The global automotive software market size is likely to attain over USD 14.9 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 16.3% during the forecast years 2021-2028. The automotive software leverages machine learning and artificial intelligence to automate the processes. It is an operating system that is used for the interactions of the user and electronic devices available in the vehicles. However, organizations are looking for uniform solutions that can combine human and machine capabilities to create a more user friendly devices.
The present and future automotive software market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the automotive software market opportunities during the forecast years. Factors such as the increasing demand for vehicle application like automatic crash notification, remote vehicle diagnostics and emergency assistance are also the key factor driving the market growth for automotive software.
Also, the rising demand for automated and electrified vehicles is another factor driving market growth. However, the rising complexity in software architecture resulting to high production cost for OEMs & suppliers are hampering the market growth. Furthermore, the future adoption of 5G technologies and use of Artificial Intelligence (AI), rising developments in semi-autonomous and autonomous vehicles are likely to provide lucrative development opportunities for the automotive software market in the forthcoming years.
The report also emphasizes several distinctiveness of the global automotive software industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the automotive software industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The automotive software market has tough competition among the new emerging and pre-established market vendors. Besides, the automotive software industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the application, the market is categorized into Advanced Driver Assistance Systems (ADAS) & Safety Systems, Communication Systems, Infotainment & Telematics, Body Control & Comfort Systems, and Powertrain Systems. The Infotainment & Telematics segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the Advanced Driver Assistance Systems (ADAS) & Safety Systems sector seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of the Infotainment & Telematics segment is largely ascribed to the to the growing adoption of advanced technologies in the near future.
Europe is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the automotive software market in this region is mostly ascribed to the growing adoption of automotive software by companies. However, the Asia-Pacific region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the growing adoption of automotive software by companies in countries such as India, Japan, and China to compete against other regional players.
The major players of the global automotive software market are NXP Semiconductors N.V., Renesas Electronics Corporation, BlackBerry Limited, Robert Bosch GmbH, Airbiquity, Inc., NVIDIA Corporation, PTC, Inc., and Adobe, Inc. Renowned companies are offering new and modern automotive software software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Augmented Analytics Market
Product Overview, 2019-2028 (USD Million)
- Application Software
- Operating System
Application Overview, 2019-2028 (USD Million)
- Advanced Driver Assistance Systems (ADAS) & Safety Systems
- Infotainment & Telematics
- Communication Systems
- Body Control & Comfort Systems
- Powertrain Systems
Vehicle Type Overview, 2019-2028 (USD Million)
- ICE Passenger Car
- ICE Light Commercial Vehicle
- ICE Heavy Commercial Vehicle
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle and Autonomous Vehicles
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America