Remote Diagnostics Market to Expand to $72.10B by 2028, Fueled by Cloud and AI Advancements

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Remote Diagnostics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $72.10 billion In 2028 At A CAGR Of 10.8%:

The remote diagnostics market size has grown rapidly in recent years. It will grow from $43.31 billion in 2023 to $47.88 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to the rise in the demand for preventive maintenance, the growth in the penetration of connected medical devices, the rise in the use of IoT-based solutions, the increased use of remote monitoring, growth in demand for electrical systems in vehicles.

The remote diagnostics market size is expected to see rapid growth in the next few years. It will grow to $72.10 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to the rising adoption of connected cars, increasing demand for luxury and sports vehicles, increasing in the automobile industry, rising concerns regarding maintenance downtime in automotive vehicles, and rising demand for passenger vehicles. Major trends in the forecast period include technological advancements, adoption of IoT and connected devices, demand for cloud-based remote diagnostics, rising adoption of artificial intelligence (AI) and machine learning (ML) technologies, and telemedicine expansion.

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Remote Diagnostics Market Major Segments
The remote diagnostics market covered in this report is segmented -
1) By Product Type: Software, Diagnostic Equipment
2) By Connectivity: 3G (Third Generation), 4G LTE (Fourth Generation Long Term Evolution), Wi-Fi (Wireless Fidelity), Bluetooth
3) By Application: Roadside Assistance, Vehicle Tracking, Vehicle State Alert, Crash Notification, Training Assistance, Other Applications
4) By Vehicle Type: Commercial Vehicles, Passenger Vehicles

Key Driver - Rising Adoption Of Cloud-Based Email Services Fueling Growth In The Business Email Compromise Market

The rising adoption of connected cars is expected to propel the growth of the remote diagnostics market going forward. Connected cars are vehicles that have Internet connectivity and, in many cases, a wireless local area network (Wi-Fi), allowing them to connect to and communicate with other devices, networks, and services. The demand for connected cars is rising due to several factors, such as increasing demand for convenience and efficiency, safety and security, entertainment, and connectivity. Connected cars transmit real-time data, assisting in proactive issue detection and eliminating physical inspections. Additionally, they improve safety by automatically providing diagnostic data to emergency agencies during accidents, resulting in quicker reactions and potentially life-saving strategies. For instance, in March 2022, according to a report published by Scania, a Sweden-based commercial vehicle manufacturing company, Scania had around 560,000 connected vehicles (64% of its 10-year rolling fleet), and that number is rapidly increasing. Therefore, the rising adoption of connected cars is driving the growth of the remote diagnostics market.

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Prominent Trend - Advancements In Remote Diagnostics With AI-Integrated Digital Systems

Major companies operating in the remote diagnostics market are focused on developing advanced solutions utilizing next-generation technologies, such as real-time telematics and remote diagnostics services, to enable data-driven, automated retention marketing and communications tools for auto repair shops. Real-time telematics and remote diagnostics services refer to a comprehensive suite of technologies, tools, and solutions that enable continuous monitoring, analysis, and management of vehicles, assets, or equipment in real-time, often from a remote location. For instance, in November 2022, Mechanic Advisor, a US-based provider of marketing tools and solutions, in partnership with Mojio, a US-based automotive software company, launched Steermatics. It is a real-time telematics and remote diagnostics solution powered by Mojio that is completely integrated with the Steer CRM to give car repair firms automatic, data-driven retention marketing and messaging options. It is the industry's first auto repair shop solution that utilizes real-time telematics data from connected fleets to power remote vehicle diagnostics and automated retention marketing tools. Fleets that utilize Steermatics will be able to implement Force Fleet Tracking via a special subscription plan, which will enable simple and economical GPS tracking and fleet management tools to help them better manage their cars.

Remote Diagnostics Market Players
Major companies operating in the remote diagnostics market are Toyota Motor Corporation, Ford Motor Company, Robert Bosch GmbH, Tesla Inc., Nissan Motor Co. Ltd., Denso Corporation, Qualcomm Technologies Inc., Continental AG, Mercedes-Benz Group AG, Medtronic plc, ABB Ltd., Siemens Healthcare Private Limited, Koninklijke Philips N.V., Aptiv PLC , SKF Group, OMRON Corporation, Tech Mahindra Limited, Hologic Inc., Snap-On Incorporated, Vector Informatik GmbH, Softing AG, Delphi Technologies, AVL DiTEST GmbH, Vidiwave Ltd., OnStar Corporation

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Largest And Fastest Growing Region In The Market
North America was the largest region in the remote diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remote diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Remote Diagnostics Market Report Structure
3. Remote Diagnostics Market Trends And Strategies
4. Remote Diagnostics Market - Macro Economic Scenario
5. Remote Diagnostics Market Size And Growth
…..
27. Remote Diagnostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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