The automotive industry is undergoing a paradigm shift, moving from connected vehicles to self-driving cars (autonomous vehicles). Car manufacturers and Original Equipment Manufacturers (OEMs) are combining the power of machine learning, Artificial Intelligence (AI), and advanced technologies to offer a seamless experience to the customers. Numerous applications such as infotainment, traffic management, safety, and security management, and driver and user behavior analysis are being leveraged to make the customers’ ride a pleasant one. With the development of Vehicle-to-Vehicle (V2V) communication, the automotive market is witnessing new trends that are looking forward to ingesting the data received from the sensors of moving cars to assist in rapid decision making and routing the vehicles to less-crowded routes, thereby achieving greater fuel economy and reducing the time-to-travel significantly. The driving experience has transformed, due to the introduction of vehicle analytics, which analyzes the data on demand. The prominence of V2V communication is paving the way for futuristic self-driving cars, which would provide a safe and secure environment to the passengers inside the cars. Advancement in analytics is a major breakthrough in the upcoming, futuristic self-driving vehicles era.
The major drivers of the vehicle analytics market include advancements in technologies, such as machine learning, AI, and predictive maintenance, to enhance fleet management and the increasing use of real-time data collected from sensors and Global Positioning System (GPS) tracking devices. The global market size of the vehicle analytics market is projected to reach USD 3,637.4 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 26.5% during the forecast period. The major vendors in the vehicle analytics market include Acerta Analytics Solutions (Canada), Agnik LLC (US), Amodo (Croatia), Automotive Rentals (ARI) (US), Azuga (US), C-4 Analytics, LLC (US), CloudMade (UK), Digital Recognition Network (US), EngineCAL (India), Genetec Inc.(Canada), HARMAN International (US), IBM (US), Inquiron (Dubai), INRIX (US), Inseego Corp. (US), Intelligent Mechatronic Systems (Canada), Microsoft (US), Noregon (US), Pivotal Software, Inc. (US), Plotly (Canada), Procon Analytics (US), SAP (Germany), Teletrac Navman (US), WEX Inc. (US), and Xevo Inc. (US). These players have adopted different strategies, such as new product launches, product developments, partnerships and collaborations, and acquisitions to expand their presence and enhance their market shares. Acquisitions and partnerships are the major growth strategies adopted by the vendors in the vehicle analytics market. Microsoft, Oracle, IBM, SAS Institute Inc., and SAP are some of the major players operating in the vehicle analytics market. These players have a significant presence across the globe.
In January 2017, Microsoft, a major IT company in the vehicle analytics market, introduced the Microsoft Connected Vehicle Platform that offers a series of services to automotive manufacturers for helping them convert their data into actionable insights. Microsoft has been working aggressively with automotive industry leaders to help them leverage the unprecedented opportunities available in the vehicle analytics market. Companies such as BMW, Ford, Renault-Nissan, Toyota, and Volvo are using Microsoft’s Intelligent cloud technologies to gain an advantage in predictive maintenance and voice-controlled media. BMW’s announcement of integrating Microsoft’s business tools in its cars is also a great move that would provide business users the flexibility to work while commuting to their office.
IBM, in September 2015, launched a new cloud-based service to help automotive players capture driver and vehicle data, and convert it into actionable insights. The data would be useful to gain significant insights into predictive vehicle maintenance and real-time diagnostics on engine troubles. It would also help drivers in navigating to the most efficient traffic routes. Expecting a significant market for vehicle analytics, IBM unveiled a new Internet of Things (IoT) unit that would categorically be instrumental in developing new advanced technologies in the automotive vertical. The new IoT unit is a part of a USD 3 Billion investment that would help the company focus on developing cloud, analytics, and cognitive computing technologies.
Vehicle Analytics Market by Application (Safety and Security Management, Traffic Management, Usage-Based Insurance), Component, and End-User (OEMs, Service Providers, Automotive Dealers, Fleet Owners, Regulatory Bodies, and Insurers) - Global Forecast to 2022
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