Global Remote Diagnostics Market Report 2024

The remote diagnostics market size has grown rapidly in recent years. It will grow from $43.31 billion in 2023 to $47.88 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The historic period's growth can be credited to increased demand for preventive maintenance, greater adoption of connected medical devices, the expansion of IoT-based solutions, increased utilization of remote monitoring, and heightened demand for electrical systems in vehicles.

The remote diagnostics market size is expected to see rapid growth in the next few years. It will grow to $72.1 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. In the forecast period, growth can be linked to the expanding adoption of connected cars, heightened demand for luxury and sports vehicles, growth in the automobile industry, increased focus on reducing maintenance downtime in automotive vehicles, and a surge in demand for passenger vehicles. Key trends in this period encompass technological advancements, the proliferation of IoT and connected devices, the need for cloud-based remote diagnostics, increased adoption of artificial intelligence (AI) and machine learning (ML) technologies, and the expansion of telemedicine.

The increasing adoption of connected cars is set to drive the growth of the remote diagnostics market in the coming years. Connected cars are vehicles equipped with Internet connectivity and often a wireless local area network (Wi-Fi), enabling them to connect with other devices, networks, and services. The rising demand for connected cars is driven by various factors such as the growing need for convenience and efficiency, safety and security enhancements, entertainment features, and connectivity options. These cars transmit real-time data, aiding in early issue detection and reducing the need for physical inspections. They also enhance safety by automatically providing diagnostic data to emergency services during accidents, leading to faster response times and potentially life-saving measures. For example, a report by Scania in March 2022 indicated that Scania had approximately 560,000 connected vehicles (representing 64% of its 10-year rolling fleet), with this number steadily increasing. Thus, the increasing adoption of connected cars is fueling the growth of the remote diagnostics market.

Key players in the remote diagnostics market are focusing on developing advanced solutions leveraging next-generation technologies such as real-time telematics and remote diagnostics services. These solutions enable data-driven, automated retention marketing, and communication tools for auto repair shops. Real-time telematics and remote diagnostics services encompass a range of technologies and tools that enable continuous monitoring, analysis, and management of vehicles, assets, or equipment in real-time from a remote location. For instance, Mechanic Advisor, in partnership with Mojio, launched Steermatics in November 2022. This solution integrates real-time telematics and remote diagnostics powered by Mojio with the Steer CRM, providing automatic, data-driven retention marketing and messaging capabilities for car repair firms. Steermatics is the first auto repair shop solution to leverage real-time telematics data from connected fleets for remote vehicle diagnostics and automated retention marketing tools. Fleets using Steermatics can access Force Fleet Tracking through a specialized subscription plan, offering simple and cost-effective GPS tracking and fleet management tools for better vehicle management.

In May 2022, KPIT Technologies Ltd. acquired SOMIT Solutions to enhance its AI-driven guided diagnostics platform. This acquisition aims to expand KPIT's industry reach and improve after-sales service efficiencies for automotive and mobility sector clients. SOMIT Solutions, based in Germany, provides cloud-based vehicle diagnostics platforms and expert consulting services to automotive original equipment manufacturers (OEMs).

Major companies operating in the remote diagnostics market are Toyota Motor Corporation, Ford Motor Company, Robert Bosch GmbH, Tesla Inc., Nissan Motor Co. Ltd., Denso Corporation, Qualcomm Technologies Inc., Continental AG, Mercedes-Benz Group AG, Medtronic plc, ABB Ltd., Siemens Healthcare Private Limited, Koninklijke Philips N.V., Aptiv PLC, SKF Group, OMRON Corporation, Tech Mahindra Limited, Hologic Inc., Snap-On Incorporated, Vector Informatik GmbH, Softing AG, Delphi Technologies, AVL DiTEST GmbH, Vidiwave Ltd., OnStar Corporation.

North America was the largest region in the remote diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remote diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the remote diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Remote diagnostics involves diagnosing issues in a system or device from a distant location, typically utilizing technology. This approach enables technicians or support personnel to troubleshoot and fix problems without physically being at the equipment's location, resulting in quicker issue resolution and reduced downtime.

The primary categories of remote diagnostic tools include software and diagnostic equipment. Remote diagnostic software is a digital tool that remotely monitors and analyzes vehicle performance data, enabling real-time diagnosis and predictive maintenance. It utilizes different connectivity options such as 3G, 4G LTE, Wi-Fi, and Bluetooth. This software finds applications in various areas such as roadside assistance, vehicle tracking, crash notification, training support, and others, across different types of commercial and passenger vehicles.

The remote diagnostics market research report is one of a series of new reports that provides remote diagnostics market statistics, including remote diagnostics industry global market size, regional shares, competitors with a remote diagnostics market share, detailed remote diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the remote diagnostics industry. This remote diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The remote diagnostics market consists of revenues earned by entities by providing services, such as monitoring and maintenance, performance analysis, security audits, remote training, and support. The market value includes the value of related goods sold by the service provider or included within the service offering. The remote diagnostics market also includes sales of remote access tools, onboard diagnostics (OBD) scanners, remote calibration tools, and telemetry devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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