Real-time notification and alerts are a high-priority in various developed and developing countries; increasing number of vehicles on-road and providing seamless movement of roadside assistance and emergency response seems to be the biggest problem in cities across the world. However, with the advent of technology solutions and IoT devices, roadside assistance can be simplified. 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 has 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. When it comes to buying a car today, roadside assistance solution are the new deal-breakers. Connected roadside assistance solution is just not software rather than it’s an amalgamation of many tools, hardware devices, software, and applications, which works in sync to provide roadside assistance.
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In addition, 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 a 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.
According to TMR Research, 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, 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 the 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.
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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 of 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. The regions covered include North America, Europe, Asia Pacific, and Latin America, Middle East, & Africa. The revenue is generated mainly from North America, Europe, and Asia Pacific. North America is leading the market followed by Asia Pacific.
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.
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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 the market growth.