The Automotive Data Analytics Market is forecast to reach $6.2 billion by 2026, growing at a CAGR of 16.75% from 2021 to 2026. Data analytics has come to play an increasing role in the automotive ecosystem. As OEMs look for new revenue generation models, the analytics and value-added services provided through these solutions will increasingly come to the forefront. The increase in technologies of the automotive industry, the demand for connected vehicles have now been elevating the demand for data analytics to analyze and gain customer behaviour and evaluating and projecting future demand. Before, data analytics was limited to sales and marketing, but now it is being adopted in manufacturing operations, product development stage, logistics sector and aftermarket services. In the UK, the inference with its manufacturing base and significance as a major sales market share for global manufacturers are clear; their vehicles can directly impact the supply chain. Thus, there is growing adoption of data analytics in the automotive ecosystem.
Automotive Data Analytics Market Segment Analysis – By Deployment
On the basis of channel type, the automotive OEM segment is anticipated to maintain its leading position during the forecast period. This is mainly due to products performance and posing advanced version of services in vehicle analytics by automotive OEMs. At present, the OEM segment holds the largest revenue share in the global market. This is possible due to advanced analytics techniques and also through the connected car technology. The increasing focus of OEMs on new value-added services including deployment of automotive analytics to enable improved consumer relations is a major factor driving the adoption from the OEM perspective. The rise of usage-based insurance, especially among young people will be a major factor resulting in the significant growth of data analytics among insurers in this market.
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Automotive Data Analytics Market Segment Analysis – By Applications
The new avenues of growth offered by an ever-expanding applications list will drive the automotive data analytics market. The evolving transformation of technologies, applications and services in the automotive sensors to artificial intelligence to data analytics play a vital role to provide list of data sets in accordance to car’s performance. The data analytics is primarily used for design and manufacturing in the automotive sector. A lot of savings is seen in terms of cost can be achieved with an efficient inbuilt automotive analytics system. Vehicular cybersecurity is one of the key trends in automotive sector since the connected cars will be able to connect with internet, which can be dangerous because their system can be hacked. So the automotive industry is increasingly trying to implement cybersecurity in the connected cars, so that their vehicle will face less issues from hackers.
Automotive Data Analytics Market Segment Analysis – By Geography
Asia-Pacific is expected to have the highest growth rate during the forecast period in the vehicle data analytics market. The top nations that are contributing towards growth in the sub-regions are China, Japan, Singapore, South Korea and India. The market is mainly focused on the significant growth in cab aggregator companies’ development, which has witnessed growing ease of progress as a result of IoT proliferation, especially in smart cities. The automotive industry is looking forward to majorly focus on the regions like China, India, Malaysia and Thailand that hold extreme potential of adoption of advanced technologies in the near future. Cloud technologies play a huge role in the APAC region and has compelling trends that imply enormous growth opportunities.
Automotive Data Analytics Market Drivers
Collision Avoidance Driving Automotive Analytics
A major factor driving the market is the rise of predictive collision avoidance. Through the use of advanced sensors, big and fast data and car to car connectivity, this technology will be deployed as a collision-avoidance system in vehicle. Nissan’s predictive forward collision warning feature is one of the experimental technology done by Nissan. This collision avoidance sensor is placed at the front of the vehicle. This sensor system helps in analyzing the distance and speed of the multiple vehicle which is travelling ahead of Nissan car. If the vehicle in front brakes suddenly, the alert will rise on Nissan vehicle which will force the driver of the Nissan car to brake the vehicle suddenly, this alert can be the form of either visual alert or audible signal. The rising deployment of this technology, especially with the growth of autonomous vehicle market, will be a major driver for Automotive Data Analytics
Entry of Leading Analytics and Software Companies creating Opportunities
A number of leading software and analytics companies have growingly focused on automotive data analytics. SAP SE has software like Vehicle Insights Software, Connected Cars Analytics & Telematics, Real-Time Advanced Analytics, Predictive Analytics & Modeling Software and others. IBM Corporation is a leading solution for collecting sensor data, real-time analytics, and decision making in connected vehicles. Capgemini SE has services in Automotive Connect OEM, Automotive connect retailer and others. The growing adoption of unexplored opportunities in automotive industry will help the competitors and service provider to bring new automotive software solution to the market. The presence of these companies and their innovations they bring in the sector are creating new opportunities for market growth.
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Automotive Data Analytics Market Challenges
Concerns Regarding Data Privacy
The biggest challenge with Data Analytics is the sensitive issue of data privacy and security, which most automotive companies are facing. Privacy concerns are cropping up as companies feed more and more consumer and vendor data into advanced, AI-fuelled algorithms to create new bits of sensitive information, unbeknownst to affected consumers and employees. This is especially prevalent in the insurance sector, where consumer data collection has been at the forefront in terms of big data challenges. The insurance sector is governed by strict compliance to regulations and governance since any data breach or security failure could be disastrous. These data privacy concerns will hinder the adoption of automotive data analytics, especially in insurance sector.
Automotive Data Analytics Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Automotive Data Analytics Market. Google Inc., SAP SE, Cisco Systems, Inc., Microsoft Corporation, Bosch Software Innovations GmbH, Drust, Sight Machine and ZenDrive are considered to be the key players of the Automotive Data Analytics Market.
In December 2019, J.D. Power, a global leader in data analytics and consumer intelligence, merged with Autodata Solutions, a provider of data and software solutions for the automotive ecosystem. The merger marks the completion of J.D. Power’s acquisition by Thoma Bravo, a leading private equity firm, and owner of Autodata Solutions. The newly combined company will offer market-leading new and pre-owned automobile transactional data, valuation tools, vehicle feature information and consumer analytics to the automotive industry.
Infomedia Ltd, a leader in parts and service software to the global automotive industry, announced today it has entered into an agreement to acquire Australian based, automotive data analytics company Nidasu.
Fuel management poses and greater challenge in the automotive industry. With the use of data and analytics and accessibility to greater amount of data, the usage of fuel will become ultra-efficient and gain the capability to make measurable increases in driver productivity.
A survey done by National Automotive Board said that growing rate of accidents is due to faults or damages found in the automotive parts. With respect to this use of analytics, damaged parts of a vehicle can be identified before it causes interruptions in daily use. This will lead the driver to identify the pattern and precede an accident to manage the situations.
Prognostic preservation is one of the new trend in vehicle analytics market in which it identifies the vehicle maintenance before they occur. This predictive data analytics functions virtually in fetching data from every vehicle of a given year and model and compare that information with warranty repairs trends.
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