The launch of new products by several companies across the globe is expected to propel the growth of the global automotive cloud market to reach $ 6.673 billion in terms of value by the end of 2027, finds the recent report by Coherent Market Insights on the global automotive cloud market.
The automotive cloud is an open infrastructure for cars and automotive supply chain data. It provides access to information from different sources, including dealers, manufacturers, and other partners. For example, it can improve supply chain visibility and resolve issues faster. As a result, it will help the automotive industry plan its activities more efficiently and profitably.
The automotive cloud provides robust infrastructure and services for many connected devices, including vehicles, smartphones, infrastructure, and other APIs. It will require careful planning and preparation to connect hundreds of thousands of devices. Besides, it will help automotive manufacturers focus on their core business. It will also allow them to achieve more by focusing on more complex tasks.
Its high availability makes it the best solution for automotive data. With cloud storage, the automotive cloud can reduce the risk of system failure and can focus on core business. In addition, it can back up important data, ensuring that critical data is never lost. It will also help it grow and scale faster. As the automotive industry has become more software-centric, it is critical to get instant connectivity. This is why the automotive cloud is a powerful solution for the automotive industry. The report said it provides better cost-efficiency, speed-to-market, and reliability, and it helps access new technology.
Major players operating in the global automotive cloud market include Ericsson AB, Denso, Harman, Continental, Intellias, Connexion, LG Electronics, CloudMade, Microsoft Corporation, Bosch, Sierra Wireless, Amazon, Inc., Telenav, Airbiquity, and Verizon.
The launch of cloud-native retail operating platforms is also expected to propel the growth of the global automotive cloud market over the forecast period. For instance, in July 2020, Tekion, a technology company, launched Zero-Contact Digital Sales, and Service, consumer-facing products for dealers. The applications are part of the company's Automotive Retail Cloud, a cloud-native retail operating platform.
On the market opportunities, the report said that increasing adoption of vehicle infotainment is expected to offer lucrative growth for players in the global automotive cloud market. For instance, in February 2021, Ford Motors signed a six-year agreement with Google GOOG to leverage the Google Cloud Platform to power vehicle infotainment.
Moreover, the launch of telematics platforms is also expected to offer lucrative growth opportunities for players in the global automotive cloud market. For instance, in April 2019, ORBCOMM launched its enhanced web platform and its latest telematics devices for the heavy equipment industry.
Major players operating in the global automotive cloud market are focused on adopting partnership strategies to enhance their market share. For instance, in February 2021, Car.Software Organisation, a software company of Volkswagen Group, partnered with Microsoft to build a cloud-based Automated Driving Platform on Microsoft Azure.
Major players operating in the global automotive cloud market are focused on launching new products to expand their product portfolio, the global market intelligence and consulting company said.
Courtesy: Coherent Market Insights. NB: Photo is representational; courtesy: Continental.