Consumer Connectivity Solutions Is The Largest Segment Driving The Growth Of Automotive Cloud Market
The global Automotive Cloud Market is estimated to be valued at US$ 24.16 Bn or Mn 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.
Market Overview:
The automotive cloud market involves connecting vehicles to the cloud for a wide range of infotainment, comfort, and safety-related features. By utilizing cloud-based platforms, automakers can provide over-the-air updates for numerous vehicle systems and deliver new applications and services to car owners. This improves flexibility and reduces costs compared to installing hardware-based solutions in each vehicle.
Market key trends:
One of the key trends in the automotive cloud market is the growing adoption of integrated cockpits. With integrated cockpits, automakers can offer a more personalized in-vehicle experience to drivers and passengers through cloud-connected features. Using cloud services, various vehicle systems including navigation, multimedia, telematics, and vehicle settings can be seamlessly integrated. This provides a unified interface for users and simplifies access to different functions. Automakers are increasingly focusing on integrated cockpits to improve the driving experience through customization and connectivity with mobile apps.
The automotive cloud market is witnessing increased adoption of cloud computing technologies in vehicles. Major auto manufacturers are integrating cloud services and connectivity into vehicles to enable features like connected infotainment services, over-the-air updates, and predictive maintenance. Cloud-based technologies allow automakers to reduce development costs and provide new revenue opportunities through embedded subscription services. Consumer demand for advanced in-vehicle experiences and automakers' focus on software-defined vehicles will further propel the automotive cloud market during the forecast period.
SWOT Analysis
Strength: Cloud technologies improve vehicle functionality, enable remote diagnostics and over-the-air updates, reduce development costs for automakers.
Weakness: Data privacy and security concerns, dependence on telecom connectivity, high integration costs initially.
Opportunity: Scope for advanced applications around autonomous driving, predictive maintenance, usage-based insurance.
Threats: Technology disruption, stringent compliance with cybersecurity regulations, economic slowdowns impacting automotive sales.
Key Takeaways
The Global Automotive Cloud Market Demand is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing consumer demand for connected vehicle technologies and infotainment services.
Regional analysis: North America dominates the automotive cloud market currently due to strong presence of major automotive cloud providers in the region. Asia Pacific is expected to grow at the fastest pace owing to increasing vehicle production and sales in major countries like China and India.
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. Automotive cloud platforms from these players help automakers to leverage cloud computing for features like remote updates, predictive maintenance, and connected services.
Read More:
https://insightskies12.blogspot.com/2023/11/growing-demand-for-connected-cars-to.html
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