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(USGovernment-News.Com, November 14, 2018 ) The cloud based solutions market for automotive is estimated to be USD 27.03 Billion in 2017 and is projected to grow to USD 66.95 Billion by 2022, at a CAGR of 19.88% during the forecast period.
The technology for automotive systems such as advanced driver assistance systems (ADAS), Telematics, and in-car wireless data connectivity has been evolving year after year. The new trend in the automotive industry is to manufacture connected vehicles that feature advanced technologies and connect the cars and vehicles with their surroundings.
By application, the fleet management system is estimated to hold the largest share of the cloud based solutions market for automotive. With the modernization of fleet business and increase in businesses such as car-rental services and logistics & supply chain, the use of fleet management application has increased considerably. Asia Pacific countries such as India and China have witnessed tremendous growth in e-commerce, which is again a business that depends on fleet management.
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By service model segmentation, the cloud based services market for managed services is estimated to experience the highest growth during the forecast period. With the establishment of better cloud infrastructure and integration of cloud based services in cars and vehicles, the demand for managed services is expected to grow significantly. Professional services would not be sufficient for handling the huge data generated. Managed services will therefore be a suitable option for various service providers.
By electric vehicle type, HEV is estimated to hold the largest share of the cloud based services for automotive market during the forecast period. The market growth can be attributed to the increase in penetration of hybrid electric vehicles and subsequent rise in cloud based services in these vehicles for better connectivity and semi-autonomous applications.
Asia Pacific is estimated to be the fastest growing market for automotive cloud based services during the forecast period, followed by North America and Europe. The European cloud based solutions market for automotive is growing at a steady pace as most of the vehicles are equipped with high-end entertainment and safety features. With increasing popularity of automotive cloud based services, the North American market is estimated to witness a balanced growth during the forecast period. The existing vehicles in North America are already equipped with advanced safety features and infotainment system, which drive the growth of the market.
The global cloud based services for automotive market is dominated by key players such as Apple (US), BlackBerry (Canada), Verizon Wireless (US), Continental AG (Germany), Ericsson (Sweden), and Bosch (Germany), along with other tier I and tier II service providers.
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