Vehicle Analytics Market to reach US$10,215.5 mn by 2025 | Key Companies are Agnik LLC, Amodo, Automotive Rentals, Inc., Harman International Industries, Inc., IBM, Inquiron, INRIX, SAS Institute Inc.
The advancement in technologies and enhanced safety provided by vehicle analytics are expected to be major drivers of the market’s growth. The market is also expected to receive significant push from the increasing research & development activities relating to the technology. Migration towards cloud is also expected to boost the market’s growth and open new doors for innovation.
However, the market growth is expected to be hindered by the concerns over network coverage and interoperability. Moreover, the market is expected to face restraint due to the high initial investment associated with the technology.
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Market to Witness Considerably High Contribution from On-premise Deployment Segment
The global vehicle analytics market is segmented on the basis of deployment type, end-user, application and geography. On the basis of deployment type, the market is segmented into cloud and on-premises. On-Premise deployment segment would refer to the computation that is located within the physical confines of an organization while the cloud based deployment refers to delivery of hosted services over the internet.
In 2016, the On-premises deployment type is expected to hold the major revenue share owing to their wide adoption across industry vertical. Cloud sub-segment, owing to their increasing adoption is expected to grow at a rapid pace while also capturing considerable market share during the forecast period.
On the basis of end-user, the global vehicle analytics market is segmented into Tier 1 suppliers, original equipment manufacturers (OEMs), service providers, automotive dealers, fleet owners, regulatory bodies and insurers. Based on the end-user, Tier 1 suppliers sub-segment is expected to hold the major share of the market, primarily their critical role as suppliers of hardware and software to other industries.
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On the basis of application, the market is segmented into 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. The market, based on application is expected to be dominated by predictive maintenance sub-segment and is projected to grow at rapid pace.
Europe Likely to Exhibit Lucrative Prospects through Forecast Period
The global vehicle analytics market is expected to be driven by the Europe region. Europe is estimated to contribute a major share throughout the forecast period to the overall vehicle analytics market with the U.K. and Germany contributing most to the region’s revenue. The region is expected to hold about one third of the global market’s revenue in 2025.
The presence of major industry players along with high adoption of car analytics solutions and advanced electric cars across many countries in the region is expected to drive the market growth. Also, the presence of necessary internet and communication infrastructure is also expected to bolster the market growth. Europe is also helped by the favorable regulatory environment and governments encouraging the developments in the field.
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Asia-Pacific region is expected to be among the fastest growing regions for the car analytics market. The region is also anticipated to emerge as the second largest market in terms of market revenue. This growth is accountable from the countries such as China, Japan and South Korea while South East Asian countries with their superior communication infrastructure and increasing research & development activities.
The global vehicle analytics market is expected to expand at a CAGR of 20.9% during the forecast period of 2017 to 2025 and reach US$ 10,215.5 Mn in 2025.
Major players in the vehicle analytics market include Agnik LLC, Amodo, Automotive Rentals, Inc., Harman International Industries, Inc., IBM, Inquiron, INRIX, SAS Institute Inc., Teletrac Navman and Xevo Inc.
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