The vehicle analytics market 2020 is likely to witness an upswing in terms of revenue generation. The market exhibit immense potential and is likely to exhibit robust growth over the next few years. In an assessment offered by MRFR, Market Research Future, the global vehicle analytics market is supposed to mark 24% CAGR over the forecast period 2017 to 2023. It is also estimated in the report that the valuation of the market will reach USD 4.3 Bn mark by the close of 2023.
Vehicle analytics market is gaining momentum as the demand for the product is increasing. It offers analysis of the performance of the vehicle and provides accurate information. Furthermore, it provides information and helps in decision making about the maintenance. These factors are assessed to drive the growth of the vehicle analytics market in the coming years. The increasing longevity of automobiles due to regular servicing and maintenance is also projected to drive the proliferation of the vehicle analytics market in the forthcoming years.
The growth of the industry, coupled with rising electrification in the industry, is expected to boost the augmentation of the vehicle analytics market. The evolution of the automotive technology is also projected to impact the vehicle analytics market positively. Rising demand for real time data analysis is another factor leading the expansion of the vehicle analytics market. Increasing use in the BFSI sector is projected to catalyze revenue growth in the market. The insurance sector is making use of the vehicle analytics software to make decisions regarding premiums of auto insurances. It is poised to catapult the vehicle analytics market on upward trajectory.
On the basis of component, the vehicle analytics market has been divided into software and services.
Based on deployment, the vehicle analytics market has been segmented into on premise and on demand.
On the basis of application, the vehicle analytics market has been segmented into predictive maintenance, infotainment, warranty analytics, usage based insurance, road charging, dealer performance analysis, safety & security management, driver & user behavior analysis, and traffic management.
On the basis of end-user, the vehicle analytics market has been segmented into travel & hospitality, service providers, automotive dealers, fleet owners, insurers, and others.
The geographical evaluation of the vehicle analytics market is spanned across the following regions – Europe, Asia-Pacific, North America, and the Rest of the World. A country based assessment of these regional segments is also covered in the report for providing a detailed analysis of the market. North America holds the key position in the market. It is assessed top continue its dominance in the upcoming years. It is also due to the presence of developed economies such as Canada and the U.S. that the market is poised to flourish by 2023. Technological innovations by players based out of the region are further anticipated to augment the vehicle analytics market. APAC is also expected to witness a rapid growth rate. Increasing adoption of advancing technologies in automotive industry is responsible for the growth of the vehicle analytics market in the region.
SAP SE (Germany), Microsoft Corporation (U.S.), Genetec (Canada), IBM Corporation (U.S.), CloudMade (Ukraine), Harman International Industries, Inc. (U.S.), Intelligent Mechatronic Systems (Canada), Teletrac Navman (U.S.), Agnik LLC (U.S.), Inseego (U.S.), Inquiron (U.S.), and Automotive Rentals (ARI) (U.S.) are few of the major participants of the vehicle analytics market. New technologies are being leveraged to gain edge over other participants. It is assumed to intensify competition among the players. In addition, strategies are being implemented to sustain the curve, some of these strategies are as follows, mergers & acquisitions, agreements, collaborations, etc.
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
Follow Our LinkedIn Page: https://www.linkedin.com/showcase/ict-mrfr/