LONDON, July 13. 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the vehicle analytics market, the growing dominance of connected vehicles is contributing significantly to the growth of the vehicle analytics market. Connected vehicles are the types of vehicles capable of connecting to nearby devices to communicate over networks. The growth of connected vehicles leads to an increasing need for vehicle analytics to provide various functionalities such as warranty analysis, predictive maintenance, dealer performance analysis, etc.
For example, according to Connected Vehicle Trend Radar, a global study by Capgemini, an information technology company based in France, the number of connected cars is expected to reach 352 million by the end of 2023. As a result, the growing dominance of connected vehicles is expected to drive the growth of the vehicle analytics market.
The global vehicle analytics market size is expected to grow from $2.17 billion in 2021 to $2.66 billion in 2022 at a compound annual growth rate (CAGR) of 22.4%. The Vehicle Analytics Market Share is Expected to Reach $6.11 billion in 2026 at CAGR of 23.1%.
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Technological advancements are among the significant trends in the vehicle scanning industry. Artificial intelligence and machine learning technologies in vehicle analytics enable better and faster decision making and predict vehicle status and driving habits. Major market players are launching advanced technologies to provide real-time feedback to drivers. For example, in October 2019, Zoomcar, a self-driving car rental company based in India, launched an agnostic vehicle model Driver Score Tech Stack, an AI-powered algorithm with machine learning capabilities that helps to track the customer’s mechanical specifications and driving style and identifies critical events while driving the car. The scoring system gives a score on a scale of 0 to 100 to give drivers real-time feedback on the occurrence of reckless driving and help them adjust their behavior.
Key Players of Vehicle Analytics Market are SAP SE, IBM Corporation, Microsoft Corporation, Genetec Inc., Cloud Made Ltd., Harman International Industries Inc., Teletrac Navman, Agnik LLC, Pivotal Software Inc., SAS Institute, Acerta Systems Analytics Inc., Amodo Ltd., INRIX, Inseego Corp., ARI Fleet Management Company and Continental AG.
The Global Vehicle Analytics Market analysis report is segmented by Component into Software, Services; by on-premises, on-demand deployment model; by application in predictive maintenance, warranty analysis, traffic management, safety and security management, driver and user behavior analysis, dealer performance analysis, infotainment , usage-based insurance, road pricing; by end user in Original Equipment Manufacturers (OEM), Service Providers, Automotive Dealerships, Fleet Owners, Regulators, Insurers.
North America was the greater region in the vehicle analytics market in 2021. Asia Pacific should be the fastest growing region in the forecast period. Regions covered in the Vehicle Analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle- East and Africa.
Global Vehicle Analytics Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide insights into the Vehicle Analytics Market , analyze Vehicle Analytics Market and forecast market size and growth for the overall market, Vehicle Analytics Market segments and geographies, Vehicle Analytics Market trends, drivers of the Vehicle Analytics Market, Vehicle Analytics Market Constraints, Revenues, Profiles and Market Share of Top Vehicle Analytics Market Competitors in 1000+ Industry Reports Covering 2500+ market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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