The globalvehicle analytics is growing rapidly. The market growth attributes to theincreasing uptake of vehicle intelligence. Besides, increasing implementationof advanced technologies like artificial intelligence, machine learning, andpredictive maintenance offering real-time data analysis drive the marketgrowth. Moreover, rising uses of data collected by sensors and GPS trackingdevices to improve traffic management escalate market demand.
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According toMarket Research Future (MRFR), the globalvehicle analytics market is estimated to create a valuation ofapproximately USD 4.3 BN by 2023, growing at 24% CAGR throughout the projectedperiod (2017-2023). Inventions and developments of new vehicle analyticssoftware drive the market growth, replacing the outdated technology. Also,upgrades and advances in vehicle analytics solutions accelerate the growth ofthe market.
Additionally,augmenting demand for efficient vehicle analytics platform to control thetraffic volume and transport needs boosts the market size. Growing trafficissues due to the increasing population in the city and urbanization influencethe growth of the market. Technological advancements provide a vast impetus tothe market growth, allowing accessibility and availability of various automaticdevices.
Also, risingR&D investments made by market key players substantiate market growth.Besides, government initiatives & funding to promote vehicle analyticssystems and increased smart city projects positively impact market growth,upgrading automatic traffic handling devices.
Global VehicleAnalytics Market- Segments
The report issegmented into five dynamics;
By Component : Software and Services (ProfessionalServices, Deployment & Integration, Support & Maintenance, ConsultingServices, Managed Services, others.)
By Deployment : On Demand and On Premise.
By Application : Predictive Maintenance, Traffic Management,Warranty Analytics, Infotainment, Usage Based Insurance, Road Charging, DealerPerformance Analysis, Safety & Security Management, Driver & UserBehavior Analysis, and others.
By End User : Travel & Hospitality, ServiceProviders, Automotive Dealers, Fleet Owners, Insurers, and others.
By Regions : Europe, Americas, APAC, and Rest-of-the-World.
Global VehicleAnalytics Market-Regional Analysis
North Americadominates the global vehicle analytics market. The largest market shareattributes to the strong presence of notable players and well-establishedtechnology development centers, enabling the early adoption of vehicleanalytics software. Besides, the presence of some of the leading playersfosters the growth of the regional market.
Rising marketproliferation of connected vehicles and the increasing uptake of vehicleintelligence for vehicle detection applications drive the regional market growth.The North American vehicle analytics market is projected to retain itsdominance throughout the estimated period.
Europe standssecond in the global vehicle analytics market. Market growth is driven by therising adoption of vehicle analytics software in the region. Additionally,increased adoption of vehicle intelligence for smart signaling and routeguidance for better traffic management accelerates the regional market'sgrowth.
ContinualR&D investments by public and private sectors to develop vehicle analyticssoftware boost the regional market growth. The European vehicle analyticsmarket is expected to witness spectacular growth during the review period.
The Asia Pacificvehicle analytics market has emerged as a profitable market globally. Factorssuch as the rising adoption of mobile communication devices and rising numbersof smartphone users fuel the vehicle analytics market growth in the region.
Furthermore,increasing smart city projects in China, India, South Korea, and Japancontribute to the development of the vehicle analytics market. China, India,Japan, and South Korea, among other APAC countries, account for considerableshares in the regional market.
Global VehicleAnalytics Market - Competitive Analysis
Highlycompetitive, the vehicle analytics market appears fragmented, with severalwell-established players forming a competitive landscape. To gain a significantcompetitive share, industry players adopt growth strategies, such asmergers& acquisitions, collaborations, expansion, and product &technology launches.
The alreadycompetitive nature of the market would intensify further as more products andnew players enter this market. Given the increasing government regulations andconsumer demand for traffic safety & advanced features, the market isexpected to witness relentless innovations and new products.
MajorPlayers:
Playersleading the vehicle analytics market are Genetec (Canada), SAP SE(Germany), Microsoft Corporation (US), CloudMade (Ukraine), IBM Corporation(US), Intelligent Mechatronic Systems (Canada), Teletrac Navman (US), HarmanInternational Industries, Inc. (US), Inseego (US), Inquiron (US), Agnik LLC(US), and Automotive Rentals (ARI) (US), among others.
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