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Big Data in Automotive Market Overviews
Big Data in Automotive Market size was valued at US$ 5.29 Billion in 2023 and the total Big Data in Automotive Market revenue is expected to grow at 18% through 2024 to 2030, reaching nearly US$ 16.85 Billion.
The car industry and smart technologies have transformed the way adventurers seek thrills and even the most technologically challenged drivers navigate nowadays. Thanks to big data analytics, the vehicle industry has seen remarkable growth throughout the years. Big data is assisting the automobile sector in a variety of ways, including improving vehicle safety with cognitive IoT, lowering maintenance costs with large volumes of data, and increasing uptime with predictive analysis, among other things. This digital transformation in the automobile industry has opened up a plethora of new chances for industry experts to upskill and profit from this rising trend. Big data in automotive market is expected to register CAGR of 18% during the forecast period.
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Big Data in Automotive Market Scope and Methodology:
The automotive industry is growing at a rapid pace, with new advancements being launched every year, from cloud computing and artificial intelligence to electrification and autonomous driving. The big data in automotive market is expected to reach $66.95 billion by 2022, vehicle electrification is expected to reach $126 billion by 2025, and the global autonomous vehicle market is expected to grow at an 18.06 percent compound annual growth rate (CAGR) between 2020 and 2025, after being valued at $24.1 billion in 2019.
Big Data in Automotive Market Regional Insights
China has long dominated the market as the country with the greatest number of car owners worldwide. Chinese automakers sold over 25.76 million automobiles in 2019, according to the Chinese Association of Automobile Manufacturers. The market for big data in the automotive industry in Asia-Pacific is being driven by the desire for connected cars. Despite a general recession in China, where auto sales have fallen for 14 months in a row as of the end of August 2019, Audi managed an 11%t increase in sales to 660,000 cars last year, owing to strong demand for its popular sport utility vehicles. China, Japan, India, and South Korea accounted for 50% of worldwide vehicle manufacturing in 2019, making Asia and Oceania the largest market for car electrification. By 2025, the global vehicle electrification market is anticipated to be valued $129.6 billion, rising at a CAGR of 11.9%. Stringent government rules for emissions and fuel economy standards, as well as an increase in need for reliable electrical systems, are to blame for this market expansion.
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Big Data in Automotive Market Segmentation
Automobile finance companies amass vast volumes of client information. This data aids them in better understanding their clients, but the sheer volume prevents them from interpreting the data and acting on it. Automobile loan companies examine data to learn more about a customer's financial history and preferences. Companies are now able to deliver more customized financial solutions that are suited for a customer based on their needs thanks to these insights. This will produce more business leads since businesses will be able to differentiate their services, keeping customers away from the fraudsters and defaulters.
Big Data in Automotive Market Key Players
Adobe Systems Inc. (USA)
Allerin Tech Pvt Ltd. (India)
SAS Institute Inc. (USA)
Stratio Automotive (Portugal)
Telefonaktiebolaget LM Ericsson (Sweden)
Auriga, Inc. (USA)
HCL Technologies Limited (India)
IBM Corporation (USA)
Infosys Limited (India)
LHP Engineering Solutions (USA)
Mu Sigma (India)
Oracle Corporation (USA)
Reply S.p.A. (Italy)
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About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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