Vehicle Analysis Market to Gain $ 7.27 Billion by 2027:
Portland, OR, May 31, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the vehicle analysis market was pegged at $ 1.84 billion in 2019 and is expected to reach $ 7.27 billion by 2027, registering a CAGR of 24.3% from 2020 to 2027. The report provides in-depth analysis of the major pockets of investment, top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
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The increasing trend of automotive connectivity solutions, the surge in the use of cloud-based technology for intelligent fleet management solutions, and the increasing concerns about safety and security. Vehicle Security are driving the growth of the global vehicle analysis market. On the other hand, the high installation cost and several security issues related to data communication hamper the growth to some extent. However, developments in semi-autonomous and autonomous vehicles are expected to create lucrative opportunities in the industry.
- Several relocation restrictions and poor financial performance of market players have negatively impacted the global Vehicle Analysis market.
- However, the market is expected to recover gradually, due to the growing need for connection technologies in automobiles.
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The global vehicle analysis market is analyzed across application, deployment, end user, and region. By application, the safety and security management segment accounted for over one fifth of the total market revenue in 2019 and is expected to maintain its dominant position during the forecast period. Simultaneously, the predictive maintenance segment is said to have the fastest CAGR of 26.5% from 2020 to 2027.
By deployment, the on-premise segment contributed over three-fifths of the total market share in 2019 and is expected to dominate the roost during the forecast period. At the same time, the cloud segment is said to have the fastest CAGR of 26.9% from 2020 to 2027.
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By region, Europe held the highest share in 2019, holding almost a third of the global vehicle analysis market. The Asia-Pacific market, on the other hand, is expected to achieve the fastest 26.7% during the forecast period. The other two regions analyzed in the report include North America and LAMEA.
The main market players analyzed around the world vehicle analysis market report include Continental AG, Genetec Inc., SAP SE, Inquiron Limited, ARI Fleet Management Company, Inseego Corp., Teletrac, International Business Machines Corporation, Samsung Electronics Co., Ltd., and Microsoft Corporation. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures and others to strengthen their status in the industry.
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