Automotive Software Market Size, Demand, and Growth Forecast Report

According to a report by P&S Intelligence, the global automotive software market is predicted to reach a value of $78,894.2 million by 2030, progressing at a 12.4% CAGR during the time period 2020-2030. The market is registering growth due to the rising research and development for autonomous driving, increasing requirement for connected cars, and emergence of innovative user interface technologies. The current COVID-19 outbreak through, is projected to have negative impact on the market, as various manufacturing facilities have been shut down.

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When vehicle type is taken into consideration, the automotive software market is divided into commercial vehicle and passenger car. Between these two, the commercial vehicle division is expected to register the higher CAGR in the coming years, which can be attributed to the increasing requirement for telematics solutions and enhanced infotainment features for commercial vehicles.

In terms of software, the automotive software market is categorized into powertrain & chassis, operating system & middleware, body & energy, advanced driver-assistance systems (ADAS) & AD, and infotainment, connectivity, security, & connected services. Out of these, the ADAS & AD category is expected to witness the fastest growth in the years to come, which is owing to the increasing awareness regarding road and traffic safety among individuals and government bodies alike. Technologies including automatic braking and lane assist enhance driving experience and aid in preventing the violation of traffic rules.

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The companies operating in the automotive software market are engaging in partnerships for improving their standing in the market. For example, Arrival Ltd. signed an agreement with Blackberry Ltd. in November 2019, with the aim of using Blackberry Ltd.'s QNX technology in Arrival Ltd's autonomous-ready commercial vehicles. Blackberry Ltd is licensing its technology to serve as a safe and secure foundation for the ADAS features within the other company's autonomous commercial vehicle platform.

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Automotive Telematics Market

In 2019, North America and Europe held the cumulative share of over 65%, in terms of value, in the automotive telematics market. Globally, North America generated the highest revenue in the market in 2019. This is majorly due to the high adoption of in-vehicle connected technology in the region.

https://www.psmarketresearch.com/market-analysis/global-telematics-market

Automotive Cybersecurity Market

In the automotive cybersecurity market, the Asia-Pacific region is expected to progress at the fastest pace during the forecast period, as the region is home to largest market for automobiles.

https://www.psmarketresearch.com/market-analysis/automotive-cybersecurity-market

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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