Pune, India, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The global vehicle analytics market size is expected to reach USD 10.65 billion by 2028, exhibiting a CAGR of 24.06% during the forecast period. The growing demand for automotive analytics can have a tremendous impact on the global market growth, states Fortune Business Insights in a report titled “Vehicle Analytics Market, 2021-2028.” The market size stood at USD 2.03 Billion in 2020.
Key Development:
April 2021: China Association of Automobile Manufacturers (CAAM) Introduced an automotive data storage platform for connected vehicles using blockchain technology.
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Driving Factor:
Rising Popularity of Autonomous Mobility to Bolster Growth
Automakers are already competing fiercely in the development of autonomous mobility. Furthermore, the foundation of autonomous mobility is data insights derived from automotive analytics. As a result, rising OEM investment in the development of self-driving or completely autonomous vehicles is expected to fuel market expansion in the coming years. Hyundai, for example, stated in February 2019 that it intends to invest USD 12.3 billion in sectors such as vehicle electrification, autonomous driving technologies, and mobility. Furthermore, businesses like Uber, Tesla, and others are investing in the development of autonomous mobility, which is expected to enhance vehicle analytics market growth throughout the forecast period.
COVID-19 Impact:
Usage-based insurance (UBI) is a form of insurance in which the policy premium is directly proportional to the amount of time spent driving. Insurers utilize analytics technologies to gain real-time insights about vehicle usage and charge premiums accordingly. During the projected period, rising demand for usage-based insurance in developed nations is expected to boost market expansion. Furthermore, due to government-imposed lockdowns, customers' attention is drawn to UBI during the COVID-19 epidemic, which sees less use of automobiles than usual. This is anticipated to have a favorable impact on the market.
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Market Segments:
Based on application, the market is classified into predictive maintenance, traffic management, safety & security management, driver & user behavior analysis, dealer performance analysis, usage-based insurance, and others. The predictive maintenance segment is likely to hold the largest market share due to the increasing sales and adoption of connected vehicles.
Based on the component, the market is classified into software and services. The software segment is expected to rise exponentially during the forecast period. The increasing demand for software solutions and applications will boost the segment’s growth.
Based on the deployment model, the market is divided into on-premises and on-demand.
Based on end-user type, the market is segmented into Original Equipment Manufacturers (OEMs), automotive dealers, fleet owners, regulatory bodies, insurers, and service providers.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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Regional Insights:
Surging Connected Vehicle Sales to Bolster Growth in Asia Pacific
Asia Pacific is predicted to develop at the highest rate, with a CAGR of 28.1 percent during the forecast period. With increasing connected vehicle sales, China is projected to drive market growth in the region. Additionally, market development is projected to be driven by overloaded public transportation and the rising need for effective traffic control systems to ensure smooth traffic flow. Furthermore, market expansion in APAC's rising nations, such as China, India, Japan, South Korea, and others, is projected to be boosted by the increasing penetration of sophisticated technology firms and usage-based insurance. For instance, Toyota, one of the most well-known connected car manufacturers in APAC, sold 2 million vehicles in 2020.
Competitive Landscape:
SAP SE to Dominate the Market
SAP SE, located in Germany, is a prominent provider of automotive analytics. Customers can use the company's automotive analytics software and services. With the use of online data analytics, SAP vehicle analytics software allows you to manage connected cars. Vehicle diagnostics, mobility as a service, fleet management, and analytics are all possible applications.
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The Report Lists the Key Companies in this Market:
- SAP SE (Walldorf, Germany)
- IBM Corporation (New York, U.S.)
- Genetec Inc (Montreal, Canada)
- Cloud Made Ltd. (London, U.K.)
- HARMAN International Industries Inc. (Stamford, U.S.)
- Intelligent Mechatronic Systems (Waterloo, Canada)
- Microsoft (Washington, U.S.)
- Agnik LLC (Columbia, U.S.)
- Pivotal Software, Inc. (San Francisco, U.S.)
- Teletrac Navman (California, U.S.)
Major Table of Vehicle Analytics Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Vehicle Analytics Market - By Application (in Value)
- Impact of COVID-19
- Global Vehicle Analytics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Predictive Maintenance
- Traffic Management
- Safety & Security Management
- Driver & User Behavior Analysis
- Dealer Performance Analysis
- Usage Based Insurance
- Others
- Market Analysis, Insights and Forecast – By Component
- Software
- Services
- Market Analysis, Insights and Forecast – By Deployment Model
- On-Premises
- On-Demand
- Market Analysis, Insights and Forecast – By End-User
- Original Equipment Manufacturers (OEMs)
- Automotive Dealers
- Fleet Owners
- Regulatory Bodies
- Insurers
- Service Providers
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…
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