Vehicle Analytics Market Statistics - 2027
The global vehicle analytics market was valued at $1,843.56 million in 2019, and is projected to reach $7,274.51 million by 2027, registering a CAGR of 24.3%. Europe was the highest revenue contributor, accounting for $573.72 million in 2019, and is estimated to reach $2,156.89 million by 2027, with a CAGR of 23.6%.
Vehicle analytics is a technology that tracks real-time information from the vehicle and allows the end users, including OEM, fleet owner, and insurer to gain real-time insights about the current state of the vehicle and related operating activities. Moreover, data insights generated from vehicle analytics solutions are the base of autonomous mobility and vehicle to everything (V2X) as it gives integrated inputs to operate vehicle activities. In recent years, connected mobility technology has gained significant traction, owing to surge in growing penetration of V2X technology and rise of tech-savvy population, thereby supporting the growth of the vehicle analytics market.
Factors, such as rise in trend of connectivity solution in automotive, growth in use of cloud-based technology for smart fleet management solutions, and increase in concern for safety & security of vehicles, are expected to drive the growth of the market. However, high installation cost and security concerns related to data communication hinder the market growth. Market participants entering into strategic partnerships with OEM, insurer, and fleet operators to gain competitive advantage, growing development in semi-autonomous & autonomous vehicles, and increase in demand from developing countries are some of the factors that are expected to foster the market growth.
The global vehicle analytics market is segmented on the basis of application, deployment, end user, and region. Depending on application, the market is classified into dealer performance analysis, driver & user behavior analysis, predictive maintenance, safety & security management, traffic management, and usage-based insurance. By deployment, it is divided into on-premise and cloud. On the basis of end user, it is categorized into original equipment manufacturers (OEMs), insurers, automotive dealers, regulatory bodies, and fleet owners. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the vehicle analytics market are ARI Fleet Management Company, Continental AG, Genetec Inc., Inquiron Limited, Inseego Corp., International Business Machines Corporation, Microsoft Corporation, Samsung Electronics Co., Ltd., SAP SE, and Teletrac.
Rise in trend of connectivity solution in automotive
Connected vehicles enable cars to communicate via digital advanced platform with drivers, other vehicles, road infrastructure, and the cloud. This communication with devices creates a set of data points, which are collected via software solutions and integrated to perform the desired operations. Such data is mined and utilized to attain optimum level of operational efficiency. These software and related services allow automotive dealers, fleet operators, and drivers to optimize resource usage, improve safety, and automate certain driver functions while generating valuable data, including vehicle performance, weather condition, and road conditions.
Connected vehicles work by collecting information from their surroundings and communicating & processing it to exchange the data points and generate required actions points as well as intelligent transportation infrastructure and provide transport authorities with real-time traffic data for better road management and improved infrastructure planning. Therefore, increase in demand for connected technology in automotive front is majorly due to the demand for basic vehicle connectivity applications such as real time updates, performance analysis, navigation, and in-car infotainment.
By Application
Predictive Maintenance Segment is projected as the most lucrative segment
Moreover, increase in demand for connectivity solutions, rise in demand for an enhanced driving experience, and introduction of internet of things (IoT) in the automotive industry are the other key factors that are contributing toward the adoption of vehicle analytics in the near future.
Growth in use of cloud-based technology for smart fleet management solution
With increase in demand for connectivity and vehicle networking solutions, smart devices and applications have become the go-to tools for fleet operators. Tracking assets, driver behavior analysis, predictive maintenance, fleet optimization, and other related issues are addressed by cloud management-based vehicle analytics solutions. Generated data during the operation of the fleet are captured in the cloud-based technology and sent to the respective data recipient’s server, which provides pain point to the above-mentioned issues. Furthermore, cloud enables the backup and recovery of data and applications on a secondary storage or infrastructure. In addition, many organizations are deploying different cloud models to overcome the drawbacks of traditional fleet management solutions. For instance, apart from tracking Softweb’s cloud-based solution powered by big data analytics, AI, IoT, and other emerging technologies, smart fleet management vehicle analytics solutions evaluate information of fleet, such as route planning, fuel analytics, and driving patterns, to improve productivity and save fuel.
By Deployment
Cloud segment is projected as the most lucrative segments
Moreover, AI and machine learning capabilities facilitate autonomous dispatching & routing and empower fleet managers to predict vehicle health and driving habits based on the vehicle’s utilization along with lower maintenance requirements and cost-effectiveness. Many vehicle networking and connectivity solution require software to perform their respective functions. This software provides assistance with configuring, managing, and monitoring internet of things (IoT) devices used in vehicles. Vehicle analytics solution utilizes the generated data and process to attain the desired output. All these factors significantly contribute to the growth of the vehicle analytics market.
Entering into strategic partnership with OEM, insurer, and fleet operators to gain competitive advantage
Attributed to high installation cost, long run requirement, and continuous requirement of upgrading vehicle analytics system, system providers are entering into strategic partnership with the end users to gain competitive advantage. Moreover, these systems can be utilized as a service by several end users. Therefore, long-term business agreement with end users is expected to attain lucrative opportunity in the near future.
By End User
Original Equipment Manufacturers (OEMs) segment is projected as the most lucrative segments
COVID-19 impact analysis
The COVID-19 crisis is creating uncertainty in the market by slowing down the supply chains, hampering business growth, and increasing panic among the customer segments. Governments of different regions have already announced total lockdown and temporarily shutdown of industries, which adversely affected the overall production and sales. The second wave of COVID-19 is hitting hard more than the earlier strain of COVID-19 in February 2021, and is expected to impact the overall economic outlook negatively.
End users, such as automotive OEM, automotive dealer, insurer, and fleet operators, are expected to focus on the working capital management, and there are very less chances for heavy investment in advanced technology. However, there are most probable chances of sales momentum for vehicle analytics technology, owing to its high installation cost and additional infrastructural requirements. Market participants of vehicle analytics are following certain approaches to manage the operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in the short term to overcome the financial downturn.
By Region
Asia-Pacific would exhibit the highest CAGR of 26.7% during 2020-2027.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global vehicle analytics market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall vehicle analytics market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
- The current market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the vehicle analytics industry.
Vehicle Analytics Market Report Highlights
| Aspects | Details |
 By Application |
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 By Deployment |
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 By End User |
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 By Region |
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 Key Market Players | Continental AG, Microsoft Corporation, Samsung Electronics Co., Ltd., SAP SE, Teletrac, ARI Fleet Management Company, Inseego Corp., International Business Machines Corporation, Genetec Inc., Inquiron Limited |
Analyst Review
Vehicle analytics is the new era of automotive as vehicle and related activities data insights are the foundation of several technological operations such as V2X, Autonomous mobility, and other high-end automotive technologies. In recent years, majority of the OEMs are involved in developing strong vehicle analytics solution as it is the base data insights provider for autonomous mobility, which is future generation of automotive. Moreover, OEM, insurers, and fleet owners utilize the vehicle data to track down operational efficiency and point out the pain points of the vehicle and related activities. Moreover, automotive manufacturers also keep track of the data insights to develop or upgrade the vehicle components and features to improve the diving comfort and overall operational efficiency. In the COVID-19 health crisis, end users, such as OEMs, fleet owner, and insurer, are focusing on the working capital requirement and there are very less chances to opt for such heavy capital investment toward high-end technologies.
The global vehicle analytics market is fairly consolidated due to the presence of several market participants operating in the global market. In addition, India and ASEAN countries are expected to offer lucrative opportunities to the market players as majority of the automotive manufacturers, fleet owners, and insurers are inclining toward high-end technology solutions.
The global vehicle analytics market is segmented on the basis of application, deployment, end user, and region. Depending on application, the market is classified into dealer performance analysis, driver & user behavior analysis, predictive maintenance, safety & security management, traffic management, and usage-based insurance. By deployment, it is divided into on-premise and cloud. On the basis of end user, it is categorized into original equipment manufacturers (OEMs), insurers, automotive dealers, regulatory bodies, and fleet owners. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global Vehicle Analytics market was valued at $1,843.6 million in 2019, and is projected to reach $7,274.5 million by 2027, registering a CAGR of 24.3% from 2020 to 2027.
There are certain upcoming trands in such as rapid emergence of autonomous mobility and introduction of innovative & advanced hgh end connctivity technology by market players
The report sample for global Vehicle Analytics market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
The impact of the current global economic conditions and market sentiment directly affects the business of key players. Although, many challenges lie ahead, the coronavirus could accelerate some beneficial trends as well.
The key growth strategies adopted by the Vehicle Analytics industry players includes Product development, agreement and partnership. These strategies opted by various industry players is leading to the growth of the Vehicle Analytics market as well as the players.
The company profiles of the top ten players of the Vehicle Analytics market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.
Asia-Pacific region is witnessing leading market growth presently in terms of CAGR. Moreover, India and ASEAN countries are expected to provide more business opportunities for the key players operating in the global Vehicle Analytics market.
By End User,Original Equipment Manufacturers (OEMs) segment is expacted to gain traction over the forecast period as well as domainate the market share in the global Vehicle Analytics market
U.S., Germany and China has wirnessed as a key matured markets growing in the global Vehicle Analytics market
Cost effectiveness and cloud based vehicle analytics technology have strong impact on the Global vehicle analytics market
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