The market for [FURL=https://www.industryarc.com/Report/17997/automotive-data-analytics-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Automotive Data Analytics[/FURL] is forecast to reach $6.2billion 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.Key Takeaways
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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Automotive Data Analytics Market Drivers
Collision Avoidance Driving Automotive Analytics
A major factor driving the market is the rise of predictive collision avoidance.
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.
Automotive Data Analytics Market top 10 companies are Google Inc., SAP SE, Cisco Systems, Inc., Microsoft Corporation, Bosch Software Innovations GmbH, Drust, Sight Machine and ZenDrive.
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