According to a new report, published by KBV research, The Global Vehicle Analytics Market size is expected to reach $20.9 billion by 2031, rising at a market growth of 24.1% CAGR during the forecast period.
Cloud-based analytics platforms provide scalable storage and processing capabilities, enabling the analysis of large datasets generated by connected vehicles. These platforms facilitate data aggregation from multiple sources and support advanced analytics applications. Predictive analytics uses historical data and statistical models to forecast future vehicle performance, maintenance needs, and potential issues. Innovations in predictive analytics are enhancing the accuracy of forecasts and enabling proactive vehicle management.
The Solution segment is generating the highest revenue in the Global Vehicle Analytics Market by Component in 2023; thereby, achieving a market value of $13.4 billion by 2031. Solutions within the vehicle analytics market, such as software platforms and applications, offer comprehensive capabilities beyond basic data collection. They provide advanced analytics, real-time monitoring, predictive insights, and detailed reporting, crucial for stakeholders like fleet operators, insurance companies, and individual vehicle owners.
The Cloud segment is registering a CAGR of 23.6 % during the forecast period. Cloud solutions offer seamless scalability, allowing organizations to adjust their resources according to their needs easily. As vehicle analytics data volumes increase with more connected vehicles and sensors, cloud platforms can expand their storage and processing capabilities without requiring significant infrastructure investments.
The OEMs segment led the Global Vehicle Analytics Market by End Use in 2023; thereby, achieving a market value of $5.1 billion by 2031. OEMs use vehicle analytics to gather data on vehicle performance, driver behavior, and environmental conditions. This data is crucial for developing and refining advanced vehicle features and systems, such as Advanced Driver Assistance Systems (ADAS), infotainment systems, and autonomous driving technologies.
The Predictive Maintenance segment is growing at a CAGR of 21.6 % during the forecast period. Predictive maintenance detects potential issues before they result in vehicle breakdowns. By addressing these issues early, organizations can significantly reduce unexpected downtime and minimize the operational impact of vehicle failures.
Full Report: https://www.kbvresearch.com/vehicle-analytics-market/
The North America region dominated the Global Vehicle Analytics Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $7.5 billion by 2031. The Europe region is anticipated to grow at a CAGR of 23.6% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 24.7% during (2024 - 2031).
By Component
By Deployment
By End Use
By Application
By Geography
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