Vehicle Analytics Market Overview
The global Vehicle
Analytics Market to reach USD 4.3 Billion at a CAGR of 24% from 2022 to 2030.
The growing requirement for
real-time analysis of data collected from sensors and GPS tracking devices is a
major driver driving the growth of the vehicle analytics market. Another key
element fuelling the growth of the vehicle analytics market is technological
advancements.
Major giants such as IBM
Corporation and Microsoft Corporation are investing in the vehicle analytics
market due to the increasing number of applications for vehicle analytics. One
key element driving the growth of the vehicle analytics trend is the growing
adoption of smartphones and other mobile communication devices. IBM Corporation
has introduced a cognitive infotainment platform in collaboration with
Panasonic Corporation in order to give complete infotainment solutions to
original equipment manufacturers and other fleet service providers. To enable
scalability and agility, these infotainment solutions will be powered by cloud
technologies.
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Report of Vehicle Analytics Market
Vehicle Analytics Market Research Report Size Key
Players
The prominent players in the
global vehicle analytics market are – SAP SE (Germany)
Genetec (Canada)
Microsoft Corporation (U.S.)
IBM Corporation (U.S.)
CloudMade (Ukraine)
Intelligent Mechatronic Systems (Canada)
Harman International Industries
Inc. (U.S.)
Teletrac Navman (U.S.)
Inseego (U.S.)
Agnik LLC (U.S.)
Inquiron (U.S.)
Automotive Rentals (ARI) (U.S.) among others.
Vehicle Analytics
Vehicle analytics involves the
collection, processing, and analysis of data generated by vehicles. This data
can come from various sensors, telematics systems, and other sources within a
vehicle. The goal is to extract meaningful insights that can improve vehicle
performance, enhance driver experience, and optimize fleet management.
Automotive Data Analytics
Automotive data analytics is a
broader term that encompasses the analysis of all types of data related to
vehicles. This includes not only data generated by the vehicle itself but also
data from external sources such as traffic conditions, weather data, and driver
behavior. The insights gained from automotive data analytics can be used for a
wide range of applications, including predictive maintenance, safety
improvements, and the development of new automotive technologies.
Vehicle Data Monitoring
Vehicle data monitoring refers to
the continuous tracking and recording of various parameters and metrics from a
vehicle. This can include engine performance, fuel consumption, speed,
location, and other critical data points. The purpose of vehicle data
monitoring is to ensure the vehicle is operating efficiently and safely, and to
detect any potential issues early on.
Vehicle Telemetry
Vehicle telemetry involves the
remote collection and transmission of vehicle data to a central system for
analysis. This data can include GPS location, speed, engine diagnostics, and
more. Telemetry systems are commonly used in motorsports, fleet management, and
by manufacturers for vehicle testing and development.
Analytics Use Cases
Analytics is used across various
domains to extract insights from data and support decision-making. Some common
applications include:
- Business Intelligence: Analyzing sales data,
customer behavior, and market trends to inform business strategies.
- Healthcare: Monitoring patient data and
predicting health outcomes.
- Finance: Detecting fraud, assessing credit
risk, and optimizing investment portfolios.
- Manufacturing: Improving production
processes and predicting equipment failures.
- Marketing: Personalizing customer
experiences and measuring campaign effectiveness.
Uses of Vehicle Data
Vehicle data can be used for
multiple purposes, including:
- Predictive Maintenance: Identifying
potential issues before they lead to breakdowns.
- Fleet Management: Optimizing routes,
reducing fuel consumption, and improving overall efficiency.
- Safety Enhancements: Developing advanced
driver-assistance systems (ADAS) and improving crash response.
- Insurance: Creating usage-based insurance
models that reflect actual driving behavior.
- R&D: Supporting the development of new
automotive technologies and features.
- Regulatory Compliance: Ensuring vehicles
meet emissions standards and other regulatory requirements.
COVID-19 Impact on the Global Vehicle Analytics Market Research Report Size
Carpooling was anticipated to
have the largest proportion of all mobility services by 2025 as a result of
government legislation and increased awareness about the importance of reducing
greenhouse gas emissions. However, due to the emergence of COVID-19, it is
projected that owned car usage will outnumber carpooling in order to stop the virus's
transmission and maintain social distancing. This would raise the amount of
data generated for vehicle analytics even further. However, the installation of
vehicle analytics solutions in new cars is unlikely to rise much. Automobile
sales have deteriorated as a result of the economic slump.
Vehicle Analytics Market Research Report Size
Segmentation
The global vehicle analytics
industry has been segmented into component, deployment, application, and
end-user.
By component, the global vehicle
analytics industry has been segmented into software and services.
By deployment, the global vehicle
analytics market has been segmented into on-premise and on-demand.
By application, the global
vehicle analytics industry has been segmented into predictive maintenance,
traffic management, and infotainment.
By end-user, the global vehicle
analytics market has been segmented into BFSI, healthcare, travel &
hospitality, service providers, government, automotive dealers, fleet owners,
insurers and others.
Vehicle Analytics Market Research Report Size Regional
Analysis
Region-wise, the
global vehicle analytics market size has been segmented into North America,
Europe, Asia Pacific, and the rest of the world.
North America is the largest
market shareholder in the global vehicle analytics industry, followed by Europe
and the Asia Pacific. The North America area's growth is mostly related to the
rising installation of modern technologies such as artificial intelligence,
machine learning, and predictive maintenance in order to perform real-time data
analysis in the region. It makes use of data gathered by sensors and GPS
tracking devices. The region also has a well-established infrastructure which
allows easy implementation of advanced technologies as well. The Asia Pacific
region, on the other hand, is predicted to develop at the fastest rate during
the projection period. China mostly leads the Asia Pacific region's growth due
to the presence of a large manufacturing base, and China is also keeping pace
with the North American region in terms of car manufacturing annually.
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