Press Release: According to the report “Cloud Based Solutions Market for Automotive by Application (Fleet Management, Infotainment, OTA Updates, Telematics, ADAS), Deployment (Private, Public), Service Model (Professional, Managed) Vehicle, EV, and Region – Global Forecast to 2022”, published by MarketsandMarkets™, the market for Automotive is estimated to be USD 27.03 Billion in 2017 and is projected to grow to USD 66.95 Billion by 2022, at a CAGR of 19.88% during the forecast period.
The major factors driving the growth of the Cloud Based Solutions Market for Automotive are the increasing installation of advanced driver assistance systems, upgraded infotainment systems, stringent automotive safety and security norms introduced by the government, and rising preference for in-vehicle connectivity among OEMs and Tier I suppliers.
With the modernization of fleet business and increase in businesses such as car-rental services and logistics & supply chain, the use of fleet management application has increased exponentially. The cloud based solutions for automotive market will be driven by applications include fleet management, infotainment, OTA updates, telematics, ADAS, and other services.
The Cloud Based Solutions Market or Automotive fleet management is expected to grow at a moderate CAGR during the forecast period. This can be attributed to the deployment of fleet management services and solutions in various business establishments across several countries.
Passenger Cars- Largest share of cloud based solutions for automotive market in 2017
Growing demand for upgraded infotainment systems, facilities of ecalling, live monitoring, and in-car internet, and stringent safety & security norms have contributed to the growth of the global cloud based solutions for automotive market for passenger cars. The passenger car segment is estimated to hold the largest share of the automotive cloud based services market due to the increasing deployment of various systems that will function over the cloud. Also, safety mandates and emission regulations across developed nations have incentivized the OEMs to design passenger cars that feature advanced technologies, which serve the purpose of connected car. These factors have boosted the cloud based solutions market for passenger cars across the globe.
Witnessing the benefits of integrating IT services with automotive and transportation sectors, the Asia Pacific region has witnessed a growing demand for vehicles that are technologically advanced and efficient. This has resulted into the manifestation of an advanced vehicle ecosystem. Further, the implementation of safety regulations and construction of smart cities and infrastructure would trigger a change in the technology of passenger cars to keep them connected with the entire grid. The emergence of driving assistance technologies has incentivized the OEMs to opt for cloud based services to meet the ongoing market dynamics. Thus, expanding IT & communication infrastructure is expected to push the demand for cloud based services in vehicles in the Asia Pacific market.
The report also profiles the most promising players in the Cloud Based Solutions Market for Automotive. The market presents an interesting picture of a large number of big and small players that have become a force to reckon. The key players in this market include Apple (US), BlackBerry (Canada), Verizon Wireless (US), Continental AG (Germany), Ericsson (Sweden), Bosch (Germany), Pioneer (Japan), Denso Corporation (Japan), Airbiquity (US), Delphi Automotive (UK), and Visteon (US).