Automotive diagnostic scan tools market share is gaining immense traction owing to integration of modern electronic components and various innovative scanning devices being introduced for different purposes. With the advent of technological advancements and supportive policies to curb emissions, maintaining vehicle performance and ensuring maximum fuel efficiency has become more important than before. Car manufacturers, dealers, and suppliers are looking to add more electrical systems in vehicles to boost connectivity and ease performance adjustment, offering notable prospects for automotive diagnostic scan tools industry players.
Canada Automotive Diagnostic Scan Tools Market Revenue, By Vehicle Type, 2018 & 2025 (USD Million)
Major automakers have incorporated a vast amount of technologies into their products due to the shifting preferences of consumers from manual functions to hi-tech automated systems. Such transformations will ultimately advance automotive diagnostic methods for easily identifying problems and provide easy to operate interface to the consumers. More than 95.6 million vehicles had been produced in 2018 worldwide and the tremendous population of vehicles on road today will ensure consistent demand for automotive diagnostic scan tools industry over the years to come.
Today’s automobiles represent the most sophisticated electronic control units that are responsible for functions like infotainment control, automatic gear shifts and fuel injection. ECUs are also enabling advanced driver assistance technologies that meet consumer needs for convenience, comfort, and safety as well as improve performance and energy efficiency. Adoption of these technologies makes diagnosis of system failures or malfunction more difficult. Addressing these challenges, OEMs as well as their hardware and software partners will consistently seek developments in ECU diagnosis solutions, propelling automotive diagnostic scan tools market size.
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Over the past decade, the transportation sector has changed considerably owing to social trends, various converging market forces, and quick availability of auto and business finance. Apparently, the most transformative process which holds the potential to revamp the experiences for transport agencies and commuters is the inception of the Mobility-as-a-Service (MaaS). Automotive diagnostic scan tools will become a vital part of every-day operations of mobility providers as increasing penetration of MaaS is boosting the demand for commercial vehicles, which in turn will escalate diagnostic requirements.
Increasing potential for diagnostic tools can be understood from the fact that a developing country like India is anticipated to be a frontrunner in shared mobility by 2030. It projected that shared miles in the country will account for 35% of all the miles travelled in India and will further rise to 50% by 2040. Increase of shared mobility simultaneously gives rise to vehicle sales and strong customer demand for self-driving taxis in low-density locations. This network will open up a huge market for professional and DIY diagnostic scan tools, augmenting the regional industry trends.
Asia Pacific automotive diagnostic scan tools industry size is slated to witness a CAGR of around 8% over the projected period. The automotive manufacturing sector in the region is growing rapidly owing to an active push towards infrastructural development and growing industrialization, which has created plethora of opportunities for automobile OEMs. In addition, local OEMs are thriving with their in-depth understanding of regional consumers. Strategic advantages could certainly influence the ability of OEMs to place vital diagnostic solutions across dealerships, reinforcing automotive diagnostic scan tools market outlook over the forecast period.
The Bosch Group and Byton, an electric vehicle developer, had signed a strategic cooperation agreement in 2018 which was fully focused on driver assistance systems, braking systems, and powertrain technology. This partnership aimed to provide safe and steadfast electric mobility solutions to the consumers. Indeed, such collaborations will certainly benefit enterprises and represent the opportunities for automotive diagnostic scan tools industry from electric vehicle applications in the future.
Several prominent companies and manufacturers are augmenting the scope of their business by unveiling unique product portfolios equipped with the latest technologies. DG Technologies, Actia Group, Snap-on Incorporated, General Technologies Corp, Autel Intelligent Technology, BMW, Bosch Automotive Service Solutions, Delphi Automotive, Volkswagen and Volvo Group are some of the key players operating in the industry. Global Market Insights, Inc. has projected that automotive diagnostic scan tools market size will reach USD $49 billion by 2025.
Author Name : Deeksha Pant
Electronic document management system market to register a double-digit growth rate over 2017-2024, driven by extensive product demand for cybersecurity applications
UK EDMS market size, by service, 2016 & 2024 (USD Million)
With the implementation of data management systems, many companies have successfully overcome security breaches – a factor that will further stimulate electronic document management system industry size. For instance, in 2014, oil and gas industries across the United States witnessed a series of high-profile accidents, for which the NTSB (National Transportation Safety Board) had been summoned to undertake a study for minimizing any such occurrences in the future. NTSB then found that seven out of 33 findings were data management issues. In this regard, NTSB had framed regulatory guidelines to minimize the possible safety threats from data breaches. In order to comply with regulatory norms, several giants in O&G sector eventually deployed EDM systems on large scale, which has stimulated electronic document management system market size.
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The evaluation of EDMS i.e. collection of various technologies that work combinedly to supply comprehensive solution to manage indexing, creation, retrieval, capture, and information assets of companies has eliminated unnecessary procedures in the organizational progress. The rising adoption of EDMS in the industrial sectors to achieve high operational excellence is thus likely to propel electronic document management system market. A few months before, the renowned chemical manufacturer, DOW chemical selected one of the key players in electronic document management system market, Synergis Software to deploy the Adept EIM (Engineering Information Management) solution. The main aim behind the deployment of this advanced system was to provide quick access to capital engineering project documents, enhance global collaboration, and support fast post-project data handover. Before the deployment of EDMS, Dow Chemical had at least 20 different kinds of information management systems to process nearly 3 million documents. After the implementation of EDMS however, Dow Chemical has successfully reduced the risk associated with data management with highly reliable and intuitive solutions. The growing adoption of EDMS is thus heavily influencing electronic document management industry share.
Owing to their efficiency and productivity, EDM systems play a vital role in cybersecurity. The document management systems enable user to access cybersecurity tools for overcoming data leak risks. The surging deployment of EDMS across various industrial sectors to preserve the consumer’s rights and to prohibit leaks is essentially what will drive electronic document management system industry trends over the years ahead. In addition to this, healthcare facility providers are also utilizing document management systems to provide better medical care solutions to their patients. Endowed with a significantly widespread application spectrum, electronic document management system industry outlook is likely to witness a dynamic transformation in the years ahead.
Author Name : Sunil Hebbalkar