New York, NY -- (SBWIRE) -- 09/03/2020 -- Driven by the rising requirement for connected cars, development of advanced technologies for user interfaces, and the increasing research and development (R&D) activities being conducted on autonomous technology, the global automotive software market attained a valuation of $28,214.6 million in 2019 and is predicted to generate a revenue of $78,894.2 million in 2030. According to the market research company, P&S Intelligence, the market will advance at a CAGR of 12.4% from 2020 to 2030.

The soaring popularity of connected cars is a key factor fueling the expansion of the market. The rising requirement for greater vehicular safety, better driving experience, and the incorporation of IoT-based solutions in automotive technologies are fueling the deployment of connected cars across the world. The adoption of IoT-based solutions and technologies is helping many automakers achieve unprecedented results regarding the connectivity solutions and infotainment services used in connected cars.

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Because of the aforementioned factor, the connected car industry attained a revenue of around $72.5 billion in 2019. Moreover, with the growing sales of these vehicles, the industry will exhibit swift progress in the coming years, which will, in turn, power the growth of the automotive software market. Apart from this, the rising requirement for vehicles equipped with advanced user interfaces is causing the development of innovative technologies, which is, in turn, driving the advancement of the market.

Another major factor positively impacting automotive software market growth is the increasing deployment of autonomous cars all over the world. These cars are equipped with autonomous systems and features that are heavily reliant on automotive software for their functioning. Based on software, the automotive software market is divided into advanced driver-assistance systems (ADASs) and autonomous driving (AD), powertrain and chassis, operating system and middleware, body and energy, and infotainment, connectivity, security, and connected services.

Out of these, the ADASs and AD category recorded the highest growth in the market in the years gone by, because of the large-scale adoption of these technologies in vehicles in the last few years. These technologies greatly reduce the chances of road accidents and improve the driving experience. Furthermore, the adoption of lane assist, automatic braking, and other advanced features in automobiles leads to a sharp reduction in traffic rule violations.

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Globally, the automotivesoftwaremarket is predicted to demonstrate the highest growth in the Asia-Pacific (APAC) region in the forthcoming years, primarily because of the growing adoption of electric vehicles in the APAC nations such as China. This is because these vehicles are heavily reliant on automotive software. In addition to this, the increasing R&D activities being conducted in autonomous vehicles are also augmenting the growth of the market in this region.

Hence, it can be inferred from the above paragraphs that the market will exhibit consistent growth all over the world in the upcoming years, mainly because of the rising usage of autonomous cars and electric vehicles and the increasing integration of ADASs and other advanced technologies in vehicles around the world.