Vehicle Analytics Market Size, Share, Trends, Analysis, Growth By Component (Software, Services), By Deployment (On Premise, On Demand), By Application (Predictive Maintenance, Traffic Management, Infotainment) and By End User – Forecast 2023
Vehicle Analytics Market – Overview
The upsurge in the analytics and real time data demand by end users have also unlocked the growth possibilities for the vehicle analytics market. Market intensive reports associated to the information and communication technology industry among others recently have been made available by Market Research Future which publishes reports on this industry. The vehicle analytics market is projected to expand with a 24 percent CAGR while achieving USD 4.3 Billion in earnings by the year 2023.
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Vehicle analytics have allowed business critical decisions to be made with a greater degree of control because of the availability of data in real-time. Rising integration of vehicle analytics in automobiles by various transportation providers and automobile manufacturers have increased the demand for the market greatly. Traffic management solutions are also one of the major causes for developing the market at an increased pace. Analytic insights that are essential to the end users of this market are creating further scope for the progress of the market over the forecast period.
Genetec (Canada), Microsoft Corporation (U.S.), Inquiron (U.S.), Automotive Rentals (ARI) (U.S.), SAP SE (Germany), CloudMade (Ukraine), IBM Corporation (U.S.), Harman International Industries, Inc. (U.S.), Teletrac Navman (U.S.), Inseego (U.S.), Intelligent Mechatronic Systems (Canada), Agnik LLC (U.S.), and others are among the significant competitors in the market for vehicle analytics.
May 2018 Global software-as-a-service provider, Teletrac Navman that influences GPS for location-based technology tracking solutions, recently announced a new partnership with Shipwell that is a connected freight platform that allows customers to accomplish freight shipments by the use of a single software solution. The addition of Shipwell’s automated freight technology with the hours-of-service (HOS) data and the Teletrac Navman DIRECTOR fleet management system and will collect from its electronic logging device (ELD) solution, giving asset detail in real time.
The vehicle analytics market is segmented on the basis of component, professional services, deployment, application and end users. By component, the market is divided into the software and services segments. The professional services based segmentation of the vehicle analytics market comprises of support & maintenance, consulting services, managed services, deployment, and integration. The deployment based division of the market consists of on demand and on premise segment. Usage Based Insurance, Predictive Maintenance, Warranty Analytics, Traffic Management, Infotainment, Road Charging, Dealer Performance Analysis, Safety & Security Management, Driver & User Behavior Analysis are the segments on the basis of application. Finally, the end users segment comprises of automotive dealers, travel & hospitality, service providers, fleet owners, insurers, and others.
Detailed Regional Analysis
The regional analysis of the market for vehicle analytics comprises of regions such as North America, Europe, Asia Pacific, and Rest of the World. It has been witnessed that the North American region is likely to be responsible for the biggest share of the market, while the Asia Pacific is expected to grow at a rapid rate through the forecast period. The main development in the vehicle analytics market in the North American region is credited to the technical advancements and growing use of tablets, mobile devices, and smartphones in the region.
Global Competitive Analysis
The chances for increasing revenue inflow in the business are expected to multiply through the forecast period. The escalating interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. Companies are also continually attempting to create financial leverage, to be better positioned to capitalize on market gains. Challengers are also investing a certain amount in innovation to provide a certain degree of innovation in the market and expand the avenues for growth especially in the duration of the forecast period. The market trends have also necessitated the need to ensure financial sustainability to spend in growth opportunities as and when they arise. The objective of the firms in the market to grow their shareholder’s value, while enhancing the capability to power their competitive edge has enabled the company’s growth to a great extent.
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