Global Vehicle Analytics Market at a CAGR of 24.04% Growth, Trends and Absolute

Posted by swamiv on November 18th, 2019

Global vehicle analytics market By Application (Predictive Maintenance, Warranty Analytics, Traffic Management, Safety and Security Management, Driver and User Behavior Analysis, Dealer Performance Analysis, Infotainment, Usage-Based Insurance, Road Charging), Component (Software, Services), Deployment Model (On-Premises, On-Demand), Organization Size (Small and Medium Enterprises, Large Enterprises), End User (Original Equipment Manufacturers, Service Providers, Automotive Dealers, Fleet Owners, Regulatory Bodies, Insurers)

Market Analysis: Global Vehicle Analytics Market

Global vehicle analytics market is set to witness a healthy CAGR of 24.04% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market can be attributed due to upgradation and advancement in the technologies and improves safety provided by vehicle analytics is expected to contribute to the growth of the market.

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Market Definition: Global Vehicle Analytics Market

Vehicle analytics is a technology that enables the manufacturer or users to gatherer the real-time data about the current state of the vehicle as well as driving methods of the driver. It also enables the vehicle counting, brand detection, road condition inspection, tracking, as well as incorrect direction detection. It requires a lot of space for storage of data. It is widely used in small and medium as well as large enterprises. The surging needs for effective transport services is creating a demand for vehicle analytics.

Market Drivers:

•          The various technological innovations done to enhance fleet maintenance with the help of AI and machine learning is driving market growth
•          The GPS tracking device and sensors provide the real time data of the users which act as a driving factor for the market
•          The growing adoption of vehicle telematics is contributing to the growth of the market
•          The public safety and security concerns have seen growth globally which is boosting the market growth
•          The IP-based security systems has been in high demand which has contributed to market growth
•          The unstructured video data has increased in volume which has increase the market growth

Market Restraints:

•          The limitations arising from network coverage act as restraint in the market growth
•          The initial setup of the technology requires high investment which hampers the market growth
•          The increase in the number of false alarm alerts is hindering the growth of the market

Segmentation: Global Vehicle Analytics Market

By Application

•          Predictive Maintenance
•          Warranty Analytics
•          Traffic Management
•          Safety And Security Management
•          Driver and Used Behavior Analysis
•          Dealer Performance Analysis
•          Infotainment
•          Usage-Based Insurance
•          Road Charging

By Component

•          Software
•          Services
•   Professional Services
•          Deployment and Integration
•          Support and Maintenance
•          Consulting Services
•   Managed Services

By Deployment Model

•          On-Premises
•          On-Demand

By Organization Size

•          Small and Medium Enterprises
•          Large Enterprises

By End User

•          Original Equipment Manufacturers
•          Service Providers
•          Automotive Dealers
•          Fleet Owners
•          Regulatory Bodies
•          Insurers

Key Developments in the Market:

In April 2019, Xevo announced that it has completed its acquisition deal and is now acquired by Lear Corporation. It will enable the combination of user friendly interface with cloud based technology through which a driver can interact with the application using real-time data. This acquisition will expand the Xevo in-vehicle data monetization as well as connected car platforms and it will increase the offering of the company with recurring revenues

In June 2017, Admobilize has entered into a partnership with Smartlink to provide vehicle analytics solutions. They will offer the plug and play unit for vehicle count as well as speed data for customers. This partnership will establish Smartlink as the industry leader through which the company will be able to increase their revenues by acquiring more customers.

Competitive Analysis

Global vehicle analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of global vehicle analytics market for Global, Europe, North America, Asia Pacific, South America and Middle East and Africa.

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