Vehicle Analytics Market: APAC Region Expected to Witness Rapid Growth
Vehicle analytics helps to gather real-time information about the vehicle by using real-time data analytics and streaming. Predictive tire servicing solutions help in automatically scheduling in tire maintenance and replacement. Other technologies such as gesture recognition, computer vision, sensors, and AI have made driver performance analysis very easy and helps in taking a well-informed decision based on the derived data insights.
Drivers and restraints of Vehicle Analytics Market
According to industry research conducted by Knowledge Sourcing Intelligence, advancement in technology such as machine learning, artificial intelligence, and predictive maintenance for fleet management is one of the major drivers of the vehicle analytics market. The rising use of GPS tracking devices across the transportation and logistics industry is significantly boosting the demand for vehicle analytics solutions globally. Increasing investments in R&D by automakers to develop autonomous vehicles will further continue to bolster the vehicle analytics market growth. Increasing use of predictive analytics across the transportation and logistics industry is increasing the vehicle analytics market size. However, factors such as concerns regarding data security and difficulty in integrating the data with existing software systems are restraining the growth of the vehicle analytics market.
According to supply chain studies conducted by Knowledge Sourcing Intelligence, the vehicle analytics market has been segmented by offering, application, and geography. By offering, the market is segmented into software and services. The software segment is expected to have a significant market share on account of rapid technological advancements and growth in artificial intelligence. By application, the market is segmented into the light motor vehicle and medium and heavy motor vehicle. Medium and heavy motor vehicle segment is expected to have a significant market share while the small motor vehicle is expected to witness rapid growth in the coming years.
Geographically, the market is segmented as North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region is expected to have a significant market share of the vehicle analytics market share. The market share is projected on account of advancement of technology along with acceptance of technology, and high disposable income in the region. The market of Asia Pacific region is expected to witness rapid growth owing to the growing demand for connected & autonomous vehicles and the rising shift of technology-based companies in the region.
According to competitive intelligence done by Knowledge Sourcing Intelligence, vehicle analytics market is fragmented with hundreds of manufacturers. The players are expanding globally to mirror their customers’ requirement. As a result, they are increasingly integrating with other players. The key players include SAP, Genetec Inc., Microsoft, IBM, Cloudmade, Intelligent Mechatronic Systems, Inc., HARMAN International, Teletrac Navman US Ltd, Inseego Corp., Agnik LLC and Inquiron among others.
Key Questions Answered in This Report:
· What are the key regions having a significant market share of the market?
· What are the drivers and restraints of the vehicle analytics market?
· Who are the key market players in the vehicle analytics market?
· What is market segmentation of the vehicle analytics market?
· What are the applications of vehicle analytics?