Market Overview:
The automotive cloud market deals with cloud computing solutions that help automakers and auto part manufacturers to upgrade vehicle software and manage vehicle data over the internet. Cloud computing allows automakers to remotely diagnose issues and deliver over-the-air firmware and software updates to vehicles without bringing them into the service shop.
Market key trends:
Rise in connected cars is one of the major trends witnessed in the automotive cloud market. With increasing connectivity of vehicles, auto manufacturers are focusing on utilizing cloud technology for storing and analyzing data generated from connected cars. This data is further used by automakers for various purposes like monitoring vehicle health, updating firmware and software, locating stolen vehicles, and offering infotainment services. As per various estimates, the number of connected cars is expected to grow significantly in the coming years, which will drive the demand for automotive cloud solutions.
The global Automotive Cloud Market Demand is estimated to be valued at US$ 24.16 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global automotive cloud market is segmented by service type, vehicle type, deployment type, connectivity, and region. Based on service type, the telematics segment dominates the market due to increasing integration of telematics control units and connectivity solutions in vehicles. Telematics provides advanced safety, convenience, and navigation features to drivers and passengers.
Key Takeaways
The global automotive cloud market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing digitalization and connectivity in vehicles.
The North American region dominates the automotive cloud market currently due to rapid adoption of advanced technologies and presence of key players in the region. Asia Pacific is expected to grow at the fastest rate due to rising sales of vehicles and rising economy of countries like China and India in the region.
Key players operating in the automotive cloud market are Airbiquity, Amazon, Bosch, CloudMade, Connexion, Continental, Denso, Ericsson AB, Harman, Intellias, LG Electronics, Microsoft, Sierra Wireless, Telenav, and Verizon. The market is highly competitive with major players focusing on new product development, partnerships, and mergers & acquisitions to gain more market share.
For More Insights, Read- https://www.newsanalyticspro.com/connected-cars-to-fuel-growth-of-automotive-cloud-market-growth-trends-and-forecast-analysis/
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