Major players in the vehicle analytics market are SAP SE, IBM Corporation, Microsoft Corporation, Genetec Inc., Cloud Made Ltd., Harman International Industries Inc., Teletrac Navman, Agnik LLC, Pivotal Software Inc., SAS Institute, Acerta Systems Analytics Inc., Amodo Ltd., INRIX, Inseego Corp., ARI Fleet Management Company, and Continental AG.
The global vehicle analytics market grew from $2.66 billion in 2022 to $3.28 billion in 2023 at a compound annual growth rate (CAGR) of 23.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The vehicle analytics market is expected to grow to $7.37 billion in 2027 at a CAGR of 22.5%.
The vehicle analytics market includes revenues earned by entities by providing quality improvement, logistics streamline services, customer services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Vehicles analytics is an analytical technique that also provides road condition inspection, information related to vehicle counting, tracking, speed detection, incorrect direction detection, and brand detection. It is used to track real-time information from the vehicles and gain real-time insights about the current state of the vehicle and related operating activities.
North America was the largest region in the vehicle analytics market in 2022.The Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the vehicle analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main components of vehicle analytics are software and services.The vehicle analytics software consists of a set of programs that are used to analyze the data and information collected from smart vehicles.
The vehicle analytics are deployed on-premises and on-demand.It is used in applications such as 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 end-users of vehicle analytics include original equipment manufacturers (OEMs), service providers, automotive dealers, fleet owners, regulatory bodies, and insurers.
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 growth of the vehicle analytics market.
Technological advancements are shaping the vehicle analytics market.Artificial intelligence and machine learning technologies in vehicle analytics provide enhanced and faster decision-making and predict vehicle health and driving habits.
The major players in the market are launching advanced technologies to provide real-time feedback to drivers.For instance, in September 2021, Maruti Suzuki India Limited, an India-based automobile manufacturer, introduced S-Assist, an artificial intelligence-based virtual car assistant application.
The S-Assist app provides multi-media content such as video and workshop assistance, easy navigation, and information on warning signs using artificial intelligence and machine learning capabilities which enhance the driving experience by bring real-time information to their smartphones.
In February 2021, Continental AG, a Germany-based automotive parts manufacturing company acquired a minority stake in Recogni for an undisclosed amount.Through this acquisition, Continental is working on new chip architecture for real-time object recognition based on artificial intelligence.
Recogni is a Germany-based start-up that designs an AI-powered vision recognition module for autonomous vehicles.
The countries covered in the vehicle analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The vehicle analytics market research report is one of a series of new reports that provides vehicle analytics market statistics, including vehicle analytics industry global market size, regional shares, competitors with a vehicle analytics market share, detailed vehicle analytics market segments, market trends and opportunities, and any further data you may need to thrive in the vehicle analytics industry. This vehicle analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.