The global vehicle analytics market size is expected to reach USD 10.65 billion by 2028, exhibiting a CAGR of 24.06% during the forecast period. The growing demand for automotive analytics can have a tremendous impact on the global market growth, states Fortune Business Insights in a report titled “Vehicle Analytics Market, 2021-2028.” The market size stood at USD 2.03 Billion in 2020.
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The Report Lists the Key Companies in this Market:
- SAP SE
- IBM Corporation
- Genetec Inc
- Cloud Made Ltd.
- HARMAN International Industries Inc.
- Intelligent Mechatronic Systems
- Microsoft
- Agnik LLC
- Pivotal Software, Inc.
- Teletrac Navman
Key Development:
April 2021: China Association of Automobile Manufacturers (CAAM) Introduced an automotive data storage platform for connected vehicles using blockchain technology.
Regional Insights:
Surging Connected Vehicle Sales to Bolster Growth in Asia Pacific
Asia Pacific is predicted to develop at the highest rate, with a CAGR of 28.1 percent during the forecast period. With increasing connected vehicle sales, China is projected to drive market growth in the region. Additionally, market development is projected to be driven by overloaded public transportation and the rising need for effective traffic control systems to ensure smooth traffic flow. Furthermore, market expansion in APAC's rising nations, such as China, India, Japan, South Korea, and others, is projected to be boosted by the increasing penetration of sophisticated technology firms and usage-based insurance. For instance, Toyota, one of the most well-known connected car manufacturers in APAC, sold 2 million vehicles in 2020.
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Competitive Landscape:
SAP SE to Dominate the Market
SAP SE, located in Germany, is a prominent provider of automotive analytics. Customers can use the company's automotive analytics software and services. With the use of online data analytics, SAP vehicle analytics software allows you to manage connected cars. Vehicle diagnostics, mobility as a service, fleet management, and analytics are all possible applications.
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