Global $2.7 Bn Connected Roadside Assistance Solution Market Forecast to 2025 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 22, 2019--
The “Global Connected Roadside Assistance Solution Market Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global connected roadside assistance solution market is estimated to grow from $1,180.6 million in 2019 to $2,716.6 million by 2025, growing at a CAGR of 14.9% during the forecast period.
North America connected roadside assistance solution market is expected to witness dominance and is estimated to grow from $482.3 million in 2019 to $1,112.7 million by 2025, growing at a CAGR of 15% during the forecast period.
Furthermore, real-time notifications market is also expected to witness dominance and is estimated to grow from $185.8 million in 2019 to $436.5 million by 2025, growing at a CAGR of 15.3% during the forecast period. However, the Asia Pacific and payment software markets are expected to witness higher growth rate during the forecast period 2019-2025. The market will be driven by demand from the US and Asian countries. The Asian market has the strongest hold due to the presence of various large and small-scale automobile manufacturers.
The development of connected vehicles technology has opened up the automotive ecosystem to include other participants such as authorized vehicle service providers, insurance providers, emergency response teams, toll booths, independent software vendors, and app developers that have culminated to give rise to the concept of connected roadside assistance solution.
Connected vehicles are considered to be one of the major drivers for investment in cellular communications technologies, which is driving the connected roadside assistance solution market. A lack of connected roadside assistance standards and technology infrastructure are holding back the potential of connected roadside assistance solution in emerging and undeveloped economies. Various types of Internet-enabled connected roadside assistance solutions come with proprietary software, which makes it difficult for connected roadside assistance hardware devices to communicate with other devices.
In addition, the adoption of internet-enabled devices in vehicle diagnostics has picked up but not as expected in emerging economies such as India and Brazil. North America holds the largest share in the connected roadside assistance solution market. The North American countries have a well-developed ecosystem and strongly invests on R&D initiatives. Digitization across various sectors, technological advancements, rising adoption of smart devices, and smart mobility are the major drivers fueling the growth of the market in the region.
Market Segmentation Analysis:
The study covers and analyzes the global connected roadside assistance solution market by components, OEM software & third-party apps market, and regions. Bringing out the complete key insights into the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenarios, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and make informed decisions.
Regions and Vendors Analysis:
The report contains an in-depth analysis of vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views. The key and prominent vendors covered in the report include Toyota, BMW AG, Ford Motor Company, Volkswagen, MedinyX, and Honk among other vendors. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The report encompasses the study of the connected roadside assistance solution market by components such as OEM hardware, OEM software, and third-party apps. Connected roadside assistance-based innovation has received a lot of traction in the last five years. Connected roadside assistance innovative software solutions and applications have a broad scope of use in the automobile industry.
For instance, in 2018 BMW AG deployed a total of 80 electric vehicles to test the new technologies on highways and in urban environments across Europe, US, and China. The evolution of technologies such as cloud computing, cognitive computing, and machine learning is paving the way for the growth of connected roadside assistance solution market. Furthermore, the report provides details about the major challenges impacting market growth.
Key Topics Covered:
1 Executive Summary
1.1 High Dominance and High Growth Markets in Connected Roadside Assistance Solution
2 Industry Outlook
2.1 Industry Snapshot
2.1.1 Industry Trends
3 Market Snapshot
3.1 Total Addressable Market (TAM)
3.2 Segmented Addressable Market (SAM)
4 Market Characteristics
4.1 Market Overview
4.2 Market Segmentation
4.3 Market Dynamics
184.108.40.206 Rise in demand for real-time communication systems
220.127.116.11 Rise in use of wireless solutions
18.104.22.168 Increasing business performance and capacity
22.214.171.124 Complexity in connected roadside assistance solution integration with an old vehicle
126.96.36.199 Lack of awareness
188.8.131.52 Managing traditional networks
184.108.40.206 Growth of cloud computing technology
220.127.116.11 Software as a core strategy
18.104.22.168 Emerging economies
4.3.4 DRO - Impact Analysis
4.3.5 Key Stakeholders
5 Connected Roadside Assistance Solution Market, by Components
5.2 OEM Hardware
5.3 OEM Software
5.4 Third-Party Apps
6 Connected Roadside Assistance Solution: OEM Software & Third-Party Apps Market by Sub-Segments
6.2 Real-time Notifications
6.3 Reporting & Analytics
6.4 Payment Software
6.5 Navigation Software
6.6 Other Software
7 Connected Roadside Assistance Solution Market, by Geography
8 Vendor Profiles
8.1 Toyota Motor Corp
8.1.2 Business Units
8.1.3 Geographic Revenue
8.1.4 Business Focus
8.1.5 SWOT Analysis
8.1.6 Business Strategies
8.2 Bayerische Motoren Werke (BMW) AG
8.3 Ford Motor Company
8.4 Volkswagen AG
8.5 Verizon Telematics, Inc.
9 Companies to Watch for
9.1 Urgent.ly Inc.
9.1.2 Market Exposure/Differentiating Factor
9.2 HONK Technologies, Inc.
9.4 Medinyx Technologies GmbH
9.5 The Sun Exchange
For more information about this report visit https://www.researchandmarkets.com/r/5skkko
View source version on businesswire.com:https://www.businesswire.com/news/home/20190522005391/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics:Automotive Repair
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE AUTOMOTIVE AFTERMARKET
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 05/22/2019 07:10 AM/DISC: 05/22/2019 07:10 AM