Global Automotive Prognostics Market 2018-2022
About Automotive Prognostics
Prognostics systems predict the time at which a component or system will no longer meet its desired performance. Hence, the prognostic system informs the user of the remaining useful life (RUL) of the component.
Technavio’s analysts forecast the global automotive prognostics market to grow at a CAGR of 88.34% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive prognostics market for 2018-2022. To calculate the market size, the report considers the revenue generated from the automotive prognostics.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Prognostics Market 2018-2022
Technavio recognizes the following companies as the key players in the global nut meals market: Covisint*, DataRPM, Hortonworks, National Instruments, OnStar, and Pivotal Software
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing popularity of prognostics increasing the number of patents. The growing popularity of prognostic systems in the automotive market is leading to the development of various techniques in data acquisition and processing by stakeholders in the field of prognostics. As a result, these stakeholders are drafting patents to protect the intellectual property, which are mostly focused on methods and systems on prognostics and also includes the development of sensors, hardware, and software that are required for prognostic applications.”
According to the report, one of the major drivers for this market is Booming connected car market driving predictive maintenance demand. The connected car concept includes voice notifications and alerts with visuals for functions like internet, GPS navigation, and information. It includes technologies that yield added benefits to the vehicle and makes them more comfortable and safer during long-distance traveling.
Further, the report states that one of the major factors hindering the growth of this market is High cost associated with fleet tracking hinders prognostic system adoption. The initial costs of setting up telematics include license, setup, and installation fees, in addition to payment for customization and integration with current systems. Additionally, the license fee has to be renewed periodically, which adds to the overall cost.
Covisint*, DataRPM, Hortonworks, National Instruments, OnStar, and Pivotal Software