Cloud computing is referred as on-demand delivery of database, computing power, applications, storage and other IT resources with help of internet with pay-as-you-go pricing. It caters an enterprise by offering access to databases, servers, storage and an array of application services over the Internet. A cloud services provider, such as Amazon Web Services, owns the essential network-connected hardware for application services, while end-user enterprises provision and use what they need via web applications.
The size of the global cloud computing in automotive market was estimated at USD 6.1 billion in 2022 and is expected to reach approximately USD 29.60 billion by 2032, with a compound annual growth rate (CAGR) of 17.1% expected during the forecast period of 2023 to 2032.
The global market size for cloud computing market was USD 2.00 billion in 2018 and is anticipated to rise up during the forecast period. Adoption of cloud computing in automotive market is higher as it enables better vehicle engineering by acknowledging customer’s demands with advanced analytic capabilities. This results in lower costs in inventory planning, replenishment, forecasting, and transport scheduling and optimization. In addition to that, it leads to scalability and permit supply chain to adjust to unexpected growth.
However, there are some factors that may hamper the overall growth of cloud computing in automotive industry. First and foremost is data security. Cloud is off-premises system which requires strong security strategy to prevent cyberattacks, protect data and comply with international regulations.
Cloud Computing Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||USD 29.60 billion|
|Growth Rate||CAGR of 17.1 % during 2022-2032|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Amazon Web Services, Microsoft, Google Cloud Platform, IBM, Artha Systems LLC, Cloud4Wi, Commercetools, NextOrbit, PlumSlice Labs, retailcloud, Springboard Retail and SPS Commerce|
Key Segments of the Global Cloud Computing in Automotive Market
Regional Overview, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of APAC
- South America
- Rest of South America
- Middle East and Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global cloud computing in automotive market. Benchmark yourself against the rest of the market.
- Be prepared for how cloud computing in automotive trends and the global cloud computing in automotive market will be impacted by socio-political and economic factors over the next few years
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
What does the report include?
- The study on the global cloud computing in automotive market includes qualitative factors such as drivers, restraints, and opportunities
- Additionally, the market has been evaluated using the Porters 5 Forces and Value Chain Analysis.
- The study covers qualitative and quantitative analysis of the market segmented on the basis of region.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
- The study includes the profiles of key players in the market with a significant Global and/or regional presence.
Who should buy this report?
This study is suitable for industry participants and stakeholders cloud computing market. The report will benefit:
- Executives of cloud computing service providers for automotive industry
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to the global cloud computing in automotive market.
- Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative global cloud computing in automotive solutions.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
Cloud computing has immense scope in the forthcoming years as it is anticipated to lead the development of safer vehicles. These manufacturers have opted latest technology and took innovation to offer best-in-class facilities to customers. For instance, vehicle telematics is trending among manufacturers as it covers wide range of computing and communications services located within a car. It emphasize on security, safety and convenience and is inclusive of features like remote door unlocking, remote diagnostics, stolen vehicle recovery, concierge services and emergency calls.
Another important aspect of cloud computing in automotive industry is adoption of green technology. Automotive industry is constantly encountering environmental issues and today’s consumers are aware and finding alternative forms of transportation. With help of cloud, vehicles can embrace green technology for efficient driving and reduce CO2 emissions. Cloud computing can develop the required systems and processes to build and design electric vehicles.
There are some common IT priorities of organizations in the automotive industry,
- Increase the application of cloud computing for product development and understand product consumption patterns.
- With help of cloud computing, reduce energy consumption and data center usage
- Build intelligent automobiles that are capable of interacting with their environment.
Apart from the above key IT priorities, the automotive companies are also keen on leveraging and investing in telematics insurance, green technology and improved connected vehicles to address automotive industry challenges.
Geographically, asia-pacific region is the major contributor to the overall Cloud Computing market followed by Europe and North America region. In asia-pacific, government has took initiatives like they have mandated for fleet vehicles to have telematics systems and pre-installed satellite positioning so as to enhance fuel economy and vehicle wear. Another driving factor is increasing popularity of connected cars among consumer due to the offerings like remote anti-theft alarms. In addition to this, telematics insurance is fashioning around the developing countries. Japan’s automotive industry already took an initiative to tie up with insurance company. For instance, in 2014, Asia’s largest Japanese company named -mS&AD [mitsui Sumitomo and Aioi Nissay Dowa] declared it would purchase a controlling stake in UK telematics insurance company InsuretheBox and its parent company, Gibraltar-based Box Innovation Group, from lloyd’s insurer catlin. This deal sparked the expansion of telematics in Japan.
The leading cloud providers in 2019 are same as the previous year. The infrastructure-as-a-service segment is dominated by Amazon Web Services, Microsoft Azure, and Google Cloud Platform. However, development and integration of technologies such as artificial intelligence, machine learning, IoT and Blockchain have opened new avenues for others.