With the increasing push by OEMs to make vehicle diagnostic analytics solutions a critical part of the entire lifecycle of their offerings, the demand for such solutions is likely to grow considerably.
FREMONT, Calif., Dec. 2, 2022 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Vehicle Diagnostic Analytics Market - A Global and Regional Analysis.
According to this study, the market size of global vehicle diagnostic analytics was valued at $1.82 billion in 2021 and is projected to reach $4.42 billion by 2031.
The following factors are responsible for the increase in demand for vehicle diagnostic analytics:
- Growing demand for vehicle diagnostic analytics in fleet management
- Rapid adoption of connected autonomous, shared, and electric (case) strategies by OEMs in the automotive industry
- Increasing focus on predictive maintenance for cost-savings and enhanced safety
- Growing application of vehicle diagnostics by OEMs/automotive dealers in warranty analytics
The detailed study is a compilation of 145 market data tables and 63 figures spread through 242 pages.
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Analyst's Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, "The vehicle diagnostics market is evolving at a significant pace and is anticipated to continue to spur at the same pace over the coming years. Automotive diagnostics analytics solution providers are coming up with innovative solutions and launching new solutions in the market. Collaborations and product launches are the key strategies assisting the market's growth. The shift in consumer preferences toward vehicles with high-end connectivity has provided a viable opportunity for vehicle analytics solution providers to gain strong ground in this domain. Moreover, increasing awareness regarding cost savings and enhanced safety levels achieved through the application of such solutions in vehicles is expected to increase the adoption of vehicle diagnostic analytics solutions among the various end users globally".
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Existing Competitive Landscape
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are Bosch Mobility Solutions, Continental Mobility Services, Harman International, Microsoft, Teletrac Navman US Ltd., SAP, WEX Inc., IBM, Kinetica DB Inc., Silver Power Systems, OCTO Group S.p.A, KPIT Technologies Limited, Tata Consultancy Services Limited, Noregon, Akkurate Oy, AutoDAP B.V., Sibros Technologies Inc., Mojio, Poseidon Systems, LLC and more.
Recent Developments in the Global Vehicle Diagnostic Analytics Market
- In February 2022, OCTO Telematics announced a new agreement in its partnership with Ford Motor Company to extend its data streaming into Europe. By leveraging Ford's connected vehicle data, OCTO would enhance its market-proven telematics services in insurance and analytical services in the U.K., Italy, Germany, France, and Spain.
- In January 2022, Continental came up with a new 4G dongle, thereby boosting the performance of its remote vehicle data platform for vehicle data of numerous makes and models.
- In February 2021, Harman International acquired all the assets of Savari, Inc. for developing vehicle-to-everything communications technology in 5G edge and automotive devices.
On-Demand Deployment Model to Witness Rapid Growth
The telecom service providers have also been an integral part of the rapidly growing vehicle diagnostic analytics market, as they provide the telecom connectivity needed for remote diagnostics, thereby enabling on-demand diagnostic analytics solutions for end users.
According to this study from BIS Research, the on-demand deployment model is expected to witness a higher adoption rate over the coming years during the forecast period. It is due to the flexibility and scalability that the cloud-based on-demand deployment model has to offer. It is also convenient for the end users as the deployment can be tailored to the needs of end users without paying high setup and maintenance fees.
With the rise in demand for real-time diagnostic analytics solutions for vehicles, on-demand deployment is likely to grow significantly during the forecast period of 2021-2031.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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