Automotive Data Management Industry Overview
The global Automotive Data Management Market was valued at $1.58 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 20.3% between 2022 and 2030. This market is gaining traction due to the rising global demand for connected and autonomous vehicles. Furthermore, technological advancements, including the introduction of applications based on AI, machine learning, big data, and the Internet of Things (IoT), are projected to significantly boost industry expansion.
The COVID-19 pandemic had an impact on the industry's growth trajectory. In 2020, government-mandated international border closures and the temporary shutdown of markets, industries, and public spaces led to the closure of manufacturing facilities, resulting in revenue and business losses that financially affected companies.
Detailed Segmentation:
- Component Insights
The service segment is expected to grow at a rate of 21.7% over the forecast period. Automotive data management service includes managed services and subscription-based services. The growing demand for customized value-added data management services among end-users such as automotive dealers, automotive manufacturers, and fleet owners is expected to propel the segment growth over the forecast period. Automotive data management services help in improving vehicle performance and provide scalability, insights, and accessibility to enterprises with centralized storage, thus helping them to enhance customer experiences.
- Data Type Insights
The unstructured data segment is expected to expand at a CAGR of 19.3% over the forecast period. A large amount of unstructured data is gathered by autonomous, connected, and non-autonomous vehicles through LiDAR and other sensors. Automotive market players are adopting cloud technologies to store vehicle unstructured data in the cloud. Unstructured data is helpful in the further development of driverless cars.
- Application Insights
The predictive maintenance segment is anticipated to expand at a CAGR of 20.7% over the assessment period. The growth of this segment can be attributed to the increasing demand and adoption of predictive maintenance solutions by the automotive sector as it predicts automobile issues and informs the owner about important maintenance requirements before a failure occurs.
- Vehicle Type Insights
The autonomous segment is expected to grow at a rate of 21.0% over the forecast period. The growth of this segment can be attributed to the increasing development in adaptive algorithms, sensor-processing technologies, high-definition mapping, and the placement of vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) communication technologies. All these technologies are encouraging numerous companies to magnify their manufacturing capabilities and navigate vehicle automation to an elevated level. Technologies such as cloud computing and artificial intelligence (AI) are now extensively used in autonomous cars for better functionality.
- Deployment Insights
The on-premise segment is expected to grow at a rate of 18.6% over the forecast period. On-premise software is installed on physical hardware that is owned by an organization, located on the physical premises of the organization, and usually in the organization’s own data center. With on-premise, IT staff has more control over the server hardware and the data configuration, security, and management because it can access the data physically.
- Regional Insights
Europe is anticipated to expand at the highest rate of 19.4% over the forecast period. The growth of the regional market is mainly due to advancements in vehicle electronics layout, increased car production, vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) innovations, rising connected automobiles, and the expansion of key OEMs. Europe significantly contributes to the growth of the connected automobiles market. Moreover, industry players in the region are developing advanced and innovative car data management products and services for customers.
Gather more insights about the market drivers, restraints, and growth of the Automotive Data Management Market
Key Companies & Market Share Insights
The market has a fragmented competitive landscape as it features various global and regional market players. Leading industry players are adopting strategies such as partnerships, acquisitions & mergers, collaborations, and strategic agreements to survive the highly competitive environment and expand their business footprints globally. For instance, in March 2022, ACTIA and Sibros Technologies Inc. entered into a strategic partnership of software and hardware for ACU6 telematics platform. This collaborative solution is expected to enhance connected vehicle design and innovation for OEM automakers across motorcycle vehicles, heavy-duty trucking, and light passenger segments.
Some prominent players in the global automotive data management market include:
- Sibros Technologies Inc.
- Azuga
- Microsoft
- SAP SE
- IBM
- Amazon Web Services, Inc.
- Otonomo
- AGNIK LLC
- PROCON ANALYTICS
- Xevo
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