Vehicle Analytics Market Size (2024 - 2029)

Vehicle Analytics Market Analysis

The Vehicle Analytics Market is expected to register a CAGR of 24.30% during the forecast period.

With the rise of Big Data and the increasing need to make critical business decisions within a compressed timeframe, business intelligence, and analytics tools have gained a substantial market share in the past years. The growth in this industry is anticipated to be positive during the forecast period.

• Digitalization has become an essential driver of innovation in the vehicle industry. Cars account for at least 50 sensors designed to collect more detailed information, such as speed, emissions, distance, resource usage, driving behavior, and fuel consumption. The generated data gives the automotive industry stakeholders the required technological advancement to use for further analysis, create relation analysis, and enable better utilization of the metrics.
• The predictive analytics applications enable the end users to evaluate prior patterns and driving behavior, deciding the likelihood of future possibilities. Apart from this, growth in the connected car industry is expected to provide significant challenges and opportunities to the automotive sector, including analytics. It has been a massive impetus for innovations.
• Innovative business models can be generated by combining vehicle telematics data and analytic insights into customer and business data. As new and faster wireless network connectivity technology is evolving, such as Li-Fi and 5G, a rising opportunity lies in the advanced data-driven services, which is also appealing. The awareness of an intelligent solution for sustainable traffic and transport management has prompted the governments to provide the new technology enablers the financial benefits to fast pace the adoption and meet their strategic targets sooner.
• Migration to the cloud is also expected to increase industry growth and provide new opportunities for innovation. However, concerns about online coverage and interoperability are expected to hamper industry expansion. Furthermore, the market is expected to be constrained due to the high initial cost of the technology and the high price of solutions limiting adoption in high-end cars.

Vehicle Analytics Industry Segmentation

Vehicle Analytics is a technology that allows the user or the manufacturer to gain insights from real-time information about the vehicle's current state, the driver's driving methods, etc. It also performs various tasks such as vehicle counting, tracking, brand detection, speed detection, road condition inspection, and incorrect direction detection.

The scope of the study focuses on the market analysis of vehicle analytics solutions sold across the globe. Market sizing encompasses the revenue generated through Vehicle Analytics solutions sold by various market players. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyzes the overall impact of COVID-19 on the ecosystem.

The vehicle analytics market is Segmented by deployment (cloud, on-premise), by application (predictive maintenance, safety & security management, driver performance analysis), by end-user industry (fleet owners, insurers, OEMs, and service providers), by geography (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). The report offers market forecasts and size in value (USD) for all the above segments.