Seattle, WA -- (SBWire) -- 10/16/2017 --The global vehicle analytics market is expected to grow from USD 1,124.1 Million in 2017 to USD 3,637.4 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 26.5%. The advancements in technologies, such as machine learning, Artificial Intelligence (AI), and predictive maintenance, to enhance fleet management and the increasing use of the real-time data collected from sensors and Global Positioning System (GPS) tracking devices are the key drivers for the market.
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The report provides detailed insights into the global vehicle analytics market, which is segmented on the basis of applications, components, deployment models, end-users, and regions. Among the applications, the safety and security management application is expected to have the largest market share during the forecast period. The application can be leveraged intrinsically by vehicle manufacturers, as various regulations and government policies are getting framed to ensure proper safety and security applications are in place. For instance, the European Union (EU) region is making it mandatory to deploy eCall, an automatic emergency call system for motor vehicles from 31st March 2018. In case of any crash or fatal accident, the eCall application would automatically call the nearest emergency center. The sensors embedded in the car would provide the exact location of the car, which would dramatically reduce the emergency service response time. Moreover, as data privacy and security are the key concerns in the vehicle analytics market, the British government has issued specific guidelines that the board members of companies selling connected cars would be personally accountable if in case any data breach or hacking is reported. Therefore, there is a strong indication that the Original Equipment Manufacturers (OEMs) and fleet manufacturers would be focusing on partnering with companies that offer safety and security applications related to vehicle analytics.
The on-demand deployment model is expected to have a higher adoption rate as compared to the on-premises deployment model. The scalability and agility of cloud-based technologies are contributing to the increasing adoption of cloud-based vehicle analytics solutions. Moreover, the advent of cloud-based analytics and the rising demand for real-time analysis for predictive maintenance and driver performance analysis has significantly increased the adoption of on-demand deployment model vis-à-vis on premises adoption.
The report covers all the major aspects of the vehicle analytics market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The market in North America is expected to have the largest market share. The APAC region is projected to provide significant opportunities in the market and is expected to grow at the highest CAGR during the forecast period.
Network coverage limitations and high initial setup costs are the major restraining factors for the growth of the vehicle analytics market. Data security issues and the challenges in integrating data with the existing software systems are the restraints in the adoption of vehicle analytics software and services.
Most of the vendors in the vehicle analytics market have adopted various growth strategies, such as acquisitions, agreements, collaborations and partnerships, new product launches, product upgradations, and expansions, to expand their client base and enhance the customer experience. For instance, in April 2017, IBM entered into a partnership with Panasonic and launched the Panasonic Cognitive Infotainment platform to offer OEMs and other fleet providers a complete infotainment solution which is powered by the IBM Watson and Cloud technologies.
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Vehicle Analytics Market Expected Huge Growth in Future
The vehicle analytics market size is expected to grow from USD 930.0 Million in 2016 to USD 3,637.4 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 26.5%. The base year considered for this report is 2016 and the forecast period is 2017–2022.