Automotive Data Management Market 2022: Growth Opportunities, Regional Statistics & Forecast To 2028
The global automotive data management market is expected to expand at a significant rate through 2028 owing to growing investments in advanced technologies. Additionally, rising adoption of enhanced data analytics systems is likely to further boost industry growth over the forecast timeline.
Recently, leading automotive data management service providers have been working to deliver innovative and integrated data management solutions for automobiles. To cite an instance, in April 2022, Woven Planet, a subsidiary of Toyota Motor Corp., followed Tesla Inc.'s footsteps to use low-cost cameras for developing self-driving technology. Woven Planet plans to employ the cameras to gather data and successfully program its self-driving software, a major milestone that the company believes would lower costs and ultimately scale up the technology.
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The automotive data management market has been bifurcated on the basis of component, data type, vehicle type, deployment, application, and region. With respect to component, the industry has been divided into software and service. Under software, the market has been further classified into data integration, data security, data quality, and data migration.
The data integration sub-segment held a market share of over 30% in 2021 and is slated to expand at a sturdy rate over 2022-2028 due to increasing implementation of modern technologies, such as cloud computing and IoT, along the automotive sector. The data migration segment is expected to record a CAGR of approximately 25% through 2028 because of surging demand for connected automobiles.
Furthermore, the data quality segment is anticipated to progress at a substantial pace to attain a market share of around 20% by the end of the review timeline. Mounting need for improved data analytics solutions to enhance vehicle performance is set to facilitate segmental uptake.
Under service, the automotive data management market has been further segregated into professional service and managed service. In 2021, the professional service segment held about 80% market share and is projected to showcase considerable growth through 2028 driven by increased demand for data integration as well as maintenance services among automotive OEMs. The managed service segment is speculated to depict a robust CAGR of around 30% over the study timespan on account of high emphasis on outsourcing of data management by OEMs.
Based on application, the automotive data management market has been segmented into predictive maintenance, dealer performance analysis, safety and security management, warranty analytics, driver and user behavior analysis, and others. The warranty analytics segment is slated to grow at over 20% CAGR between 2022 and 2028 supported by shifting consumer preferences and soaring need to automate warranty claim management operations. In 2021, the dealer performance analysis segment garnered a market share of above 15% and is estimated to reach a sizable revenue by 2028 owing to escalating requirement to adopt vehicle safety features.
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From the regional standpoint, the Latin America automotive data management industry is projected to observe steady growth at a CAGR of more than 25% through 2028.Prominent demand for connected automobiles across LATAM is likely to bolster product adoption in the region. Meanwhile, the Middle East & Africa automotive data management market is expected to progress at nearly 20% CAGR over the forecast period mainly due to rising investment in the automotive sector in the MEA region.
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