IMARC Group, a leading market research company, has recently released a report titled “Vehicle Analytics Market Report by Component (Software, Services), Deployment Mode (On-premises, Cloud-based), Application (Dealer Performance Analysis, Driver and User Behaviour Analysis, Predictive Maintenance, Safety and Security Management, Traffic Management, Usage-based Insurance), End User (Original Equipment Manufacturers (OEMs), Insurers, Automotive Dealers, Regulatory Bodies, Fleet Owners), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the vehicle analytics market share, size, trends and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global vehicle analytics market size reached US$ 2.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 17.5 Billion by 2032, exhibiting a growth rate (CAGR) of 21.1% during 2024-2032.
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Factors Affecting the Growth of the Vehicle Analytics Industry:
- Growing Adoption of Connected Vehicles:
The rising popularity of connected vehicles that are equipped with advanced sensors, telematics, and communication systems to generate vast amounts of data is one of the major factors boosting the market growth. This data includes real-time information on vehicle health, driver behavior, and traffic conditions. Besides this, the burgeoning integration of the Internet of Things (IoT) technology in vehicles to facilitate seamless connectivity, allowing for continuous data collection and transmission, is enhancing the market growth. Moreover, the increasing utilization of vehicle analytics by automotive manufacturers and fleet operators to enhance vehicle performance, optimize maintenance schedules, and improve overall safety is boosting the market growth.
- Implementation of Regulatory Compliance and Safety Standards:
The imposition of stringent regulatory requirements and safety standards by governments and regulatory bodies across the globe related to vehicle safety, emissions, and driver behavior is catalyzing the market growth. Along with this, the growing need for compliance with these regulations, necessitating continuous monitoring and analysis of vehicle data, is enhancing the market growth. Vehicle analytics solutions help automotive manufacturers and fleet operators adhere to several regulations by providing detailed insights into vehicle performance, emissions levels, and safety compliance. Moreover, these analytics tools enable the identification of risky driving behaviors, thereby promoting safer driving practices.
- Enhanced Customer Experience and Operational Efficiency:
The rising focus on improving customer experience and operational efficiency is positively impacting the market growth. In line with this, the increasing adoption of advanced analytics that enable companies to gain a deeper understanding of customer preferences, driving patterns, and vehicle usage is acting as a growth-inducing factor. For instance, the rising utilization of vehicle analytics by insurers to offer usage-based insurance (UBI) policies, where premiums are calculated based on individual driving behavior, is fostering the market growth. Furthermore, vehicle analytics aid in optimizing fleet management by providing insights into fuel consumption, route planning, and maintenance needs. Real-time data analysis helps in minimizing downtime, reducing operational costs, and improving overall fleet efficiency.
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Vehicle Analytics Market Report Segmentation:
By Component:
- Software
- Services
Based on the component, the market is divided into software and services.
By Deployment Mode:
- On-premises
- Cloud-based
On-premises accounted for the largest market share due to enhanced data security, control over sensitive vehicle data, and compliance with stringent industry regulations.
By Application:
- Dealer Performance Analysis
- Driver and User Behaviour Analysis
- Predictive Maintenance
- Safety and Security Management
- Traffic Management
- Usage-based Insurance
Safety and security management represented the largest segment as it addresses critical concerns of accident prevention, theft detection, and overall vehicle and passenger safety.
By End User:
- Original Equipment Manufacturers (OEMs)
- Insurers
- Automotive Dealers
- Regulatory Bodies
- Fleet Owners
Original equipment manufacturers (OEMs) accounted for the largest market share as they integrate vehicle analytics solutions during manufacturing to enhance vehicle performance, comply with regulations, and provide value-added services.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Europe’s dominance in the vehicle analytics market is attributed to its stringent vehicle safety regulations, high adoption of advanced automotive technologies, and strong presence of leading automobile manufacturers.
Global Vehicle Analytics Market Trends:
The burgeoning integration of artificial intelligence (AI) and machine learning (ML) to enable advanced predictive analytics and autonomous decision-making capabilities is anticipated to drive the market growth. In addition to this, the development of customized analytics solutions tailored to specific industries, such as logistics, public transportation, and ride-sharing services that provide insights to help in optimizing operations, reducing costs, and improving service quality, is enhancing the market growth. Furthermore, the increasing availability of high-speed fifth-generation (5G) networks that enable faster data transmission and more reliable connectivity, thus supporting real-time analytics and the development of connected and autonomous vehicles, is catalyzing the market growth.
Top Companies Operated in Vehicle Analytics Industry:
- Agnik LLC
- CloudMade (Valeo)
- Continental AG
- Genetec Inc.
- IMS (Insurance & Mobility Solutions)
- Inquiron
- Inseego Corp.
- International Business Machines Corporation
- Microsoft Corporation
- Samsung Electronics Co. Ltd.
- SAP SE
- Teletrac Navman US Ltd (Vontier Corporation)
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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