Report: Vehicle Technology Market to Grow
Nov. 13, 2019—The global predictive vehicle technology market is projected to grow at a CAGR of 20.1 percent to reach $90.2 billion by 2027 from an estimated $20.8 billion in 2019, according to Reportlinker.
The rapid incorporation of vehicle connectivity and cloud technologies is enabling innovations and developments in the field of vehicle diagnostics and prognostics. Device integration features in connected vehicle technology are considered the main enabler for predictive vehicle technology.
However, issues associated with data security and integration of real-time data are restraining the growth of predictive vehicle technology market during the forecast period.
The rising demand for enhancing driver productivity and the need to reduce operational costs have encouraged the growth of predictive vehicle software and services. In addition, the demand for various applications such as parking management and emission analytics is also contributing to the increase in on-premises deployment for predictive vehicle technology.