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(Transportation-News.com, November 22, 2017 ) Vehicle Analytics Market, By Component (Software, Services), By Deployment (On Premise, On Demand), By Application (Predictive Maintenance, Traffic Management, Infotainment) and By End User - Forecast 2023
Market Synopsis of Vehicle Analytics Market:
Market Scenario:
Major giants like IBM Corporation and Microsoft Corporation are investing into vehicle analytics market due to increasing number of applications for vehicle analytics. Increasing adoption of smartphones and other mobile communication devices is one major factor fueling the growth of vehicle analytics market. IBM Corporation, in partnership with Panasonic Corporation has launched a cognitive infotainment platform in order to offer complete infotainment solutions for original equipment manufacturers and other fleet service providers. These infotainment solutions will be powered by cloud technologies in order to provide scalability and agility.
North America region holds the largest market share of global vehicle analytics market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing implementation of advanced technologies like artificial intelligence, machine learning and predictive maintenance in order to implement real time data analysis in the region. It makes use of the data being collected by sensors and GPS tracking devices. The region also has a well-established infrastructure which allows easy implementation of advanced technologies as well. Whereas, Asia Pacific region is expected to grow at the highest rate during the forecast period. The growth in Asia Pacific region is mainly dominated by China owing to the presence of huge manufacturing base and China is also keeping pace with the North America region in terms of manufacturing of cars annually.
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Vehicle analytics market has been segmented on the basis of component, deployment, application and end user. The end user segment is further bifurcated into BFSI, healthcare, travel & hospitality, service providers, government, automotive dealers, fleet owners, insurers and others. Out of which, original equipment manufacturers sub segment is expected to hold the largest market share among the end users segment.
Major factor driving the growth of vehicle analytics market is the growing need for real time analysis of data which is being collected from sensors and GPS tracking devices. Technological advancements is another major factor responsible for driving the growth of vehicle analytics market.
The global vehicle analytics market is expected to grow at approx. USD 4.3 Billion by 2023, at 24% of CAGR between 2017 and 2023.
Segments:
The vehicle analytics market has been segmented on the basis of component, deployment, application and end user. The deployment segment is further bifurcated into on premise and on demand deployment models. Out of which, the on demand deployment model is more popular and is expected to hold the largest market share of the vehicle analytics market. This is owing to the increasing adoption of cloud based technologies and the scalability being offered by these technologies is driving the overall growth of vehicle analytics market. Growing need for real time data analytics is one major factor fueling the growth of vehicle analytics market.
By Component
Software Services
Professional Services
Deployment & Integration
Support & Maintenance
Consulting Services
Managed Services
By Deployment
On Demand
On Premise
By Application
Predictive Maintenance
Traffic Management
Warranty Analytics
Infotainment
Usage Based Insurance
Road Charging
Dealer Performance Analysis
Safety & Security Management
Driver & User Behavior Analysis
By End User
Travel & Hospitality
Service Providers
Automotive Dealers
Fleet Owners
Insurers
Others
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Regional Analysis:
The regional analysis of vehicle analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in vehicle analytics market in North America is attributed to technical advancements and increasing use of mobile devices, tablets and smartphones in that region.
Key Players:
The prominent players in 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.
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