Global Vehicle Analytics Market - Growth, Trend and Forecasts (2018 - 2023)
The Vehicle Analytics market was valued at USD 1.12 billion in 2017 and is expected to grow at a CAGR of 24.2% during the forecast period (2018 - 2023), to reach USD 4.14 billion by 2023. Vehicle analytics has applications such as in predictive maintenance, safety and security management, driver performance analysis, amongst various others. The end-users of this technology are OEM’s, regulatory bodies, insurers, amongst various others. The scope of our study is geographically limited to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Automobiles are being transformed by technologies, applications, and services through the adoption of various things such as sensors, artificial intelligence, and big data analysis. With vehicles nowadays generating gigabytes of data in moments, the opportunity to deliver exceptional customer experiences and business process is more significant than ever. Apart from this, growth in the connected car industry is expected to provide a significant number of challenges as well as opportunities to the automotive sector, including analytics. Cars of the future cars are poised to show immense intelligence with prodigious connectivity. Also, data analytics will allow the vehicles to interact, navigate, collaborate without human mediation, and create a vast volume of data. Apart from this, use of vehicle telematics, and advancements in machine learning and AI are expected to fuel the market growth. However, the high cost of this technology can limit the penetration to high-end luxury cars and is expected to challenge the vehicle analytics market.
Rising Demand for Predictive Maintenance to Augment the Market
As automakers are constantly assessing the performance of the vehicle part in real time through sensors, this unlocks the opportunity towards a predictive maintenance approach. Using predictive maintenance, data can be pulled out from vehicles of a given year and model and that information can be compared with warranty repair trends. These trending issues are carefully observed and addressed, which limits the fallout from large-scale recalls, minimizing unnecessary wrench time, and potentially saving lives in the process. Access to massive datasets adds further value to predictive analytics as automotive companies will be able to help connected vehicle to spend more time on the road and less time in the shop. In addition, the vehicle analytics market is still an open place for advanced predictive solutions as it is still dominated by simplistic predictive maintenance solutions, which monitors wear and usage of clutches, brake pads and similar wear-out apparatus is monitored and projections are made about the future.
Asia-Pacific Expected to Witness the Fastest Growth
The region is witnessing a growing dominance of connected and autonomous vehicle. Also, an increasing penetration of new technology companies making ways into the automotive industry is expected to lead to a new era of automotive analytics. China’s ambition to have at least 30 million autonomous vehicles within a decade (2018-2028) is expected to drive the demand for automobile analytics. Apart from the taxis, Nissan and automakers in the country have an aim to bring semiautonomous vehicles to city streets by 2020, the year in which the Summer Olympics will take place in Tokyo. However, countries such as India, where the government has completely rejected the idea of autonomous vehicles on its roads, the vehicle analytics market is expected to be driven by adoption in high end cars.
Key Developments in Vehicle Analytics Market
February 2018 - At the Mobile World Congress, SAP SE expanded the SAP Vehicles Network initiative to add HERE Technologies, MasterCard and Postmates. Together, the Network aims to work on various new features of vehicle analytics.
October 2017 - Teletrac Navman announced a collaboration with Noregon. This partnership aims to combine the fleet management capabilities of Teletrac Navman and the vehicle health and safety diagnostics of Noregon, to provide a holistic view of vehicle fitness in real time.
Major Players: SAP SE, CLOUDMADE, GENETEC INC. , HARMAN INTERNATIONAL,IBM CORPORATION, INQUIRON LTD.,INTELLIGENT MECHATRONIC SYSTEMS INC., MICROSOFT CORPORATION, and TELETRAC NAVMAN US LTD., amongst others.
Reasons to Purchase Vehicle Analytics Market Report
Current and future adoption outlook of vehicle analytics in the developed and emerging markets
Analysing various perspectives of the market with the help of Porter’s five forces analysis
The application that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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