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Cloud Based Solutions Market for Automotive by Application (Fleet Management, Infotainment, OTA Updates, Telematics, ADAS and Other Services); By Deployment (Private and Public); By Service Model (Professional and Managed); By Vehicle Type (Passenger and Commercial); By Electric Vehicle (BEV, HEV and PHEV)and Region - Analysis of Market Size, Share & Trends for 2019- 2020 and Forecasts to 2030
The cloud-based solutions market for automotive is projected to grow to USD 1588.2 billion by 2030, at a CAGR of 18.50% during the forecast period.
The Automotive Cloud platform provides the necessary infrastructure to connect, monitor, and transfer data efficiently between vehicles, service networks, and anything in between. Automotive companies use the cloud to achieve IT agility, cost management, connectivity, and networking technologies. By incorporating cloud-based DevOps in the automotive ecosystem, high-quality software is provided and the process of development reduces significantly with continuous delivery. It is estimated that there will be more than 265 million connected vehicles on the road by the end of 2020.
The cloud-based solutions market is expected to project a CAGR of 18.50% during the forecast period, 2021-2030
Automotive systems technology such as advanced driver assistance systems (ADAS), telematics, and in-car wireless data connectivity evolved year after year. In the automotive industry, the new trend is to produce connected vehicles that feature innovative tech and connect cars and vehicles to their surroundings. IoT development is fueling connected vehicles. As the industry faces new challenges, significant changes are underway in the automotive industry. There's strong competition and new technological advances are shaping this sector's new face. One such innovative shift is how these organizations' IT assets are integrating cloud computing-related data collection, storage, processing, and costs. As the global automotive industry is currently estimated to be around USD ~ 2.5 trillion, the entire industry is undergoing significant transformation such as with car-sharing, connected vehicles, and other services.
The application for fleet management holds the greatest market share
The use of the fleet management framework has increased exponentially with the transformation of the fleet industry and the rise in companies such as car-rental services and logistics & supply chain. Applications that drive cloud-based solutions for the automotive market include fleet management, infotainment, OTA updates, telematics, ADAS, and other services.
By segmentation of service models, the cloud-based services market for managed services is projected to have the highest growth over the forecast period
The demand for managed services is anticipated to increase substantially with the establishment of better cloud infrastructure and the integration of cloud-based services in cars and other vehicles. Professional services are not enough to manage the large quantities of data generated. Therefore, managed services will be an effective option for different service providers.
Solving the Complications of the Automotive Sector
The needs of automotive companies revolve around large-scale engineering models, analytics, data, and distributor networks and these centralized demands require very powerful infrastructure whose maintenance can prove to be a technical challenge. Such problems can be overcome by cloud computing with its super servers. Additional storage is provided on request, and the time is taken and the process of implementation to adapt the system according to the requirements is also quick and easy.
Security with Reduction in Risks and Protection from Natural Disasters
Frequent data backups protect companies against accidental wipe-outs. Also, regular workshops and user support reduce the incidence of data damage and errors. These experts also conduct regular system tests and do what is needed around the clients' differing demands, thereby reducing downtime. Data stays safe and preserved even in a natural calamities like cyclones, storms, or earthquakes. Cloud computing is capable of making the automotive industry and its data processing and storage faster, safer, and better. It eliminates the risks associated with data loss while at the same time providing the customer with a cost economy. With ever-increasing competition and raw material costs, the automotive industry looks forward to leveraging opportunities that arise from this system.
Lack of Infrastructure and Rising Threats from Hackers can Hamper Market Growth
Underdeveloped countries and remote areas do not have the IT infrastructure to have cloud platforms and software or even to handle such platforms and safeguard them from the attacks from the increasing number of hackers. Insufficient disposable income in developing countries, and the high cost of such automobiles, are the main restraints for the global automotive cloud market.
The automotive Cloud Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA. The Asia Pacific region has seen increasing demand for technologically advanced and reliable vehicles following the integration of IT services with the automotive and transport sectors. This has resulted in the development of an advanced vehicle system. Also, enforcing the safety regulations and building smart cities and networks will cause a shift in passenger car technology to keep them connected to the whole grid. The emergence of driving aid technologies has encouraged OEMs to choose cloud-based services to satisfy the ongoing trends in the market. The expansion of the IT & communication infrastructure is projected to drive the market for cloud-based vehicle services in the Asia Pacific market. Especially in China, And India, this market is highly growing. Due to the rising presence of a Dealer Management System's technology-based start-up features
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