Automotive Software Market to grow by USD 12.75 billion from 2022 to 2027, The growing demand for differentiated in-car experiences drives the market - Technavio

NEW YORK, Sept. 6, 2023 /PRNewswire/ -- The Automotive Software Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the automotive software market between 2022 and 2027 is USD 12.75 billion. The growing demand for differentiated in-car experiences is notably driving the market growth. The global automotive industry is undergoing rapid changes in various aspects, including consumer preferences and supplier dynamics. The global automotive software market is characterized by intense competition, driven by technological advancements and the growing integration of electronic components in vehicles. Modern vehicles offered by automotive OEMs come with digital services, such as telematics, that rely on cloud platforms. This integration also enables automotive manufacturers to expedite the implementation of Autonomous Cars by incorporating Cloud Mapping technology into their vehicle mapping systems. The creation of a cohesive cloud infrastructure serves multiple purposes, including testing new deployments through simulation, offline deep-learning model training, and generating high-definition maps. This contributes to improved vehicle performance and scalability. Collaboration between OEMs and car software suppliers is on the rise to meet the rising demand for technical enhancements in vehicles. Thus, the increasing partnerships within the industry are expected to drive the growth of the global automotive software market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the Full Report Here

Automotive Software Market Restrain

The hacking and data security issues a significant challenges hindering the market growth. Automotive telematics applications integrated into IVI systems utilize wireless communication systems, which unfortunately are susceptible to hacking and data theft. These modern systems offer internet connectivity, real-time updates, and information dissemination. However, accessing such information can pose a threat to data confidentiality and increase the potential for malware attacks. A significant concern is the propagation of malware from IVI systems to other in-car networks like the controller area network (CAN) bus. This malware could bridge the gap between in-car entertainment systems and critical vehicle functions. Additionally, security vulnerabilities arise from the incorporation of multiple web applications and the use of Bluetooth connections in vehicles. These applications grant access to social media platforms and personal contacts. Unauthorized access to these applications and personal data, including passwords and usernames, could lead to the compromise of user information and potential personal data breaches. Such factors are expected to hinder the growth of the market during the forecast period. 

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The automotive software market is segmented by application (Safety system, Infotainment and telematics, Powertrain, and Chassis), product (Application software, Middleware, and Operating system), and geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• The market share growth by the safety system segment will be significant during the forecast period. The automotive industry has witnessed a rising demand for safety systems in vehicles due to legislative requirements mandating their installation. These regulations, often aimed at mitigating incidents such as back-over accidents, are enforced by entities like the National Highway Transportation Safety Authority (NHTSA) in the US. The growing emphasis on safety and convenience among vehicle consumers and regulatory bodies is fueling the integration of advanced safety features into next-generation vehicles. Developed regions like North America and Europe have shown substantial adoption of these safety technologies, which is expected to generate increased demand for automotive safety system software during the forecast period. 
• APAC is estimated to account for 40% of the global market during the forecast period. The automotive software market in the APAC region is projected to experience faster growth compared to Europe and North America in the forecasted period. Despite the current lower adoption rates of Advanced Driver Assistance Systems (ADAS) and  IVI systems, the market is anticipated to exhibit robust expansion. 

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Key Companies in the Automotive Software Market:

Access Co. Ltd., Airbiquity Inc., Alphabet Inc., Bittium Corp., BlackBerry Ltd., Elinext IT Solutions Ltd., Green Hills Software LLC, Hitachi Ltd., Information Technologies Institute Intellias LLC, Intel Corp., KPIT Technologies Ltd., Microsoft Corp., NVIDIA Corp., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Siemens AG, and Sigma Software

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Product

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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