The predictive vehicle technology market in the MEA is expected to grow from US$ 0.91 million in 2019 to US$ 1.73 million by 2027; it is estimated to grow at a CAGR of 10.7% from 2020 to 2027.
The connected cars stream massive amounts of data into the cloud and to utilize this data, there is an increasing need for predictive analysis and data analysis. Concepts such as predictive maintenance, predictive collision avoidance, automotive marketing, and data management of connected cars bolster the growth of the predictive vehicle technology market. The rising application of data management in connected cars also positively influences the demand for predictive vehicle technology.
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By application, the safety & security segment led the predictive vehicle technology market in 2019. The external IoT sensors work as proximity sensors and rear-view cameras that help in detecting blind spots, which, in turn, makes driving and parking safer. Also, these sensors and cameras track road conditions, weather conditions, and traffic patterns. With the help of connected cars integrated with predictive technology, the possibility of collisions and accidents can be predicted and prevented. Furthermore, IoT enables regular monitoring and maintenance of a vehicle. The sensor-based messaging system sends a notification to the manufacturer to connect with the car’s owner for conversing the availability of service appointments and requisite repairs. The entire practice eradicates the service delays and confirms a safer on-road experience. For instance, in 2020, BlackBerry Limited introduced a tailored concept solution for fleet managers and OEMs to future-proof their vehicles for health and safety use cases. Due to these features, predictive technology ensures the safety and security of both vehicles and drivers. Thus, the use of these applications is growing, which ultimately drives the predictive vehicle technology market growth.
The overall MEA predictive vehicle technology market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the MEA predictive vehicle technology market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in the process include industry experts (such as VPs, business development managers, market intelligence managers, and national sales managers) and external consultants (such as valuation experts, research analysts, and key opinion leaders specializing in this market). Aptiv PLC, Continental AG, HELLA GmbH and Co. KGaA, NXP SEMICONDUCTORS N.V., Robert Bosch GmbH, Traffilog LTD, Valeo, Visteon Corporation, and ZF Friedrichshafen AG are among a few players operating in the MEA predictive vehicle technology market.