According to Ameco Research, the global Vehicle Analytics Market size is estimated to grow a CAGR above 24% over the forecast timeframe and reach a market value of around USD 16,150 Million by 2030.
Modern automobiles are outfitted with cutting-edge electronics, communication ports, sensors, and diagnostic ports, and they generate vast volumes of data. This is where vehicle analytics comes into the equation. Vehicle analytics incorporates tools to aid in the analysis of this data and the delivery of the desired results. The technology aids in acquiring real-time data about the current state of the vehicle. In addition, the vehicle analytics system provides data on vehicle classification, traffic condition inspection, trademark detection, monitoring, and way off base detection.
Vehicle analytics is a system that monitors real-time data from the vehicle and helps consumers, such as fleet managers, OEMs, and insurance companies, to gain real-time insights about the current state of the automobile and related software activities. Furthermore, as they provide comprehensive inputs to manage vehicle actions, data and information generated by vehicle analytics systems serve as the foundation for autonomous driving and vehicle-to-everything. In recent years, connected transportation technology has gained significant traction as a result of an increase in vehicle-to-infrastructure technology acceptance and the advent of a creative population, which has aided the growth of the vehicle analytics market.
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Global Vehicle Analytics Market Growth Aspects
Vehicle analytics are becoming more prominent in the automobile industry as a result of technological breakthroughs and greater safety. The expansion of vehicle analytics is also predicted to profit considerably from the technology's rising R&D activity. Cloud migration is also predicted to boost future growth and bring up new options for innovation. Concerns over online accessibility and compatibility, on the other hand, are projected to hinder market expansion. Additionally, the market is projected to be hampered by the high initial investment required for the technology.
Several corporations, including Uber, Google, Ola, and Tesla, are going to develop self-driving cars that will use massive amounts of data to eliminate the need for steering effort and time. While in the research phase, these vehicles will make considerable use of Vehicle Analytics. Vehicle Analytics will gain tremendously from improvements in IoT and Smart Cities, as Vehicle Analytics programs will have more information to provide insight in collaboration with the external world that can truly connect with a vehicle.
Cloud-based technologies are becoming more popular for smart fleet management solutions
As the demand for interconnectivity and vehicle network services has grown, smart devices and technology have become the go-to solutions for fleet operators. Cloud-based vehicle analytics systems address issues such as driver behavior analysis, asset tracking, fleet optimization, predictive maintenance, and other related issues. Data generated during fleet operation is collected in cloud-based technology and delivered to the server of the associated data participant, posing a serious concern for the aforementioned issues. Furthermore, the cloud offers backup and recovery services for services and applications on alternative memory or infrastructures.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global vehicle analytics market. North America led the worldwide vehicle analytics market in 2021 and is likely to maintain its lead during the forecast period. The region's significant acceptance of interconnected automobiles and e-mobility is fueling market expansion. Furthermore, major regional companies such as IBM, Microsoft, and others contribute to market growth. Furthermore, the increasing influence of usage-based coverage in developed North American countries is expected to boost market growth throughout the projection period. The rising general use of autonomous mobility is expected to have an impact on the region's market.
The Asia-Pacific region is expected to develop at the fastest rate in the vehicle analytics market during the projected period. China, with considerable connected vehicle sales, is expected to drive regional market growth. Furthermore, overcrowding in public transportation and a growing need for efficient traffic management technologies to maintain the free flow of traffic is expected to drive market growth.
Market Segmentation
The global vehicle analytics market has been segmented by Ameco Research based on application, component, deployment model, and end-user. Based on the application, the market is divided into predictive maintenance, safety and security management, traffic management, infotainment, dealer performance analysis, driver and user behavior analysis, usage-based insurance, warranty analytics, and road charging. Based on the component, the market separated into software, and services. Based on deployment model, the market is categorized into on-premises, and on-demand. Based on deployment model, the market is categorized into OEMs, regulatory bodies, automotive dealers, service providers, fleet owners, and insurers.
Major Players
Some key players covered global in the vehicle analytics industry are Acerta Analytics Solutions, Inc., Azuga, AMODO, Noregon, Cloud Made, Microsoft, ARI Fleet Management Company, C-4 Analytics, LLC, Plotly, Pivotal Software, Inc., Procon Analytics , and AGNIK LLC.
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