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Automotive Data Management Market Report 2024 - Automotive Data Management Market Demand And Size
Automotive Data Management Market
According to The Business Research Company's, The automotive data management market size has grown exponentially in recent years. It will grow from $1.69 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The growth in the historic period can be attributed to rise of connected vehicles, growing importance of cybersecurity, compliance with regulations, cross-industry collaborations..
The automotive data management market size is expected to see rapid growth in the next few years. It will grow to $4.03 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The growth in the forecast period can be attributed to emergence of edge computing, shift towards autonomous vehicles, data monetization opportunities, integration of ai and machine learning, focus on data quality and standardization, increased cloud adoption.. Major trends in the forecast period include rise of connected vehicles, emergence of edge computing, growing importance of cybersecurity, shift towards autonomous vehicles, data monetization opportunities..
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Market Drivers and Trends:
The growing emergence of autonomous vehicles is expected to propel the growth of the automotive data management market going forward. An autonomous vehicle is a self-driving car that operates independently of human control using a combination of sensors, cameras, radar, and artificial intelligence. Automotive data management helps autonomous vehicles by collecting, processing, and analyzing vast amounts of data from the sensors and systems to ensure safe and efficient operation, optimize performance, and improve the driving experience. For instance, in 2022, according to the Insurance Institute for Highway Safety, a US-based independent, nonprofit scientific and educational organization, there will be 3.5 million self-driving vehicles on U.S. roads by 2025 and 4.5 million by 2030. Additionally, it is estimated that 75% of cars on the roads in the world are expected to be autonomous by 2040. Therefore, the growing emergence of autonomous vehicles is driving the growth of the automotive data management market.
Major companies operating in the automotive data management market are focused on developing new services incorporating IoT technologies in fleet services to increase their profitability in the market. IoT technologies in fleet services encompass the integration of interconnected devices and sensors in vehicles to gather, transmit, and manage automotive data for enhanced operational efficiency and decision-making. For instance, in September 2022, Amazon Web Services, a US-based cloud computing platform provided by Amazon, launched AWS FleetWise. AWS IoT FleetWise revolutionizes the way vehicle data is managed by streamlining the collection and organization of this data in the cloud. Its advanced data collection mechanism intelligently transfers only pertinent information, applying specific rules based on vehicle parameters to reduce redundant data.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Microsoft Corporation, Robert Bosch GmbH, Amazon Web Services Inc., Siemens AG, IBM Corporation, Cisco Systems Inc., Oracle Corporation, Continental AG, SAP SE, DXC Technology Company, NXP Semiconductors NV, Wipro Limited, iSoftstone, Acerta Analytics Solutions Inc., N-iX Ltd., Future Processing, Softweb Solutions Inc., Azuga Inc., Xevo Inc., Sibros Technologies Inc., Procon Analytics LLC, Otonomo Inc., AGNIK LLC, Phocas Ltd., National Instrument Corp.
Automotive Data Management Market 2024 Key Insights:
• The Automotive Data Management Market is expected to grow to$4.03 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%.
• Exploring The Growth Of Automotive Data Management In The Era Of Autonomous Vehicles
• Revolutionizing Automotive Data Management With Advanced Technologies
• North America was the largest region in the automotive data management market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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