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Kenneth Research, in its repository of market research reports, has recently added a report on Vehicle Analytics Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Vehicle Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Vehicle Analytics Market products.
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The Global Vehicle Analytics Market was valued at USD 945.25 million in 2016 and is projected to reach USD 8,061.08 million by 2025, growing at a CAGR of 26.89% from 2017 to 2025.
Vehicle analytics is a platform that enables us to analyze, monitor, and improve the vehicle and driver performance. It helps understand the vehicle behavior and trends. Vehicle analytics also provides the ability to improve overall safety for on-road vehicles through advanced safety measures and proactive vehicle maintenance, which in turn avoids distractions while driving, and allows vehicles to avoid any hazard. Vehicle analytics also increases security using vehicle access control and provides faster threat detection.
Market Dynamics:
1. Market Drivers
1.1 Advancements in making autonomous vehicle a reality
1.2 Emerging machine learning, AI, technologies to enhance fleet management
1.3 Growing usage of real-time data collection from sensors and GPS tracking devices
1.4 Increasing vehicle analytics to enhance customer experience
2. Market Restraints
2.1 Concerns for data security
2.2 Issues with data integration with the existing system
2.3 High infrastructural costs
2.4 Limitations for network coverage
Market Segmentation:
The Global Vehicle Analytics Market is segmented on the End User, Component (Software, Services), Deployment Model, Application, and region.
1. End User:
1.1 Fleet Owners
1.2 Original Equipment Manufacturers
1.3 Automotive Dealers
1.4 Service Providers
1.5 Insurers
1.6 Regulatory Bodies
2. By Component:
2.1 Software
2.2 Services
2.2.1 Managed services
2.2.2 Professional services
2.2.2.1 Support and maintenance services
2.2.2.2 Consulting services
2.2.2.3 Deployment and Integration
3. By Deployment Mode:
3.1 On-Demand
3.2 On-premises
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4. By Application:
4.1 Safety and Security Management
4.2 Predictive Maintenance
4.3 Traffic Management
4.4 Road Charging, Warranty Analytics
4.5 Usage-Based Insurance
4.6 Dealer Performance Analysis
4.7 Driver and User Behavior Analysis
4.8 Infotainment
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. IBM Corporation
2. SAP
3. Genetec Inc.
4. Intelligent Mechatronic Systems
5. Microsoft
6. Cloudmade
7. Agnik LLC
8. Teletrac Navman
9. Automotive Rentals (ARI)
10. Inquiron
11. Inseego Corp.
12. Harman International
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Vehicle Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team
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