According a research report by Global Market Insights, Inc., automotive software market size will surpass the $52 billion renumeration mark by 2025. Fueled by significant technological advancements in the sub-domains of automated driving & in-vehicle infotainment systems, the global automotive software industry size is expected to depict substantial growth over 2019-2025.
Growing automobile sales coupled with the increasing penetration of software in vehicles has led to the global automotive software market emerging as a lucrative hotspot worldwide. Today, the incorporation of automotive software components in any given automobile is rather commonplace, providing a positive impetus to the overall automotive software industry outlook.
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In fact, according to the World Economic Forum, automotive software development is increasingly moving towards complete connectivity between automobiles, municipal services & traffic through sensor-embedded infrastructure & roads. This will allow for more efficient traffic management or automated driving, paving the way toward proliferating automotive software market trends.
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.
However, the technology’s potential, such as significantly improving road safety and making transport more accessible, is estimated to bring in substantial growth opportunities to the global automotive software market contenders. Indeed, the Victoria Transport Policy Institute predicts that automated driving would be replacing most of human driving by 2030. As per estimates, autonomous driving software market is projected to record a CAGR of 17% over 2019-2025.
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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.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.