Competition in the global vehicle analytics market is expected to rise sharply in the coming years, as players are using different organic and inorganic strategies to strengthen their position in the market. According to Transparency Market Research, this market is likely to witness high growth due to advanced taking place in the automotive industry.
Leading players providing vehicle analytics services are investing heavily in upgrading their product portfolio. They are also entering in partnership, collaboration, and merging with other smaller players operating in the market. This will benefit the players to stretch their business in different regions. Moreover, players are also investing to upgrade their product portfolio and services to provide advanced services to their users. Amodo, Automotive Rentals, Inc., Agnik LLC, Harman International Industries, Inc., SAS Institute Inc., IBM, and Inquiron are some of the key players operating in the global vehicle analytics market.
Statistical information presented in the report states that the global vehicle analytics market might progress at staggering 20.9% CAGR between 2017 and 2022. The market valuation is expected to reach US$10.21 bn by the end of 2022. In 2017, the market earned US$0.64 bn.
Based on deployment type, the demand for on-premises deployment type is high as compared to cloud deployment type. High adoption rate of on-premises in various industries led this segment lead the market. However, the demand for cloud deployment type is also expected to rise significantly in the forthcoming years. In terms of geography, Europe is likely to hold maximum share in the global vehicle analytics market. Presence of key players in the region along with growing demand for advanced electric cars and car analytics solutions has strengthened position of Europe in the global vehicle analytics market. Asia Pacific can be termed one of the fastest growing market for vehicle analytics due to growing preference for advanced electric vehicles.
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Manufacturers Are Focusing on Using Artificial Intelligence that Will Boost Growth in Vehicle Analytics Market
Growing need for real-time tracking is one of the major factor driving demand in the global vehicle analytics market. Moreover, growing need for mobility and fleet management is also triggering demand this market. This has forced transport service providers to improve operational efficiency, and deliver enhanced customer service while offering sustainability. Manufacturers are also planning to shift their focus on machine learning, artificial intelligence, and predictive analysis in vehicles, making them even more tech-savvy.
Furthermore, migration towards cloud is also projected to boost the market’s growth and offer new doors for innovation. Another significant factor that led the demand for vehicle analytics is the way manufacturers are integrating advanced vehicular technology in vehicles.
High Initial Cost and High Security Issues Might Challenge Market Growth
Limited network coverage is one of the key restraint that might hamper growth in the global vehicle analytics market. High cost involved during initial setup and concerns related to data security are projected to challenge demand in this market. Moreover, integrating data with existing software systems is also tricky, which might restrict growth in the global vehicle analytics market.
However, excess efforts made to make autonomous vehicle a reality and to leverage analytics to enhance customer experience that might assist in overcoming these restraints. Moreover, increasing use of real-time data collection from GPS tracking devices and sensors are also expected to expand the global vehicle analytics market.