Global automotive data management is probably the most lucrative industry currently with new software with additional functions and technologies. As more and more data are being produced, there is a need for a data management system that can handle the such level of data and provide it to the consumers. The automotive industry comprises of a lot of complicated data and with the demand expected to rise, the importance of data management increase even more.
There are a lot of factors that are driving the automotive data management market. The sharp rise in demand and need for electronic vehicles is a big factor in the boom of the automotive industry. Along with that. increase in the number of electronic products and a substantial rise in investment in the automotive industry also are important reasons. The requirement for innovative sophisticated technology to handle huge amounts of data has become essential. The factors mentioned above are some of the key drivers of the automotive data management market.
There are many advantages of efficient automotive data management. It increases production efficiency simply because the data is stored in a proper manner which will automatically increase the speed and there is no scare of any form of a security breach in that respect. Also, effective software will bring in more investment in the market as investors will be certain about the security and will not hesitate to invest money in the automotive industry. Keeping in the mind the estimated growth of the automotive sector, it is essential that data management is effective.
The market of automotive data management is currently valued at around US$900 MN and is estimated to reach around 5,208 Mn by the time of 2031. The CAGR is also expected to rise at a very good rate of around 21%. The cause of such growth is the booming IT sector with more Self-driving electronic vehicles set to launch into the market and a rise in demand for electronic products in the market. Hence, the market potential of the Automotive Data management market is good.
Automotive data management is the combination of software that performs the task of collecting, storing, securing, and using the data related to the automotive industry in an effective manner. The need for such software is on a rise due to the technological trend which can be seen throughout the globe.
While the opportunity is great for the market in the coming years, there are some concerns primaries of that being cyber security. The concern of cyber-threat is due to many vehicles being connected and also a rise in complicated software and this is a concern that can only be overpowered by making sure cybersecurity is of an extremely high standard.
• Some of the key players in the market of Automotive data management are Otonomo, Microsoft, IBM, Sibros Technologies, Amazon Web Services, Procon Analytics, Xevo, etc.
• The competitive landscape of the market is very concentrated as all the firms are looking to gain an advantage over each other by coming up with the most effective and cost-effective technology to boost their market. What is to be seen in the future is how the competition affects the product available for consumers as it has been seen competition among the firms will only benefit the consumers in getting the best product at the best price.
Software is estimated to be the most profitable component
Software is estimated to be the biggest market revenue compact for the automotive data management market as there is an immense amount of demand for sophisticated software which can handle data and provide customers with customized facilities.
Unstructured data is to be the most in-demand data type
The unstructured data type is estimated to grow at the quickest rate with an estimated CAGR of approx. 19%. This is a reason for large unstructured data being collected from autonomous and non-autonomous vehicles through cameras and lenses.
Driver and User behaviour is to lead in the application segment
The driver and user behaviour are the biggest segments as far as the application is concerned. This is expected as the market for electronic and self-driving vehicles is on a big rise.
Asia Pacific is to be the most revenue-generating region
Asia Pacific is estimated to be the most revenue-generating region as it has the most manufacturing facilities which can meet the demand of the rising population. Two crucial elements of manufacturing facilities and rising population are the reason why Asia-Pacific is expected to generate the most revenue in the coming years.
Impact of Covid-19
• The pandemic had a significant effect on the automotive data management market. It hampered the growth of the market as all the processes starting from production to delivery schedules to manufacturing were shut down due to the lockdown. As a result of that, there was a dip in sales during the pandemic.
• However, the market is slowly started getting back on track post-covid-19 as the market is getting back with all the processes opening up and companies demanding data management software.
New Innovative Technology
• There have been many new technologies that have come up in recent years. AI is one of the main technologies which has made supply chain management much easier and is expected to play an important role in the automotive industry.
• Augmented Data Analytics is another data management technology that is changing the working of the market as it will decrease the manual data management work by a significant margin.
• Blockchain is another product is another technology gaining demand in the market with its features of maintaining transactions and security. With improved accuracy and security, this is another technology that may be of high use in the coming years.
Automotive Data Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||USD 5,208 Mn|
|Growth Rate||CAGR of 21% during 2021-2031|
|Segment Covered||by offering, Type, Application, End Users, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Otonomo, Microsoft, IBM, Sibros Technologies, Amazon Web Services, Procon Analytics, Xevo, etc.|
Key Segments of the Global Automotive Data Management Market
Offering Overview, 2021-2031 (USD Billion)
Type Overview, 2021-2031 (USD Billion)
Application Overview, 2021-2031 (USD Billion)
End-User Overview, 2021-2031 (USD Billion)
- Business Companies
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America