Development in AI technology, high adoption rate of embedded in-vehicle connectivity, and growing market of smart technology are some of the factors driving the growth in vehicle analytics market globally. However, high initial cost, and data security concern among users is expected to hinder the market growth in coming years.
Industry News and Development
March 2018 – CarStory, a growing automotive AI platform, introduced new version of inventory intelligence solution named as “CarStory Insights”. The latest version combines AI and machine learning technology which is expected to provide more precise market insights.
October 2017 – Renovo, a mobility software company, partnership with INRIX, a leading service provider for connected services and transportation analytics. The partnership is done to innovate automated vehicle analytics solutions. Under this partnership, INRIX will integrate their white-label digital dashboard platform “Open Car” into Renovo HAVs (highly automated vehicle) powered by Aware which is expected to provide a platform for developers to innovate passengers hailing and riding applications
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Major Key Players
Microsoft Corporation (U.S.),
IBM Corporation (U.S.),
Harman International Industries, Inc. (U.S.),
Teletrac Navman (U.S.),
Agnik LLC (U.S.),
SAP SE (Germany),
Intelligent Mechatronic Systems (Canada),
Automotive Rentals (ARI) (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Vehicle Analytics market.
The chances for increasing revenue inflow in the business are expected to multiply through the forecast period. The escalating interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. Companies are also continually attempting to create financial leverage, to be better positioned to capitalize on market gains. Challengers are also investing a certain amount in innovation to provide a certain degree of innovation in the market and expand the avenues for growth especially in the duration of the forecast period. The market trends have also necessitated the need to ensure financial sustainability to spend in growth opportunities as and when they arise. The objective of the firms in the market to grow their shareholder’s value, while enhancing the capability to power their competitive edge has enabled the company’s growth to a great extent.
According to MRFR, the Vehicle Analytics Market is growing rapidly over 24% of CAGR and is expected to reach at approx. USD 4.3 Billion by the end of forecast period.
The market position analysis is derived by considering various factors such as financial position, segmental R&D investment, brand value, product portfolio, strategy analysis, and key innovations in Vehicle Analytics market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between on the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Detailed Regional Analysis
The regional analysis of the market for vehicle analytics comprises of regions such as North America, Europe, Asia Pacific, and Rest of the World. It has been witnessed that the North American region is likely to be responsible for the biggest share of the market, while the Asia Pacific is expected to grow at a rapid rate through the forecast period. The main development in the vehicle analytics market in the North American region is credited to the technical advancements and growing use of tablets, mobile devices, and smartphones in the region.
The vehicle analytics market is segmented on the basis of component, professional services, deployment, application and end users. By component, the market is divided into the software and services segments. The professional services based segmentation of the vehicle analytics market comprises of support & maintenance, consulting services, managed services, deployment, and integration. The deployment based division of the market consists of on demand and on premise segment. Usage Based Insurance, Predictive Maintenance, Warranty Analytics, Traffic Management, Infotainment, Road Charging, Dealer Performance Analysis, Safety & Security Management, Driver & User Behavior Analysis are the segments on the basis of application. Finally, the end users segment comprises of automotive dealers, travel & hospitality, service providers, fleet owners, insurers, and others.
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- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Chip designers and fabricators
- Original equipment manufacturers (OEMs)
- OEM technology solution providers
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