ALBANY, New York, April 23, 2019 /PRNewswire/ -- The vendor landscape of the global vehicle analytics market is anticipated to witness an increase in competition between industry players, says Transparency Market Research (TMR). Some of the prominent players operating in the global vehicle analytics market are Amodo, INRIX, Automotive Rentals, Inc., SAS Institute Inc., and Harman International Industries.
Key players in the global vehicle analytics market are focusing on several strategies such as mergers and acquisitions, partnerships, business expansions, and collaborations, in order to strengthen their market presence. Apart from this, players are ramping their investments in upgrading their existing products to enhance their product portfolios in order to fortify their market shares.
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According to a report by TMR, the global vehicle analytics market was noted at a valuation of US$646.8 mn in 2017. The market is expected to rise at a stellar 20.9% CAGR from 2017 to 2022. Rising at this CAGR, the vehicle analytics market is projected to attain a valuation of US$10,215.5 mn by the end of forecast period.
Geographically, the vehicle analytics market is expected to witness a dominance of Europe. This is mainly because of the presence of key automotive manufacturers in the region. Along with this, an increasing adoption of car analytics solutions as well as electric vehicles in the region backed by encouraging governmental and regulatory policies is expected to offer a significant boost to the global vehicle analytics market. On the basis of deployment, migration from on-premise infrastructure to cloud is expected to open new doors of innovations to the vehicle analytics market.
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Growing Adoption of Connected Vehicles to Propel Market
The global vehicle analytics market is projected to showcase a stellar growth in the coming years. This is mainly because of the increasing integration of advanced technologies such as block chain, IoT and automation to vehicles network. Vehicle analytics refers to a set of solutions implemented on vehicle's network to gain vital insights about vehicles performance. It majorly contributes in better traffic handling and secure operations of different functions such as unlocking of cars, keeping records of traveling and journeys, leasing of car, and financial transactions.
The increasing adoption of connected and electric vehicles across the globe is a primary factor expected to offer a substantial push to the vehicle analytics market. However, the market growth is expected to get hindered by the concerns over network coverage and interoperability. Moreover, high initial investments and reduced speed of operation due to integration of several technologies are some other expected to hamper growth of the global vehicle analytics market in the coming years.
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Rising Shift from Closed Network to Cloud to Offer Immense Opportunities
The vehicle analytics market is projected to gain growth by the advent of cloud based services in the automotive industry. This is because cloud connectivity promises efficient traffic management, better route mapping, and effective transport parameters. It helps in efficient and easy data analysis thus aiding in more streamlined processes, real time tracking, and lowered accidental situations. This is expected to drive the global vehicle analytics market in the coming years. Furthermore, a rise in adoption of advanced technologies, enhanced vehicle-to-vehicle and vehicle-to-other connectivity, and necessity of a proactively safe operating system are some other factors offering a significant push to the global vehicle analytics market.
This review is based TMR's report titled, "Vehicle Analytics Market (Deployment Type - Cloud and On-Premises; End user - Tier 1 Suppliers, Original Equipment Manufacturers (OEMs), Service Providers, Automotive Dealers, Fleet Owners, Regulatory Bodies, and Insurers; Application - Predictive Maintenance, Warranty Analytics, Traffic Management, Safety and Security Management, Driver and User Behavior Analysis, Dealer Performance Analysis, Infotainment, Usage-based Insurance, and Road Charging) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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The global vehicle analytics market is segmented based on:
- Tier 1 Suppliers
- Original Equipment Manufacturers (OEMs)
- Service Providers
- Automotive Dealers
- Fleet Owners
- Regulatory Bodies
- Predictive Maintenance
- Warranty Analytics
- Traffic Management
- Safety and Security Management
- Driver and User Behavior Analysis
- Dealer Performance Analysis
- Usage-Based Insurance
- Road Charging
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America
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