Predictive Automobile Technology Market: Outlook
Machine leaning (ML) and Artificial Intelligence (AI) have an important part in the coming future of the auto industry as predictive technologies are getting more traction in installation across all vehicle types providing utmost convenience for the driver. Most of the manufacturers are implementing algorithms that consume data to automate the way of setting up a vehicle, including an auto’s application preferences and its infotainment framework. Automobiles manufactures are shifting into IoT gadgets which can associate with take voice commands, changing the UI (user interface).
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Predictive automobile technology can similarly be utilized as sensors present within a car that reports the proprietor if the car needs a service from a mechanic. Depending on car’s condition and mileage, the technology will be able to evaluate vehicle performance, set up meeting/appointments in actual time and inform users of any safety risks linked with a malfunctioning car due to company recalls. Further, most of the manufacturers are influenced that predictive maintenance is equally economically and logistically prudent. Also, this technology helps individual companies and customer to avoid vehicle downtime and can offer other insights regarding automotive usage patterns and part wear.
Increasing In Number of Vehicle Coupled With Rising Demand for Vehicle Safety & Fuel Optimization to Craft Novel Growth Opportunities
Rise in demand to improve the performance of the car coupled rise in number of vehicles will spur the demand for predictive automotive technology market. Predictive automobile technology helps to identify vehicle maintenance issues prior to they occur. By leveraging data from guarantee repairs with current vehicle sensor data, predictive automobile technology can find significant connections that would be difficult for a human to discover in a short period of time
Predictive Automobile Technology Market Trend: Major Companies Focus on Developing Innovative and Novel Product to improve their Customer Touch Point and Sustain Lead
Most of the automotive companies are working on predictive automobile technology project to improve the cost performance ratio of products, system and equipment. With the adoption of this technology could result in substantial cost savings and higher system reliability. However, most of the companies are shying away from the transformation of their business model and the radical changes that come with it for the entire organization.
The predictive automobile technology not only limited to cars and personal vehicles either. The trucking industry is already seeing a similar movement powered by IoT and sensor technologies that allows manufacturers to monitor data proactively to guarantee truck safety, fuel optimization and even monitoring of cargo. A prominent manufacturer in this type of analytics solution have already deployed this type of solution and seen strong results that included improvements of more than thirty percent in truck uptime and the prediction of failures 30 days out at an accuracy rate of 90 percent.
Predictive Automobile technology Market: Major Development
- Foray Motor Group’s TRACKER platform would provide information regarding time and distance traveled and fuel consumption, insurance renewals and servicing reminders and CO2 emission rates of the vehicle. It is also compatible with Google Maps which provide directions to all the nearby amenities.
- Goodyear built on its commercial solution based on the success tested in the predictive analytics test program with a city-to-city mobility service named Tesloop, which exclusively used Tesla electric vehicles for the study. The commercialization of Goodyear’s Proactive Solutions used for truck fleets tires maintenance and management make use of advanced telematics and predictive automobile technology
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Predictive Automobile technology Market: Market Participants
Examples of some of the market participants/vendors identified in the Predictive Automobile technology market across the globe are:
- Robert Bosch GmbH
- International Business Machines (IBM) Corporation
- Honeywell International Inc.
- Siemen AG
- SAP SE
- IBM Corporation
- Harman International
- Microsoft Corporation