Automotive Software Market Projected to reach 37.0 billion by 2025

 The global Automotive Software Market size is projected to grow from USD 16.9 billion in 2020 to USD 37.0 billion by 2025, at a CAGR of 16.9%. Compliance towards fuel efficiency standards, government safety mandates, and the adoption of electronics-based driving comfort & safety systems will drive the market for automotive software.

Market Dynamics:

Driver: Adoption of ADAS features in Automobiles

Adoption of ADAS features in vehicles is one of the primary reasons for the growth of the Automotive Software Market as these features ensure improved levels of safety, comfort, and luxury. Governments in various developed and developing countries are focusing on mandating various ADAS and safety features. For instance, both the US and EU are mandating that all vehicles be equipped with autonomous emergency-braking systems and forward-collision warning by 2020. The main purpose of the software is to communicate autonomously with other devices. Thus, to establish communication between the driver and vehicle, demand for software is estimated to grow at a prominent pace. The automotive industry is witnessing a rapid evolution of safety features. The growth rate of safety features is expected to increase exponentially in the coming years. The main objective behind the implementation of these features in vehicles is to provide a safer, efficient, and convenient driving experience. . This will drive the demand for ADAS in the market, which, in-turn, would drive the demand for automotive software.

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Opportunity: Future potential of 5G and AI

Rapidly changing vehicle design requirements and architectures are impacting software requirements. The enhanced user experience for all automotive software depends on wireless connectivity. Moreover, demand for software over-the-air (SOTA) updates requires faster connectivity solutions. To find a solution, many telecom industry players are developing 5G to increase the safety and efficiency of automotive software. Automobiles are becoming software-defined, network-aware, and ultra-connected, data transmitting vehicles and this require high-tech connectivity platform. Understanding these implications and challenges for the automotive industry can speed up the path for connected cars. 5G will be a key enabler for automotive software and autonomous vehicles as they will be able to almost instantaneously communicate. For instance, the EU and South Korea have signed a deal to work together on 5G development, while both have promised USD 782 million and USD 1.5 billion, respectively, in funding for local 5G projects. In the UK, USD 78 million of funding has been commissioned for a 5G research facility, known as the 5G Innovation Centre (5GIC). The generation of humongous data while dealing with automotive software has led to the explosion of AI in the automotive industry. AI is used in automotive software for different purposes such as speech and gesture recognition, eye tracking, enhanced HMI, driver monitoring, virtual assistance, radar-based detection units, and engine control units (fused with sensors). Deep learning used to implement AI is estimated to be growing at the fastest rate than other technologies in the automotive sector, which, in turn, will drive the Automotive Software Market.

Connected services will be the fastest-growing market in the automotive software market during the forecast period

The global automotive software industry is rapidly growing, and with the gained traction of connected and autonomous vehicle technologies, the automotive embedded software has become a key area for innovation. The increasing number of advanced services provided in connected cars is attributing to the growth of automotive software for connected services. These services through cloud platforms allow drivers, carriers, shippers, fleet operators, dealers, service stations, insurance companies, and other authorities to be connected in real-time with each other.

Key Market Players

The Automotive Software Market is dominated by a few global players and comprises several regional players. Some of the key players in the automotive software industry are Robert Bosch (Germany), NXP (Netherlands), Renesas Electronics (Japan), BlackBerry (Canada), NVIDIA (US), Airbiquity (US), Elektrobit (US), Green Hills Software (US), and Wind River Systems (US). These companies have secure distribution networks at a global level. Also, these companies offer a wide range of software solutions for various applications. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.

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