New York, United States, Aug. 15, 2022 (GLOBE NEWSWIRE) — Since its beginning, the automotive industry has consistently undergone rapid expansion. Linked and autonomous cars have seen the most notable advances in the last ten years. A connected world is emerging as cars learn to communicate and engage with one another and their environment. This enables data transmission and reception between the car and networks, other vehicles, and the environment. The automotive cloud is a platform for cloud-based linked cars. “Vehicle-to-cloud communication” refers to data transmission between the vehicle and the cloud. This communication often takes place through cellular networks. The information sent might be anything, including software upgrades or the car’s location.
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With the aid of a connected vehicle, data can go to and from the vehicle. It can interface with the cloud to deliver several related services, including entertainment, telematics, and navigation. It can also communicate with its surroundings in real-time by exchanging data. The proliferation of connected and autonomous automobiles has increased the popularity of cloud-based linked solutions. Employing these solutions helps businesses prevent catastrophic failure and provide the highest level of comfort and satisfaction for the driver and passengers within a vehicle. The automotive cloud provides stable infrastructure and services for various connected devices, including cars, cellphones, infrastructure, and other APIs. It needs careful planning and preparation because it will connect hundreds of thousands of devices.
The Growing Number of Connected Vehicles and Demand for IoT and 5G Communication to Drive the Global Automotive Cloud Market
Connected vehicles have sophisticated software and onboard sensors that communicate with other vehicles, drivers, road infrastructure, and the cloud. The vehicles can dramatically minimize traffic congestion while also improving traffic safety. The connected vehicle ecosystem has been growing. Thanks to improvements in mobile technologies, drivers and passengers can gain from better entertainment systems, navigation systems, safety features, and telematics services, among other things. According to Bosch, connected vehicles will significantly improve society and people. By 2025, linked cars may prevent 260,000 collisions, preserve 11,000 lives, and reduce CO2 emissions from vehicles by 400,000 tons. Additionally, it is predicted that connected vehicles will reduce 280 million driving hours yearly and traffic congestion. As a result, the market for automotive clouds will grow during the forecast period.
Moreover, Internet of Things (IoT) technology advancements alter how global value chains and the economy function. IoT has the revolutionary potential to boost value and improve efficiencies because of the enormous volume of information generated by these devices. The Internet of Things plays a significant role in the rapid adoption of connected cars. The introduction of the 5G network is also projected to improve driving experiences and make automobiles smarter and safer. The industry is looking into the potential of 5G for connected vehicles. For instance, the Smart City Wuxi project from Huawei and Audi uses real-time traffic management data from C-V2X to help drivers perform better. These advancements will hasten the market’s growth for automotive cloud services.
The Incorporation of Blockchain in Cloud to Create Global Automotive Cloud Market Opportunities
Data is one of the principal instruments used by cloud service providers to reflect client behavior and habits and increase customer satisfaction. However, service providers are also concerned about the massive database since they are exposed to data theft and misuse risks. Any data leak will likely damage the company’s reputation. To solve these problems, cloud service providers incorporate blockchain technology into their platforms, providing highly decentralized ledger capabilities for increased security. To help lead the Connected Mobility & Data Marketplace (CMDM) working group to develop standards and recommendations for implementing blockchain in the automotive industry, Denso Corporation joined the MOBI consortium in August 2019. This creates opportunities for market expansion.
North America will command the market with the largest share while expanding at a CAGR of 21%. Numerous automakers, including Volvo, Mercedes-Benz, Ford, and General Motors, will adhere to the NHTSA (National Highway Traffic Safety Administration) guidelines, highlighting the requirement for connected vehicles in the area for increased safety. The numerous government rules and initiatives carried out in collaboration with vehicle OEMs and tier-1 manufacturers are a driving aspect behind the expansion of V2X communication in North America. For instance, in 2018, the Colorado Department of Transportation began a pilot project that includes C-V2X testing on a 90-mile stretch of the I-70 mountain highway. These elements will fuel the growth of the North American automotive cloud industry.
Additionally, the U.S. is one of the most technologically advanced countries in the world and is home to significant automotive OEMs like Ford, GM, and Tesla. The country also controls the regional market for linked vehicles. The leading cause of this is improved economic conditions, which has raised customers’ disposable income. As a result, the need for networking technology in high-end and heavy-duty vehicles is expanding. The country also shows an increased demand for sophisticated security measures in the automotive sector. As a result, the region’s automotive cloud market will grow.
Europe will expand at a CAGR of 18.8% and hold USD 16,105 million. The consumer-focused orientation of the business, which promotes the adoption of cutting-edge, effective, and efficient technology, supports the region’s automobile industry. The significant government initiatives, regulations, and financial support for the expansion of the automotive industry also have indirect benefits for the European automotive cloud-based service market. Increasing research and development expenditures in the automobile industry and rising consumer purchasing power boost the market for cloud-based automotive applications. Government initiatives, major tier-1 component suppliers, and rapid developments in autonomous driving technology promote innovation and growth in this region.
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