The adoption of automotive software is surging because of the growing popularity of connected cars, on account of the rapid urbanization. People across the world are adopting connected cars due to the introduction of the internet of things (IoT) technology in the automobile sector, increasing focus on safety and security, and escalating demand for an improved driving experience. The incorporation of IoT-enabled technologies has helped automakers in achieving path breaking results for connectivity for cars.
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Moreover, the introduction of innovative technologies in vehicles for advanced user interfaces has increased the applications of automotive software. As vehicles are becoming more technologically equipped, it has become essential to design the technologies to be more human and personal. Due to this reason, the automotive software market is expected to reach $78,894.2 million by 2030 from $28,214.6 million in 2019. According to P&S Intelligence, the market will exhibit a healthy CAGR of 12.4% during 2020–2030.
Geographically, the Asia-Pacific (APAC) region has witnessed a wide scale integration of the software, particularly in India, China, and Japan, due to the escalation in the purchasing power of customers, growth in the economy, and soaring demand for advanced features in vehicles. Due to this, players in the APAC automotive software market are offering innovative software for human–machine interface (HMI), keyless entry, and auto-park assist. Moreover, the spurring demand for autonomous and electric vehicles (EVs) will increase the adoption of automotive software, as these models are largely dependent on software due to the large number of electronic components in them.
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Thus, the wide scale adoption of connected cars will fuel the demand for automotive software in the foreseeable future.