Automotive Data Analytics Market - Forecast(2024 - 2030)
The Automotive Data Analytics Market Size is forecast to reach $ 11540.9 Million by 2030, at a CAGR of 21.9% during forecast period 2024-2030.. 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 behavior & evaluating and projecting future demand. Previously, 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 Report Coverage
The report: “Automotive Data Analytics Market– Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Automotive Data Analytics Market.
By Channel – OEM, Aftermarket, Insurance
By Type – Software, Services
By Deployment – Cloud, On-Premises, On-Demand
By Application– Sales and Marketing, Diagnostics and Monitoring, Customer Behaviour, Traffic Management, Usage-Based Insurance, Dealer Performance Analytics, Warranty Analytics, Safety and Security Management and Others
By Analytics Type – Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Simulation Analytics, Price Elasticity Analytics and Others?
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Australia and Others), and RoW (Middle east and Africa).
Key Takeaways
Automotive Data Analytics Market, By Type
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 to reach 51% in 2026. 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.
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. Usage based insurance will grow at the highest rate of 22.1% CAGR through 2026. 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.
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Automotive Data Analytics Market Segment Analysis - By Geography
Asia-Pacific is expected to have the highest growth rate during the forecast period at 19.6% through 2026 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.
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.
Acquisitions/Technology Launches/Partnerships
Key Market Players:
The Top 5 companies in the Automotive Data Analytics Market are: