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Automotive Software Market Size to reach $43.5 Billion by 2027

07-08-2021 08:49 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Valuates Reports

Automotive Software Market Size to reach $43.5 Billion by 2027

The global automotive software market was valued at $18.5 billion in 2019, and is projected to reach $43.5 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027.

Automotive software refers to the firmware and middleware operating system used for running in-vehicle embedded applications. Automotive software is generally a set of instructions that helps the user interact with underlying in-vehicle hardware and also perform control functions in a vehicle. Use of automotive software not only improved dashboard functions but also played an important role in improving safety systems, infotainment, control systems, and many other car features. Automotive software includes telematics, infotainment, powertrain, body control and comfort, communication, advanced driver assistance systems (ADAS) software.

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The growth of the global automotive software market is driven by the increased adoption of ADAS features in vehicles, increasing adoption of connected car services, and intervention of innovative technologies for advanced UI are expected to drive the market growth. Based on these factors, numerous companies are introducing advanced vehicle software to ensure safety and security of vehicle and the passengers. Meanwhile, lack of standard protocols to develop software platforms, lack of connected infrastructure and troubleshooting & maintenance of automotive software is hampering the growth of market during the forecast period. However, factors such as potential of 5G and AI, growing developments in semi-autonomous and autonomous vehicles and data monetization in extended automotive ecosystem, are expected to supplement the global automotive software market, thus providing a better opportunity for the growth of the market in the near future.

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The global automotive software market is segmented on the basis of application, product, vehicle type and region. Based on application, it is classified into safety system, infotainment & telematics, powertrain and chassis. By product, it is divided into operating system, middleware, and application software. On the basis of vehicle type, it is categorized into ICE passenger car, ICE light commercial vehicle, ICE heavy commercial vehicle, battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle and autonomous vehicles. North America, Europe, Asia-Pacific and LAMEA are the regions across which the global automotive software market report has been studied.

The key players analyzed in the automotive software market include Adobe Inc., Airbiquity Inc., Atego Systems Inc. (PTC), Autonet Mobile, Inc., Blackberry Limited, Goggle, Green Hills Software, Microsoft Corporation, Montavista Software, and Wind River Systems, Inc.

Increasing adoption of connected car services

Connectivity has become a common feature for nearly every electronic device including automobiles. These services allow automotive dealers, fleet operators, and drivers to optimize resource usage, improve safety, and automate certain driver functions, while generating valuable data including vehicle performance and road conditions. The connected car services can be provided in a vehicle using embedded, integrated, cloud or tethered connectivity solutions.

Many connected car services require software to perform their respective functions. This software provides assistance with configuring, managing, and monitoring internet of things (IoT) devices used in vehicles. In addition, the increase in the demand for connected car services is majorly due to the surge in concerns for safety & security, rise in the demand for an enhanced driving experience, and introduction of internet of things (IoT) in the automotive industry. Thus, owing to meeting the increasing demands, tier 1 manufactures are heavily investing to adopt these services into advanced vehicles. Therefore, increasing number of advanced services provided in connected cars is attributing to the growth of automotive software for connected services. For instance, in November 2018, AB Volvo partnered with Ericsson, a networking and telecommunications company, to provide Volvo customers with more connected digital services such as infotainment, navigation, automation, telematics and fleet management. Under the partnership, Volvo will be able to offer digital connected vehicle services in more than 120 markets worldwide.

Lack of connected infrastructure

Technology has changed the face of the modern automotive industry. With the rise of cloud technology, artificial intelligence (AI) and the internet of things (IoT), vehicles are now relying more on software-controlled connected devices for the proper and more secure functioning of the vehicles. However, the absence of a strong IoT and network infrastructure such as Wi-Fi, cloud and cellular technologies, are creating complexities in real-time control of the software, which can restrain the growth of the automotive software market.

In addition, as automotive systems become more dependent on environmental and situational data being sent to and from the car to support the whole range of inbuilt automated safety features, there will be a need for increasing intelligence infrastructure. Therefore, lack of connected infrastructure such as intelligent systems and other technologies, hinders the growth of the automotive software market.

By Application

o Safety System
o Infotainment and Telematics
o Powertrain
o Chassis

By Product

o Operating System
o Middleware
o Application Software

By Vehicle Type

o ICE Passenger Car
o ICE Light Commercial Vehicle
o ICE Heavy Commercial Vehicle
o Battery Electric Vehicle
o Hybrid Electric Vehicle
o Plug-In Hybrid Electric Vehicle
o Autonomous Vehicles

Major players in the Automotive Software Market

o Adobe Inc.
o Airbiquity Inc.
o Atego Systems Inc. (PTC)
o Autonet Mobile, Inc.
o Blackberry Limited
o Goggle
o Green Hills Software
o Microsoft Corporation
o Montavista Software
o Wind River Systems, Inc.

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