According to a research report by Global Market Insights, Inc., the automotive software market will grow at a CAGR of 15% from 2019 to 2025. According to the research firm, the market is set to garner $52 billion by 2025.
- Market growth is attributed to the emerging automotive landscape, growing demand for safe, efficient, and convenient driving experience, increasing internet penetration, and rising adoption of connected vehicles
- Rising technical advancements, such as AI, blockchain, and AR, and increasing global internet penetration are expected to upgrade the automotive software, which will improve fuel-efficiency, infotainment, functional safety, and streamlined key entry.
- Autonomous driving software segment is projected to register an accelerated growth in the automotive software market during the forecast timeline growing at a CAGR of around 17%.
- Growth is attributed to investments and R&D activities done by companies such as Bosch Software, Wipro, and NVIDIA. In addition, these companies are also taking efforts to expand and emerge with other companies to design & develop autonomous vehicles
- Mobility service segment in automotive software market is anticipated to exhibit growth at a CAGR of over 19% between 2019 and 2025. The increasing adoption of Mobility-as-a-Service is expected to influence the mobility service application market significantly.
- The passenger vehicles segment shows a promising growth rate during the forecast period.
- Manufacturer retail store segment shows the highest growth rate during the forecast period.
- Asia Pacific automotive software market is expected to register the highest growth with a CAGR of around 18% between 2019 and 2025.
- Players operating in the market are Cox Automotive, CDK Global, SAP, Siemens PLM Software, Nvidia, Bosch Software, Reynolds and Reynolds Company, Dassault Systèmes, Autodesk, Solera Holdings, Oracle, Ansys Inc., Dealertrack, Wipro Limited, Honda, Genesys, Daimler, Delphi, Ford, and General Motors
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