Automotive Big Data Market was valued at USD 4216.8 Million in 2021 and is projected to reach USD 9920.1 Million by 2027, registering a CAGR of 16.15% during the forecast period 2022- 2027.
New York, July 25. 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of Report “Big Data Market in the Automotive Industry – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06309371/?utm_source=GNW
The automotive industry is being transformed through the adoption of technologies, applications and services ranging from sensors to artificial intelligence to big data analytics; thus, the ecosystem is witnessing a constant influx of new players, driving the continued evolution of the future car. Growing efforts by various stakeholders to utilize vehicle-generated data, coupled with a growing installed base of connected cars, is driving the growth of the market.
Big data analytics allows the automotive manufacturing industry to collect data from ERP systems to combine information from multiple business units and members of the supply chain. With the emergence of industrial IoT, a networked system and M2M communication, the automotive industry is positioning itself towards Industry 4.0. Sensors, RFIDs, barcode readers and robots are now standard on the manufacturing floor in the industry. These devices have exponentially increased the data generation points.
The consumer electronics industry is highly dependent on demand and supply factors. The use of big data analytics has helped this segment of the industry tremendously and enabled it to shift to a pull market strategy instead of a push market strategy. Through the use of big data analytics, the industry is now more aware of consumer behavior patterns and can plan production based on them. A similar potential has been exhibited in the automotive sector, with IoT developments and electronic components becoming part of automobiles.
Additionally, big data analytics has helped automakers increase their sales and marketing efficiency. It has also improved its operations by assisting in the incorporation of utilities such as predictive maintenance and service scheduling. It has also helped automotive suppliers streamline the procurement process, making it more cost effective by analyzing data for demand forecasting.
The recent outbreak of COVID-19 has revealed the negative effects of uncertainty on decision-making processes and markets. As market participants began to receive real-time updates on the situation, auto markets began to ease. This is a scenario where big data can be used to amplify information for different stakeholders to avoid panic and ensure market stability and security of supply.
Main market trends
The product development, supply chain and manufacturing segment accounts for a significant portion
In today’s technology-driven business environment, Big Data is one of the key drivers of productivity and efficiency for manufacturers. With the high adoption rate of sensors and connected devices and the activation of M2M communication, there has been a massive increase in automotive industry data points.
Data analytics is at a nascent stage in the automotive industry. While data analytics has been a common component in the manufacturing, marketing, and supply chain sectors of the automotive industry, generating and analyzing data from the product has made the object of least effort. Nevertheless, with the success of the Internet of Things and computing, less expensive ways of collecting data are beginning to appear in the industry.
Connected vehicles have the potential to bring a massive change in the user experience. According to the Associated Press, the global auto industry is expected to ship some 76.3 million connected cars by 2023. Providing hardware and software allows them to connect to the cloud, creating data to gain actionable insights. Data from on-vehicle sensors can change the way automotive companies monitor performance and maintain product quality and safety. Access to real-time data on the road helps accelerate product development.
General Motors, America’s largest automaker, pioneered big data and analytics in the automotive industry. Cars equipped with sensors and processors are commonplace these days. General Motors has in-car sensors and telematics as a focus because it saves them a lot of revenue and makes their cars safer and more reliable. For example, according to DataFlair, telematics is like a gold mine because it allows them to save up to 800 USD per car.
The Asia-Pacific segment is expected to grow at a significant rate during the forecast period
Asia-Pacific has the largest population of any region. With an increase in urban population and an increase in purchasing power, Asia-Pacific is considered one of the biggest markets for the automotive industry.
According to the China Association of Automobile Manufacturers, around 965,000 passenger cars and 216,000 commercial vehicles were sold in China in April 2022; these figures represent respectively a decrease of 48% and 42% compared to the previous month. These huge vehicle sales will create a growth opportunity for the market studied.
To expand their presence in various regions, conquer the wide range of the market and improve the product portfolio, companies are collaborating with each other. For example, in June 2022, Toyota Motor and the data division of Nippon Telegraph & Telephone are working together to create connected cars capable of collecting and sharing data. Yo Honma, general manager of NTT Data’s network and data division, said in an interview that the company will actively consider mergers and acquisitions to accelerate its penetration into international markets. Over the next four years, Honma estimates the company will spend up to 400 billion yen ($3 billion) on transactions.
For example, in June 2021, as part of its ambition to electrify all small delivery vans, Sagawa Express Co. of SG Holdings Co. unveiled a prototype of its first electric vehicle (EV) built jointly with the Tokyo startup ASF. By 2030, the country’s largest delivery company plans to convert its 7,200 small cars to electric vehicles, reducing its CO2 emissions by 28,000 tonnes per year. Such evolutions will allow the studied market to develop.
The automotive big data market is competitive and comprises a significant number of global and regional players. These players represent a considerable share of the market and are focused on expanding their customer base. These vendors are focusing on research and development activities, strategic partnerships, and other organic and inorganic growth strategies to gain a competitive edge during the forecast period.
March 2022 – National Instruments announced the acquisition of the Electronic Vehicle (EV) Systems business of Heinzinger GmbH, based in Rosenheim, Germany. The acquisition will expand NI’s electrification, battery testing, and sustainable energy capabilities and broaden its reach to customers. NI and Heinzinger hold highly complementary positions in component testing used in the automotive industry to innovate to electrify vehicles and rapidly achieve vision zero.
January 2022 – Reply SpA announces the acquisition of Enowa LLC, a company specializing in the consulting and development of solutions based on SAP technology, to strengthen its presence in North America. Enowa LLC works in the fields of cloud design and value-added services on SAP technology.
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