North America Increasing The Dominance In The Global Connected Roadside Assistance Solution Market
The global connected roadside assistance solution market is expected to witness a CAGR of 14.9% to reach revenue of $2,716.6 million by 2025
Bangalore, India, April 17, 2019: With its recently published study “Global Connected Roadside Assistance Solution Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global connected roadside assistance solution market will continue to grow, owing to the increasing number of application areas in both developed and emerging economies. In the present scenario, the adoption of digital and connected vehicle technologies varies depending on the regions. North America is the largest contributor to the market followed by Asia Pacific. The lack of awareness among local mechanics and vehicle service garages and the early stages of the technology are the reasons for slow adoption among various countries. The US with the largest number of start-ups and innovators has a vast market for connected roadside assistance solution. LAMEA has a lot of potential, but strict regulations on security and trust issues could hinder the market growth in the region. Asia Pacific is the region to be focused due to economic growth, investments in digitization, fast adoption of automobile cloud-based solutions & services, and robotic process automation to create a sustainable smart mobility ecosystem. The global connected roadside assistance solution market is estimated to increase 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 2019–2025.
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The “global connected roadside assistance solution market” report quantifies the market based on components, OEM software & third-party apps market by sub-segment, and regions. Among OEM software & third-party apps market by sub-segment, payment software is expected to grow at the highest CAGR during the forecast period. This can be attributed to the fact of rising adoption of connected devices and high-speed networking technologies that has encouraged several sectors to adopt the connected roadside assistance solution. Emerging business models and applications, in addition to the dropping costs of smart devices and sensors are playing a major role in the growth of the market.
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“Connected roadside assistance technology is currently at a growing stage in the connected vehicle industry. In recent years, a significant number of companies have adopted this technology as a part of their strategy, which has also resulted in partnerships and joint ventures with technology companies and OEMs to build and test cloud-powered industry-specific software solutions and applications. The current research and innovation in connected roadside assistance focus on integrating different technological capabilities including geolocation, emergency response system, and tracking technologies to make highly efficient and effective connected roadside assistance solutions.” – Pradeep Singh, Sr. Research Analyst, Infoholic Research
Key Insights of the Report Include:
- Components: OEM Hardware, OEM Software, and Third-party apps
- OEM Software & Third-Party Apps Market: Real-time Notifications, Reporting & Analytics, Payment Software, Navigation Software, and Others
- Regions: North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA)
- Industry outlook: Market trends, drivers, restraints, and opportunities