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Global Automotive Software Market to Reach $28.9 Billion by 2026SAN FRANCISCO, March 10, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Automotive Software - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace. FACTS AT A GLANCE
Edition: 16; Released: March 2022 Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry ABSTRACT- Automotive software can be defined as any software, either embedded software or firmware, which can enable several advanced products/applications in an automobile, thus helping to expand usage benefits and appeal of modern-day vehicles. Also referred as software for in-vehicle embedded systems, automotive software covers programmable data instructions used to execute various tasks of in-vehicle computer-based applications such as infotainment, telematics, communication, body control & comfort, powertrain, safety and advanced driver assistance systems (ADAS). Growth in the global market is being driven by due to increasing influx of emerging and advanced technologies into vehicle models to improve functionality, safety and the driving experience. The incorporation of new features and increasing use of connectivity services for communication and real-time data transfer are creating a strong demand for automotive software solutions offering high convenience and utility to customers. Global uptake of automotive sftware is also favored by stringent regulations pertaining to safety and fuel efficiency coupled with incorporation of electronics-based driving safety and comfort systems. Mandatory installation of e-call systems and rear-view cameras in all vehicles for reducing the chances of back-over accidents are bound to augment the market growth. The automotive software market received a major setback from severe impact of COVID-19 on the automotive industry. The pandemic resulted in a notable decline in investments and demand, leaving mobility players and automotive OEMs struggling with low revenues. The COVID-19 pandemic may dent several segments of the automotive industry over the long-term owing to the macroeconomic scenario, regulatory developments and changes in consumer behavior. In addition, the situation is anticipated to result in short-term disruptions related to development and rollout of autonomous vehicles, which is bound to affect associated technologies. However, the market is set to bounce back and display a healthy growth in the coming years. Moreover, factors such as emergence of AI and 5G technologies, data monetization within the automotive ecosystem, and developments related to semi- and fully-autonomous vehicles are anticipated to provide lucrative growth opportunities for the automotive software market over the short-term. Amid the COVID-19 crisis, the global market for Automotive Software estimated at US$19.5 Billion in the year 2022, is projected to reach a revised size of US$28.9 Billion by 2026, growing at a CAGR of 8.9% over the analysis period. Application Software, one of the segments analyzed in the report, is projected to grow at a 9.7% CAGR to reach US$17.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Middleware segment is readjusted to a revised 8.5% CAGR for the next 7-year period. This segment currently accounts for a 30.5% share of the global Automotive Software market. Application software is the software layer designed for helping the users to run applications developed and defined by vehicle manufacturers and incorporated in vehicles to perform single or multiple tasks. The increasing integration of infotainment and telematics services is driving the demand for application software. Middleware represents the software layer that resides between operating systems and application components. Middleware software manages application components that run on distributed hosts, and primarily establishes communications between applications and the back end. The U.S. Market is Estimated at $3.1 Billion in 2022, While China is Forecast to Reach $8.1 Billion by 2026 Operating System Segment to Reach $4.2 Billion by 2026 MarketGlass™ Platform Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android About Global Industry Analysts, Inc. & StrategyR™ CONTACTS: LINKS Connect With Us on LinkedIn Follow Us on Twitter Journalists & Media View original content to download multimedia:https://www.prnewswire.com/news-releases/global-automotive-software-market-to-reach-28-9-billion-by-2026--301498864.html SOURCE Global Industry Analysts, Inc. |