The vehicle analytics market is predicted to witness a compound annual decent growth rate during the forecast period (2018-2024). Vehicle analytics allows the driver or the vehicle/fleet owner to know what is going on with the vehicle and how the driver is behaving while his/her journey. In short, this provides a detailed analysis of the performance of the vehicle and the driver.
Growing demand for usage-based insurance is one of the major drivers driving the growth of the global vehicle analytics market during the forecast period. The growing competition among the fleet owners is further driving the market growth with the adoption of advanced analytics by the fleet owners.
Growing Demand For Usage-based Insurance
The growing popularity of usage-based insurance is driving the adoption of advanced analytics in vehicles. This is due to the fact that these provide a real-time in-depth analysis of driver behavior making it easier for the auto insurers to more accurately price premiums. Also, usage-based insurance provides consumers an ability to control their premium costs by providing them with incentives in case of reduced miles driven, and adoption of the safer driving habits. This, in turn, would benefit the society as well where lesser number of miles traveled and safe driving habits will help in the reduction of the number of accidents and congestion, hence, reducing carbon emissions. By utilizing auto-telematics drivers can learn from their previous driving behaviors and can be well-aware about their harsh driving such as high speed, sharp turns, and hard braking. In addition, it will be easier for insurers to develop accurate insights regarding driving data in case of an accident. This will further help in providing protection against false claims by the driver or the owner of the vehicle and would clarify what really happened.
Vehicle Analytics Market forecast By Geography
Geographically, Vehicle Analytics market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Europe dominated the global vehicle analytics market in 2018 owing to early adoption of connected vehicles in the region coupled with high integration of technologies such as IoT and AI across transport industry. North America also holds significant market share on account of rising insurance premiums associated with vehicle accidents. APAC Vehicle Analytics market is projected to witness the fastest regional market growth during the forecast period owing to rapid growth e-commerce industry for which owners are using vehicle analytic software and services to keep track of goods. Increasing demand for ride-hailing services in countries like China and India is another majr factor that will continue to bolster the growth of vehicle analytic market in APAC region till the end of the forecast period.
North America Vehicle Analytics market is projected to grow at a CAGR of XX% during the forecast period, reaching a total market size of US$14.642 billion by 2024. This regional market is further segmented into U.S., Canada, and Mexico Vehicle Analytics markets. U.S. holds the major market share owing to early adoption of new technologies and rising insurance premium cost for car accidents. Mexico will witness the highest CAGR during the forecast period owing to rapidly growing logistics industry.
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