Vehicle Analytics Market: Market Analysis By Knowledge Source Intelligence

Introduction

The vehicle analytics market is predicted to witness a compound annual decent growth rate during the forecast period (2018-2024). Geographically, Europe is expected to hold the largest market share of 47.12 percent followed by North America having a market share of 30.63 percent. While the Asia Pacific is expected to be the fastest-growing market growing at a significant growth rate. China and Japan are expected to hold a significant market share in the APAC region with Australia to be the fastest-growing vehicle analytics market. 
   
                    vehicle analytics market size
Advancements in technology and growing partnerships, collaborations, and joint agreements among organizations for advanced analytics in automobiles are further providing an opportunity for the growth of global vehicle analytics the market in the upcoming years.  However, growing cybersecurity concerns for connected cars may restrain the market growth in the forecast period.

Vehicle Analytics Market By Offering

By offering, the vehicle analytics market is segmented as software and services. Software segment accounts for larger market share throughout the forecast period on account of rising demand for vehicle analytics software across the commercial fleet industry. Services segment will witness a higher CAGR between 2018 and 2024 owing to rising adoption of connected cars globally.  
                  vehicle analytics market share

Software

The vehicle analytics software market is projected to grow at a CAGR of 7.76%, rising from US$XX billion in 2018 to US$XX billion in 2024. This growth is attributed to the increasing demand for vehicle analytics owing to the increasing adoption of vehicle analytics solutions globally. Software components are necessary for the organizations to monitor and manage the vehicle fleets and other real-time data which is collected for the preparation of reports. The software consists of systems which convert the collected information into meaningful data, for instance, software for generating reports. However, the improvement in technology and growing requirements is further leading to investments by big market players in the R&D for development of the latest systems and software which further shows the growth potential of the vehicle analytics software market during the forecast period. For instance, in September 2018, Proterra, one of the leading innovators of heavy-duty electric transport introduced the latest APEX™, a vehicle intelligence system used in the heavy-duty transit fleets for its customers.
Moreover, the growing adoption of vehicle analytics solutions by big automakers globally is further expected to anticipate the demand and thus drive the growth of vehicle analytics software market during the forecast period. For example, in June 2017, IBM and the German automaker BMW announced a strategic partnership in which IBM will provide enhanced vehicle analytics solutions to the buyers and the drivers of BMW.

Vehicle Analytics Market Forecast By Geography

Geographically, The vehicle Analytics market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The United States Vehicle Analytics market is estimated to grow at a CAGR of 12.69% to reach a market size of US$XX billion in 2024 from US$XX billion in 2018. The presence of major market players and early adoption of new technology are significantly boosting the growth of vehicle analytics market in the U.S. High usage of mobile devices is one of the major drivers of vehicle analytics market in the U.S. Stringent fuel emission regulations also drives the use of vehicle analytics solutions as they enhance real-time fuel management and control of fuel spend. High focus on the safety management solutions regarding driver’s behavior is also driving the demand for vehicle analytics market in the country. 
                 vehicle analytics market share by region
Rising vehicle insurance premiums in the past recent years have also bolstered the growth of the vehicile analytics market in this country. According to the insurance comparison website Zebra, the national average cost of car insurance in 2017 was $1,427, a 20% increase from 2011. With more technology, the chances of distracted driving have also risen. According to the National Highway Traffic Safety Administration, due to this factor, around 391,000 people were injured with 3,477 deaths in 2015. 
According to latest data from the National Association of Insurance Commissioners (NAIC), the average cost of an auto insurance premium in the U.S. is $841 which is estimated to rise by more than 40% in the coming years. Government initiatives and programs to reduce traffic accidents will continue to bolster the growth of vehicle analytics market in the U.S. throughout the forecast period. The National Transportation Safety Board (N.H.T.S.A.) and several non-governmental organizations, including the National Safety Council, started the Road to Zero initiative to eliminate traffic fatalities within 30 years. This initiative has resulted in high investment in autonomous vehicles, thus propelling the demand for advanced vehicle analytics solutions. However, declining automotive sales in the country will negatively impact the growth of vehicle analytics market to some extent. According to the Center for Automotive Research (CAR) at Germany’s Duisberg-Essen University has projected the sale of U.S. light vehicles to fall 4% in 2019 to 16.6 million which will further decline to 16.5 million in 2020.

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