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What's Driving the Automotive Software Market Trends? | Major Key Companies are ANSYS, Autodesk, Bosch Software Innovations, Daimler AG, Dassault Systmes SE, Delphi Technologies, Ford Motor Company, Genesys

04-14-2020 08:49 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Automotive Software Market

Automotive Software Market

The global automotive software market size is expected to depict substantial growth over 2019-2025. The global automotive software market is predicted to emerge as one of the most lucrative verticals in the near future, subject to the introduction of autonomous cars, vehicle electrification, shared mobility solutions, advanced driver assistance systems, and connected cars. As companies strive to completely transition into the autonomous vehicle space, automotive software market is expected to gain traction, given the subsequent demand for high-grade technologies to be incorporated into the vehicles. Citing an instance of the robust penetration of these cars, Tesla CEO recently claimed that the company may have a fleet of 1 million fully autonomous cars under its robotaxi network, by the year 2020.

Infotainment applications and automotive telematics have lately amassed hefty momentum in the automotive technology sector, with automakers like Ford and Continental having declared application stores and open platforms. At the same time, Apple's iPod Out and Nokia's Terminal Mode initiatives have integrated smartphones into the car environment, thus offering a pool of opportunities for automotive software market.

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Impact of autonomous driving on automotive software market size

The Potential: Autonomous driving technology holds the potential of completely transforming the global automotive industry. A number of automotive software companies are increasingly making significant inroads in the field of self-driving, wherein vehicle drivers aren't required to take control of the steering to drive the vehicle, which would be further elevating automotive software market outlook to new heights.

The Projection: While there have been substantial developments in autonomous driving, owing to the unforeseen nature of the technology, there are no laws that dictate & regulate the use of fully-automated vehicles across the world.

Role of in-vehicle infotainment technology on automotive software market share

The most glaring noticeable change in newer automobile models as opposed to the older ones is the in-vehicle infotainment system.

The Potential: The automotive infotainment technology has witnessed significant advancements in recent years, wherein it has transformed into the vehicle's centralized controlling unit which could control several vehicular features such as selecting driving modes, ride suspension and select a radio station or pick up an incoming call on your cellphone.

The Projection: The sub-segment of the in-vehicle infotainment system, owing to growing customer demands, is further slated to become a common feature of a majority of automobiles in the forthcoming years. In fact, according to Intel, driven by the demand for more features the overall share of an in-vehicle infotainment industry is slated to reach a considerable billion-dollar remuneration by 2022.

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Driven by the global trend of modernization & automation automotive makers are increasingly incorporating automotive software solutions for offering higher utility, security, and convenience to the customers. The profitability potential and growth prospects of the automotive software market are rather evident from the vast range of offerings, including auto drive software, auto mechanical software, mapping software, connectivity software, driver assistance software, anti-collision software, and entertainment software.

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