Automotive Cloud-Based Solutions Market Forecast 2024: Global Innovation and Trends

"The Business Research Company recently released a comprehensive report on the Global Automotive Cloud Based Solutions Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The automotive cloud based solutions market size has grown rapidly in recent years. It will grow from $54.38 billion in 2023 to $63.94 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to evolution of technology for automotive systems, such as adas, growing demand for telematics in connected vehicles, increasing emphasis on in-car data services, rise in vehicle-to-everything (v2x) communication, and the revolutionary potential of iot and the introduction of the 5G network.

The automotive cloud based solutions market size is expected to see rapid growth in the next few years. It will grow to $113.65 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to increasing demand for connected car services, rising emphasis on driver experience and vehicle performance, government initiatives and regulations, data analytics and predictive maintenance services, and partnerships and alliances. Major trends in the forecast period include AI and machine learning, sustainability and green solution, edge computing in automotive cloud, connected and autonomous vehicle, subscription-based models.

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Market Drivers and Trends:

The increasing demand for connected and autonomous vehicles is expected to propel the growth of the automotive cloud-based solutions market going forward. A connected and autonomous vehicle (CAV) is an advanced type of vehicle that incorporates both connectivity and autonomous driving capabilities. Cloud-based solutions offer the computational power and storage capacity required to process and analyze the extensive data generated by autonomous vehicles, which is crucial for informed decision-making regarding navigation, obstacle avoidance, and route planning in real-time. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, it is projected that there are expected to be 3.5 million autonomous vehicles on American roads by 2025. Furthermore, an estimated 4.5 million autonomous vehicles are expected to be on the road by 2030. Therefore, the increasing demand for connected and autonomous vehicles is driving the growth of the automotive cloud-based solutions market.

Major companies operating in the automotive cloud-based solutions market are developing advanced technologies, such as cloud-based vehicle data services, to better serve customers with advanced features. Cloud-based vehicle data service refers to the storage, processing, and management of vehicle-related information in the cloud, enabling real-time access, analytics, and remote functionalities for improved automotive operations and user experience. For instance, in September 2022, Amazon Web Services Inc., a US-based provider of cloud computing platforms, launched the AWS IoT FleetWise vehicle data service. The unique feature of the AWS IoT FleetWise vehicle data service is its tailored support for organizations, including automakers, car part suppliers, and delivery companies, in efficiently gathering data from their vehicles' built-in sensors. With the newly launched IoT FleetWise service, AWS streamlines the process of sending vehicle data to the cloud, eliminating the need for custom software development for data collection and upload. This advancement allows automakers to expedite the processing of vehicle data while simultaneously reducing software development costs. At the core of IoT FleetWise is the AWS IoT FleetWise Edge Agent application, which can be seamlessly integrated into vehicle subsystems like telematic control units. Once deployed, the Edge Agent effectively manages the transmission of vehicle data to an organization's AWS environment.

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Major Key Players of the Market:

Google LLC, Microsoft Corporation, Verizon, Robert Bosch GmbH, Amazon Web Services Inc., Siemens AG, Intel Corporation, IBM Corporation, Cisco Systems Inc., Denso Corporation, Oracle Corporation, Continental AG, SAP SE , Salesforce Inc., Ericsson AB, ServiceNow Inc., Harman International, Delphi Automotive PLC, Trimble Inc., Infor, Blackberry Limited, Sierra Wireless, Tomtom International Bv, Sierra Wireless, Airbiquity Inc.

Automotive Cloud Based Solutions Market 2024 Key Insights:

• The automotive cloud based solutions market is expected to grow to $113.65 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.
• Demand For Connected And Autonomous Vehicles Fuels Growth In Automotive Cloud-Based Solutions Market
• Revolutionizing Automotive Cloud-Based Solutions With AWS IoT FleetWise
• North America was the largest region in the automotive cloud based solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive cloud based solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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