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Global Cloud Computing in Automotive Market to Grow at Promising 16.2% CAGR during 2021-2029 – A Report by Absolute Markets Insights

Published On 16 Sep 2021 08:39 AM


Global cloud computing in automotive market was estimated to be US$ 5.05 billion in 2020 and is anticipated to reach US$ 19.28 billion by 2029, growing at an estimated CAGR of 16.2% over the forecast period. The major driver of cloud computing services is the cost efficiency factor achieved through cloud solution when compared to on-premise services. Also, improved customer engagement and integration of technologies such as IoT, AI/ML and data analytics amongst others is expected to assist the overall cloud computing in automotive market over the forecast period.

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Cost Reduction paving the way for Business Continuity

The first and foremost advantage that the cloud environment application offers is with regards to maintenance. Onsite IT hardware essentially costs more in terms of power usage, labor and regular maintenance activity. Whereas, cloud puts it all onto the shoulders of a service provider, cutting down the maintenance costs. Also, automotive sector involves high-level operations, both technically and non-technically. As a combination of high-level engineering tasks, analytics and wide dealer networks, auto industry demands scalability for business continuity and strong infrastructure support. There might be requirement of additional storage and resources at times, and limited timeframes for bringing things to reality and for the same reasons, cloud platform effectively handles these situations. Such factors are expected to assist the overall cloud computing in automotive market over the forecast period. The usage of cloud computing technology has enable the automotive industry to store data reliably in the cloud storage and then later relay this data to the vehicle’s infotainment and telematics system, advanced driver assistance systems, and mobility services. Cloud computing ensures a seamless distribution of data within all the vehicle’s systems. Cloud computing in automotive industry has the potential to save lives and there have been substantial reduction in the number of car crashes that ultimately eliminates human error. The implementation of cloud computing in automotive industry ensures high quality software and shortens the development lifecycle with continuous delivery. Such factors are expected to assist the overall cloud computing in automotive market over the forecast period.

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Connected mobility segment gained traction in 2020

Rising number of accidents can be avoided with Advanced Driver Assistance Systems (ADAS). The role of ADAS is to prevent deaths and injuries by reducing the number of car accidents and the serious impact of those that cannot be avoided. Automobiles are the source of the next generation of mobile-connected devices. Self-driving cars use a variety of these applications and technologies to gain 360-degree vision, both near (in the vehicle’s immediate vicinity) and far. That means hardware designs are using more advanced process nodes to meet ever-higher performance targets while simultaneously reducing demands on power and footprint. In the recent past, ADAS systems actively improved safety with the help of embedded vision by reducing the occurrence of accidents.

The Impact of Covid-19 on the Cloud Computing in Automotive Market

Due to the outbreak of COVID-19, many Automotive Original Equipment Manufacturers (OEMs) began 2020 facing their first slowdown in five years. With advancements and innovations like connected, autonomous, shared and electric (CASE) transforming technologies and business models, and fast-evolving consumer behavior, the static value chain rapidly got disrupted. Cloud-based transformation, one of which is cloud computing is a key part of the solution for automotive OEMs as they look to reduce costs, increase agility in how they do business, and enhance scalability for the vehicles of the future. Due to the COVID-19 pandemic situation and rapidly changing environment across the globe, the need for cloud has been increased. Cloud IaaS and PaaS offerings enable original equipment manufacturers to minimize their overhead costs (achieving cost-efficiency) and focus on the use cases and applications that generate business continuity and value. They also improve original equipment manufacturers ability to quickly scale IT resources up and down according to need without the need for large investments which might cause difficulties in the future years are expected to assist the overall cloud computing in automotive market over the next eight years.

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Cloud Computing in Automotive Market:

  • By Offerings
    • Solutions
    • Services
  • By Technology
    • AI/ML
    • IoT
    • HPC
    • Data analytics
    • Others
  • By Application
    • Connected Mobility
    • Autonomous Development
    • Manufacturing/Supply Chain
    • Navigation and Mapping
    • Navigation Data Standard and Electric Vehicle Navigation
    • Big Data
    • Digital Customer & Engagement and Electronic Control Unit
    • Others
  • By Geography
  • North America
  • U.S
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America 

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Contact Us:

Company: Absolute Markets Insights
Email id: [email protected] 
Phone: +91-740-024-2424
Contact Name: Shreyas Tanna
The Work Lab,Model Colony, Shivajinagar, Pune, MH, 411016
Website: https://www.absolutemarketsinsights.com


Press Release Provided By: Absolute Markets Insights