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.
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.
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Market to Witness Considerably High Contribution from On-premise Deployment Segment
The global vehicle analytics market is segmented on the basis of deployment type, end-user, application and geography. On the basis of deployment type, the market is segmented into cloud and on-premises. On-Premise deployment segment would refer to the computation that is located within the physical confines of an organization while the cloud based deployment refers to delivery of hosted services over the internet.
In 2016, the On-premises deployment type is expected to hold the major revenue share owing to their wide adoption across industry vertical. Cloud sub-segment, owing to their increasing adoption is expected to grow at a rapid pace while also capturing considerable market share during the forecast period.
On the basis of end-user, the global vehicle analytics market is segmented into Tier 1 suppliers, original equipment manufacturers (OEMs), service providers, automotive dealers, fleet owners, regulatory bodies and insurers. Based on the end-user, Tier 1 suppliers sub-segment is expected to hold the major share of the market, primarily their critical role as suppliers of hardware and software to other industries.
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On the basis of application, the market is segmented into 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. The market, based on application is expected to be dominated by predictive maintenance sub-segment and is projected to grow at rapid pace.
Europe Likely to Exhibit Lucrative Prospects through Forecast Period
The global vehicle analytics market is expected to be driven by the Europe region. Europe is estimated to contribute a major share throughout the forecast period to the overall vehicle analytics market with the U.K. and Germany contributing most to the region’s revenue.
The region is expected to hold about one third of the global market’s revenue in 2025. The presence of major industry players along with high adoption of car analytics solutions and advanced electric cars across many countries in the region is expected to drive the market growth.