. Furthermore, the cloud allows for the backup and recovery of data and applications on a secondary storage system or infrastructure.
Furthermore, AI and machine learning capabilities enable autonomous dispatching and routing and enable fleet managers to predict vehicle health and driving habits based on vehicle utilization, resulting in lower maintenance requirements and cost-effectiveness. Many vehicle networking and connectivity solutions require software to function properly.
Some of the leading competitors are Acerta Analytics Solutions, Inc., AGNIK LLC., AMODO, ARI® Fleet Management Company, Azuga, CloudMade, C-4 Analytics, LLC, and among others.
Segmental Analysis
The global vehicle analytics market is segmented based on application, component, deployment, and end-user. By application, the market is segmented as predictive maintenance, warranty analytics, traffic management, safety and security management, driver and user behaviour analysis, dealer performance analysis infotainment, usage-based insurance, and road charging. Component is classified into software and services. Further, deployment model is bifurcated into on-premises and on-demand. By end-user, the market is segregated as original equipment manufacturers (OEMs), service providers, automotive dealers, fleet owners, regulatory bodies, and insurers.
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Some of the key observations regarding vehicle analytics market include:
- In May 2021, Acerta Analytics Solutions, Inc., announced a collaboration with NEXTY Electronics, an electronics trading company in the Toyota Tusho Group. The collaboration aims of providing analytics services to connected vehicles in order to enhance their safety and connectivity.
- In February 2021, IntelliShift announced a collaboration with Ford Commercial Solutions. In support of this collaboration and the company’s unique customer-centric onboarding program, IntelliShift deployed a seamless data exchange to connect with Ford vehicles equipped with built-in modems, starting with 2018 Model Year and becoming standard across all Ford vehicles in 2020 Model Year. When requested by the customer, data can be securely transferred to IntelliShift’s cloud-based, SaaS platform. Eliminating the need to install additional hardware, IntelliShift’s web-based API connects disparate data systems – including insights collected from customers’ Ford vehicles – creating one unified, single pane of glass system that delivers actionable insights for clients to better manage company operations.
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