What are the Historical Developments and Current Growth Metrics of the Vehicle Analytics Market?
The vehicle analytics market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the vehicle analytics market size. The projected growth is from $3.83 billion in 2024 to a staggering $4.65 billion in 2025, with a compound annual growth rate (CAGR) of 21.4%.
Elements such as adoption of telematics, improving safety and security measures, emphasis on predictive maintenance, adherence to regulatory compliance, and evolving urbanization and traffic management have led to the growth observed during the past period.
What Does Future Hold for The Vehicle Analytics Market Size?
The vehicle analytics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for vehicle analytics is projected to experience significant growth in the forthcoming years, reaching a valuation of $10.4 billion by 2029 at a CAGR of 22.3%.
The anticipated growth within the prediction period can be linked to developments in autonomous vehicles, environmental sustainability initiatives, focus on enhancing driver and passenger experiences, increasing consumer demand for sophisticated features, and the transition towards mobility services. The forecast period is set to see key trends such as the emergence of connected vehicles, integration of telematics, optimization of fuel efficiency, synergy with fleet management solutions, smart city initiatives and traffic management strategies, and partnerships with OEMs and automotive suppliers.
What Key Factors and Trends are Driving the Growth of the Vehicle Analytics Market?
The soaring significance of interconnected vehicles is essentially fueling the expansion of the vehicle analytics market. Interconnected vehicles possess the ability to link up with nearby gadgets for communication over networks. As connected vehicles become more prevalent, there is an increasing demand for vehicle analytics to provide features like warranty analytics, predictive maintenance, and dealer performance analysis, among others. For instance, Cubic Telecom, an Ireland-based software-defined connected vehicle solution firm, projected in January 2023 that connected vehicles would see a significant surge of 91% from 2023 to 2027, primarily driven by advanced driver assistance systems (ADAS) and infotainment. Therefore, the escalating dominance of connected vehicles is anticipated to incentivize the growth of the vehicle analytics market.
What are the Market Segments in the Vehicle Analytics Market?
The vehicle analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Model: On-Premises, On-Demand
3) By Application: Predictive Maintenance, Warranty Analytics, Traffic Management, Safety And Security Management, Driver And User Behavior Analysis, Dealer Performance Analysis, Infotainment, Usage-Based Insurance, Road Charging
4) By End-User: Original Equipment Manufacturers (OEMs), Service Providers, Automotive Dealers, Fleet Owners, Regulatory Bodies, Insurers
Subsegments:
1) By Software: Fleet Management Software, Telematics Solutions, Predictive Maintenance Software, Driver Behavior Analysis Software, Vehicle Performance Analytics Tools
2) By Services: Consulting Services, Integration Services, Data Analysis Services, Support And Maintenance Services, Training Services
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What Trends are Shaping the Vehicle Analytics Market?
The vehicle analytics market is being revolutionized by technological advancements. AI and machine learning capabilities within vehicle analytics enable superior and swifter decision-making and can forecast vehicle condition and driving behaviours. Key market leaders are unveiling innovative technologies to deliver real-time feedback to motorists. For example, in August 2024, the American real-time traffic data and connected driving services firm, INRIX, Inc., introduced INRIX IQ Curb Analytics. This product boasts features such as citywide curbside visualization, real-time and predictive details on curb occupancy, and compatibility with over 400 micromobility data sources, which allows cities to efficiently utilize curb space for parking, deliveries and public transit. The significance of this system is its capacity to advance urban mobility, alleviate traffic congestion, and improve accessibility by offering an extensive digital understanding of curb use and facilitating data collection.
Who Are the Key Players in the Vehicle Analytics Market?
Major companies operating in the vehicle analytics market include:
• SAP SE
• International Business Machines Corporation
• Microsoft Corporation
• Genetec Inc.
• Cloud Made Ltd.
• Harman International Industries Inc.
• Teletrac Navman
• Agnik LL
• Pivotal Software Inc.
• SAS Institute Inc.
• Acerta Systems Analytics Inc.
• Amodo Ltd.
• INRIX Inc.
• Inseego Corp.
• Automotive Resources International Fleet Management Company
• Continental AG
• Google Inc.
• Cisco Systems Inc.
• Drust Vehicle Analytics
• Sight Machine Inc.
• Fair Isaac Corporation
• Bosch Software Innovations GmbH
• Experian plc
• WABCO Holdings Inc.
• Trimble Inc.
• TomTom International B. V.
• Airbiquity Inc.
• Oracle Corporation
• Mix Telematics Ltd.
What are the Regional Insights into the Vehicle Analytics Market?
North America was the largest region in the vehicle analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
