Automotive Analytics Market is Estimated to Reach $3.81 Billion by 2023

According to the Report “Automotive Data Analytics Market: By End-User (OEM, After-Market & Insurance); By Type (Software, Services); By Deployment Type (Cloud & On-Premise); By Application (Sales & Marketing, Customer Behaviour & Management & Others) & By Geography - Forecast (2017-2023)” Published by IndustryARC, the market to reach $3.81 Billion by 2023

According to a recent study from IndustryARC, automotive analytics market is forecast to reach $3.81 billion by 2023 and is estimated to grow at a CAGR of 15.4%. The growth in the market is primarily attributed by the increasing adoption of analytics by automotive OEMs for the development of new automotive components and technologies making them feasible to the connected and autonomous vehicles. Moreover, after-market companies are being increasingly relying on analytics for the sales & marketing and customer management applications to enhance the customer experience and management purposes and to reach out to target audience to sustain in competitive environment. 

Automotive analytics market is majorly dominated by the software segment and it is estimated to account for a share of approximately 65% in 2016. Further, services segment are set to witness the rapid growth of 19.3% during 2017-2027 with consulting services being the major revenue generating segment as a part of services owing to the increasing number of companies offering these sort of services including integration and managed services.

Americas is the largest market of automotive analytics market globally with a revenue share of around 40% in 2016 owing to the presence of wide range of analytics companies and automotive companies from this region adopted analytics for the development of connected and autonomous vehicle technologies and to enhance operational efficiencies and to optimize operational costs. Moreover, continual innovation in products as per the customer requirements have been boosting the penetration of analytics in OEMs and after-market companies across the globe. In the Americas region, U.S. is projected to dominate the market and is projected to witness the highest growth of CAGR 16.7% during 2017-2023 owing to the increasing adoption of analytics for the sales & marketing applications along with the customer management purposes.

 

The analytics providers specific to automotive industry have utilized partnerships, acquisitions and collaborations as the key strategies to enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the system types is highlighted and market players are profiled.