ALBANY, New York, June 13, 2019 /PRNewswire/ -- The global remote diagnostic market is extremely competitive and fragmented due to the presence of numerous market players, states an upcoming Transparency Market Research (TMR) report. A few key players in the global remote diagnostics market include Vector Informatik GmbH. Robert Bosch GmbH, OnStar LLC, Continental AG, Mercedes-Benz, and Magneti Marelli S.p.A. These companies are focusing on expanding their presence in the global market by adopting strategies like new product launches and collaborations.
Rapid urbanization and ever increasing traffic is expected to be the cause for remote diagnostics. The global remote diagnostics market is projected to grow at an impressive CAGR of 14.8% during the forecast period 2017 – 2025. The global remote diagnostics market was valued at US$12.88 bn in 2016 and it is projected to reach an estimation of US$42.04 bn by the end of 2025.
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On the basis of region, the global remote diagnostics market is anticipated to be dominated by North America during the forecast period. The growth in this region can be accounted to stringent traffic and road safety regulations along with and early adoption of latest technology is projected to drive the market. The global remote diagnostics market is segmented into road assistance, vehicle tracking, and vehicle state alert, crash notification, and training assistance. Among these, road safety regulations are expected to drive the global remote diagnostics market.
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Rising Accidents to Provide Impetus to Growth in Global Remote Diagnostics Market
Due to rapid modernization, the numbers of vehicles are ever increasing; this leads to road accidents, therefore to ensure road safety remote diagnostics are used. Thus, the global remote diagnostics market is expected to expand at a staggering pace in the upcoming years.
Alternatively, in the age of automation, the modern vehicles call for efficient traffic management and data diagnosis. Further, stringent laws by the governments on carbon emission to increase the demand for remote diagnostics. This, in turn, is expected to surge the global remote diagnostics market during the forecast period.
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Internet of Things (IoT) to Strengthen Demand
Rising adoption of IoT and telematics technology is projected to boost the demand for remote diagnostics, owing to substantial expansion of the global remote diagnostics market in the upcoming years. The latest technologies with in-built sensors will notify the users about probabilities of system crash and measure to prevent them.
It is connected to Wi-Fi, Bluetooth, or 3G/4G which makes it easier to transmit data and ensure efficient vehicular management. However for vehicular management is expected to use Bluetooth on a massive scale. Increasing demand for electrical and electronic devices is expected to propel the demand for remote diagnostics.
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Moreover, emergence of new wearable diagnostics electronic equipment to monitor health is gaining momentum and projected to provide growth opportunities in the global remote diagnostics market in the near future.
On the flip side, security concerns associated with effective use of remote diagnostics market is projected to hamper the growth of the global remote diagnostics market in the upcoming years.
Nonetheless, remote diagnostics is expected to traverse through the gap between OEM (original equipment manufacturer) and the end users. This is expected to create a shift in the remote diagnostics demand. Thus, the global remote diagnostics market is projected to expand at a substantial rate in the forthcoming years.
This review is based upon the TMR report titled, "Remote Diagnostic Market (Application - Roadside Assistance, Vehicle Tracking, Vehicle State Alert, Crash Notification, and Training Assistance; Vehicle Type - Commercial Vehicles and Passenger Vehicles; Connectivity - Bluetooth, 3G/4G, and Wi-Fi)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025."
The global remote diagnostics market is segmented into:
- Roadside Assistance
- Vehicle Tracking
- Vehicle State Alert
- Crash Notification
- Training Assistance
- Commercial Vehicles
- Passenger Vehicles
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