Vehicle Analytics Market: Technological Advancements to Offer Higher Driver Safety and Assistance to Boost Growth
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TMR pegs the global vehicle analytics market to reach US$10,215.5 mn by the end of 2025, exhibiting a CAGR of 20.9% between 2017 and 2025. Among the key regional markets, Europe emerged dominant in 2016. Several among the prominent industry players have their units domiciled in the region, which has catapulted Europe at the market’s fore. Based on end users, the market is likely to be led by the Tier 1 suppliers segment.
Concerns Regarding Network Coverage May Impede Growth Prospects
“Advancement in technologies and the scaling demand for better road safety will bode well for the vehicle analytics market,” said a lead TMR analytics. In the coming years the market is expected robust opportunities as market players pump investment in research and development activities. Furthermore, shifting paradigm toward installing cloud technologies is also expected to fuel growth prospects for the market and open doors for innovation. On the downside, concerns pertaining to network coverage hovering on the market and interoperability issues may hinder its trajectory to an extent, In addition, the high initial investment often associated with the technology may hamper the market’s growth as well.
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Nonetheless, the increased adoption of advanced vehicular technologies will result in high demand for vehicle analytics for better customer experience. In addition, the market is likely to benefit from the rising demand for effective transport technologies to manage traffic better and mitigate route mapping issues. These technologies work to enhance driving experience, besides providing a safer and more secure environment for driving. On the back of these factors experts foresee tremendous growth for the global vehicle analytics market in the coming years.
Rising Demand for Vehicle Automation to Boost Growth
Overall, mounting concerns over road safety and efforts taken to reduce time taken for travel is helping the vehicle analytics market gain pace. With an increasing number of automotive companies stepping up their investment to develop technologically advanced vehicle analytics tools to simplify complex analytic requirements such as fleet monitoring, route mapping solutions, video assistance, predictive analytics, and traffic analytics, the global vehicle analytics market is likely to gain momentum in the coming years. Vehicle analytics help autonomous cars become safer aand more pragmatic. Hence, in the coming years the global vehicle analytics market is expected to register strong growth in response to the rising demand for automation among consumers.
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This review is based on a TMR report, titled “Vehicle Analytics Market (Deployment Type - Cloud and On-Premises; End user - Tier 1 Suppliers, Original Equipment Manufacturers (OEMs), Service Providers, Automotive Dealers, Fleet Owners, Regulatory Bodies, and Insurers; Application - Predictive Maintenance, Warranty Analytics, Traffic Management, Safety and Security Management, Driver and User Behavior Analysis, Dealer Performance Analysis, Infotainment, Usage-based Insurance, and Road Charging) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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