Growth witnessed in the automotive sector over the past few years bore good news for several ancillary industries, the global vehicle analytics market being one of them. With diverse technological advancements on card Transparency Market Research (TMR) foresees the market to witness elevated competition. According to TMR, a majority of the companies in the global vehicle analytics market look upon acquisitions, collaborations, partnerships, and agreements as proven strategies to expand their footprint and product portfolio, alike. Besides several invest in product launches and upgrading their existing products to emerge at the market’s fore. In doing so these companies not only achieve the boost they aim for but also are able to cater to consumer demand better. Some of the most prominent companies operating in the global vehicle analytics market are Automotive Rentals, Inc., Agnik LLC, IBM, Inquiron, Harman International Industries, Inc., Amodo, INRIX, Teletrac Navman, SAS Institute Inc., and Xevo Inc.
TMR pegs the global vehicle analytics market to reach US$10,215.5 mn by the end of 2025, exhibiting a CAGR of 20.9% between 2017 and 2025. Among the key regional markets, Europe emerged dominant in 2016. Several among the prominent industry players have their units domiciled in the region, which has catapulted Europe at the market’s fore. Based on end users, the market is likely to be led by the Tier 1 suppliers segment.
“Advancement in technologies and the scaling demand for better road safety will bode well for the vehicle analytics market,” said a lead TMR analytics. In the coming years the market is expected robust opportunities as market players pump investment in research and development activities. Furthermore, shifting paradigm toward installing cloud technologies is also expected to fuel growth prospects for the market and open doors for innovation. On the downside, concerns pertaining to network coverage hovering on the market and interoperability issues may hinder its trajectory to an extent, In addition, the high initial investment often associated with the technology may hamper the market’s growth as well.
Nonetheless, the increased adoption of advanced vehicular technologies will result in high demand for vehicle analytics for better customer experience. In addition, the market is likely to benefit from the rising demand for effective transport technologies to manage traffic better and mitigate route mapping issues. These technologies work to enhance driving experience, besides providing a safer and more secure environment for driving. On the back of these factors experts foresee tremendous growth for the global vehicle analytics market in the coming years.
Rising Demand for Vehicle Automation to Boost Growth
Overall, mounting concerns over road safety and efforts taken to reduce time taken for travel is helping the vehicle analytics market gain pace. With an increasing number of automotive companies stepping up their investment to develop technologically advanced vehicle analytics tools to simplify complex analytic requirements such as fleet monitoring, route mapping solutions, video assistance, predictive analytics, and traffic analytics, the global vehicle analytics market is likely to gain momentum in the coming years. Vehicle analytics help autonomous cars become safer and more pragmatic. Hence, in the coming years the global vehicle analytics market is expected to register strong growth in response to the rising demand for automation among consumers.