How Surging Need for 5G and IoT for Vehicle Connectivity is Driving Automotive Cloud Market?

The Global Automotive Cloud market seems to grow at a CAGR of 18% during 2021-26. The growth attributes to the mushrooming deployment of technologies like cloud-based infotainment systems in premium vehicles, surging need for 5G, NB-IoT, Wi-Fi, Bluetooth solutions, IoT, and integration of blockchain in the cloud. The boosting e-mobility and emerging digitalization in the connected vehicle are promising lucrative opportunities for automotive cloud market growth in the forecast period.

Moreover, growing collaboration among companies for advancing technologies such as telematics and cloud solutions and increasing awareness of cloud benefits, such as cost-efficiency, high scalability & reliability, is imposing a significant influence on the market growth. Additionally, soaring advances in connected, autonomous, shared, and electric (CASE) technologies, soaring need for highly accurate cloud-based map services that support connected ADAS, and automated driving solutions are fueling the demand for the automotive cloud.

Within the Deployment segment, the Public cloud segment held a substantial market share in 2019. This growth was primarily due to the mounting volumes of data from several sensors, the increasing number of autonomous & connected cars, and the burgeoning adoption of the public cloud because it provides security, flexibility, and service quality maintenance at affordable costs.

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Private cloud accounted for considerable market share in 2019 due to the demand for private cloud among OEMs owing to rising security concerns & privacy issues. Moreover, the providers struggle to offer benefits, such as scalability & affordable service quality to OEMs, thereby restraining the segment growth further.

Within the Vehicle segment, commercial vehicles exhibited significant growth in 2019 due to robust growth in the e-commerce industry that has amplified the logistic & transportation sector, resulting in bolstering demand for commercial vehicles. Moreover, the launch of data-driven automobiles and advanced technology applications in commercial vehicles are soaring global market growth in the forecast period.

Passenger Vehicles accounted for the largest market share in 2019 owing to mushrooming customer’s inclination toward connected vehicles and autonomous driving. Moreover, sturdy deployment of advanced technologies to enhance customer experience and the increasing number of ride-sharing companies in the countries like China and India are fueling the market growth significantly.

The key industry leaders in the Global Automotive Cloud market are Verizon Communications, Inc., Ericsson AB, Airbiquity, Tomtom International, Blackberry Limited, Telenav, Visteon Corporation, Microsoft, Amazon Web Services, Inc., Harman International, Robert Bosch GmbH, Continental AG, Denso Corporation, Sierra Wireless, LG Electronics, etc.

Categories: Automotive Cloud Market, Automotive Industry, Global Automotive Cloud Market Growth, IoT, MarkNtel Advisors, Technology