Greater travel convenience, especially within urban settlements has been instrumental in boosting the adoption of advanced vehicular technologies including vehicle analytics.
Moreover, growing need for more effective transport service technologies that can address traffic and rout mapping issues is creating broader scope of application of vehicle analytics. Transport service providers are aiming to leverage vehicle analytics for fleet management, service enhancement and business expansion.
A recent report published by Future Market Insights (FMI) reveals that the global vehicle analytics market is set to exhibit a CAGR of 15.5% during the forecast period (2017-2022).
Rising concerns over traffic congestion, safety and travel duration is expected to reflect favorably on the global vehicle analytic market in the forthcoming years. Also, infrastructural development and rapid urbanization are some of the other additional factors likely to drive the adoption of vehicle analytics.
Growing demand for smoother mobility and improving transportation system in emerging countries such as Brazil, China and India is expected to create new business opportunities or market player during the forecast period. At the same time, rising vehicle parc across the globe is making vehicle analytics highly significant.
Importance of vehicle analytics is also likely to increase due to greater need for fleet monitoring, automation and mobility management. Integration of advanced vehicular technology is allowing transport service providers to improve operational efficiency, deliver better customer service as well as achieve sustainability.
Vehicle analytics facilitates advanced analytics and aids in streamlining various operational procedures. The focus is now shifting towards incorporating machine learning, predictive analysis and artificial intelligence (AI) in vehicle and transport technology. The above mentioned factors are anticipated to further propel the popularity of vehicle analytics over the next couple of years.
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On the basis of component, the vehicle analytics software platform is expected to remain highly lucrative over the assessment period. Vehicle analytics software platforms are being increasingly utilized by automotive companies and transport service providers to improve their product and services offerings.
The vehicle analytics software platforms segment is anticipated to account for more than 64% share of the market by 2022 end, reflecting an impressive CAGR of 17.6%.
Automotive OEM are using vehicle analytics in order to enhance their product efficiency, making them more relevant to the current requirements. In terms of revenue, the automotive OEM end-user segment currently makes the highest contribution to the global vehicle analytics market. Towards the end of 2022, market is estimated to gain over USD 1,100 million from the automotive OEM segment.
Increasing incidences of road mishaps and concerns over distracted driving is creating opportunities of greater application of vehicle analytics in driver behaviour analysis. By the end of 2017, driver behaviour analysis application segment is expected to command for one-fourth revenue share of the global market.
Among regions, North America is expected to retain its dominant position over the projection period, exhibiting an above average growth rate. In terms of revenue, the region’s market will remain highly lucrative in 2017 and beyond. This is primarily attribute to factors such as presence of leading market players and existence of an established automotive industry in North America.
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Leading companies functioning in the global vehicle analytics market include Genetec Inc., Microsoft Corp., INQUIRON LTD, IBM Corporation, SAS Institute Inc., Agnik Llc, Acerta Systems Analytics Inc., Amodo Ltd., Automotive Rentals, Inc., and SAP SE. Many of these companies are concentrating on innovation and further development of technology in order to meet the current and future market requirements.
The vehicle analytics market is likely to secure a CAGR of 15.3% through 2032.
The vehicle analytics market size is estimated to cross USD 15.3 Billion by 2032.
The vehicle analytics market is likely to record a value of USD 2.76 Billion in 2022.
North American region holds the biggest revenue in the vehicle analytics market.
| Estimated Market Share in 2023 | USD 4,660.6 million |
|---|---|
| Forecasted Market Size by 2033 | USD 14,134.1 million |
| Projected Market CAGR (2023 to 2033) | 11.7% |
| Market Value (2022) | USD 4128.0 Million |
|---|---|
| Market Anticipated Value (2032) | USD 12,986.0 Million |
| Market CAGR (2022 to 2032) | 12.1% |
| Market Value (2022) | USD 22 Billion |
|---|---|
| Market Value (2032) | USD 78.04 Billion |
| Market CAGR (2022 to 2032) | 13.5% |
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Vehicle Analytics Market
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