According to The Insight Partners’ new research report titled “Predictive Vehicle Technology Market Forecast to 2027 – Global Analysis,” the market is expected to reach US$ 48.83 billion by 2027, growing at a CAGR of 13.6% between 2020 and 2027.
At the moment, the automotive industry is seeing significant integration of various advanced technologies in cars to improve occupant safety and efficiency. Automakers are leveraging artificial intelligence (AI) and machine learning (ML) to recognise driver patterns and trends and improve vehicle safety. Both technologies are poised to become critical components of future vehicles and the automotive industry. Predictive vehicle technologies, which offer significant convenience to the driver and passengers, are gaining acceptance in the race of connected cars and self-driving vehicles. As a result, automakers are focusing on incorporating connected devices and IoT into vehicles that support voice commands.
The incorporation of IoT in connected cars is the next major digital development in the automotive industry. This fact will result in a new revolution with the introduction of self-driving cars. The self-driving cars/autonomous vehicles include a sensor management system that enables and facilitates IoT vehicle-to-vehicle communication. The rapid development of connected cars presents opportunities for both the automotive and technology industries. The connected car factor described above is expected to contribute to the use of predictive technology by introducing a predictive collision avoidance system, predictive maintenance system, and other features.
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The automotive industry benefits from predictive analytics in managing automotive marketing challenges. Because these technologies are heavily digitally connected, automakers can meet customer demands by using predictive analytical tools, complex algorithms, and customer relationship management (CRM) platforms. Predictive analytics can be integrated with CRM platforms to help dealers provide highly targeted advertisements to interested buyers. Collaborations are also taking place in the context of the adoption of predictive automobile technology. Building a new vehicle that is integrated with complex technologies necessitates large investments. As a result, automakers and technology firms are planning to collaborate in order to mitigate risks. Volkswagen and Ford, for example, are expected to collaborate on the development of self-driving cars.
The market for predictive vehicle technology is divided into hardware, application, vehicle type, and geography. The market is further subdivided based on hardware into low ADAS, Telematics, and OBD. Throughout the forecast period, the ADAS segment is expected to hold the largest share of the global predictive vehicle technology market. The predictive vehicle technology market is divided into two applications: proactive alerts and safety and security. In 2019, safety and security were major applications that contributed significantly to the global predictive vehicle technology market.
North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America are the five major regions of the market (SAM). APAC had the largest share in 2019, followed by North America and Europe. From 2020 to 2027, APAC is expected to be the fastest-growing region. Among the key players profiled in this market study are AISIN SEIKI Co. Ltd., Aptiv PLC, Traffilog LTD, Continental AG, NXP Semiconductors N.V., Robert Bosch GmbH, Valeo, Visteon Corporation, HELLA GmbH & Co. KGaA, and ZF Friedrichshafen AG.
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