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Vehicle Analytics, Market Growth, Global Insights, Opportunities 2024
Vehicle Analytics, Market Insights, Global Growth, Analysis 2024
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According to The Business Research Company's, The vehicle analytics market size has grown exponentially in recent years. It will grow from $3.19 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 22.6%. The growth in the historic period can be attributed to telematics adoption, safety and security concerns, predictive maintenance, regulatory compliance, urbanization and traffic management..
The vehicle analytics market size is expected to see exponential growth in the next few years. It will grow to $8.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to autonomous vehicle development, environmental sustainability, focus on driver and passenger experience, consumer demand for advanced features, shift towards mobility services.. Major trends in the forecast period include rise of connected vehicles, telematics integration, fuel efficiency optimization, integration with fleet management solutions, smart cities and traffic management, collaboration with oems and automotive suppliers..
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Market Drivers and Trends:
The growing dominance of connected vehicles is significantly contributing to the growth of the vehicle analytics market. Connected vehicles are the type of vehicles that are capable of connecting to nearby devices to communicate over networks. Growing connected vehicles are resulting in the rising need for vehicle analytics to offer various features such as warranty analytics, predictive maintenance, dealer performance analysis, and others. For instance, according to Connected Vehicle Trend Radar, a global study by Capgemini, a France-based information technology company, the number of connected cars is predicted to reach 352 million by end of 2023. Therefore, the growing dominance of connected vehicles expected to promote the vehicle analytics market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
SAP SE, International Business Machines Corporation, Microsoft Corporation, Genetec Inc., Cloud Made Ltd., Harman International Industries Inc., Teletrac Navman, Agnik LL, Pivotal Software Inc., SAS Institute Inc., Acerta Systems Analytics Inc., Amodo Ltd., INRIX Inc., Inseego Corp., Automotive Resources International Fleet Management Company, Continental AG, Google Inc., Cisco Systems Inc., Drust Vehicle Analytics, Sight Machine Inc., Fair Isaac Corporation, Bosch Software Innovations GmbH, Experian plc, WABCO Holdings Inc., Trimble Inc., TomTom International B. V., Airbiquity Inc., Pivotal Software Inc., Oracle Corporation, Mix Telematics Ltd.
Vehicle Analytics Market 2024 Key Insights:
• The vehicle analytics market size is expected to see exponential growth in the next few years. It will grow to $8.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%.
• Rising Number Of Connected Vehicles Drives Growth In Vehicle Analytics Market
• Technological Innovations Enhance Vehicle Analytics Market With Ai And Machine Learning
• North America was the largest region in the vehicle analytics market in 2023
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