Automotive Data Management Market to amass hefty proceeds by 2028

‘According to a recent report by Global Market Insights Inc. (GMI), by 2028, the global automotive data management market share is expected to surpass $4 billion.’
With the connected vehicle paradigm becoming more innovative, consistent rise of advanced automotive technologies will strengthen global automotive data management market forecast over the next decade. Since the past few years, real time information has gained centerstage amongst urban vehicle owners, who have been relying on infotainment, real time traffic updates, maps, and remote access to emergency services within a matter of few clicks.
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By 2028, the global automotive data management market size is expected to be valued at more than $4 billion, pushed by the growing focus toward reinventing experiences in the mobility-as-a-service ecosystem. According to the ‘Automotive 2030: Racing toward a digital future’ report by IBM, 48% of the interviewed customers said that convenience and cost are top determinants in an autonomous vehicle experience, irrespective of the brand. In accordance, automakers are likely to open up the below-mentioned opportunities for vendors:
Integration of warranty analytics platforms: Increased margins for automakers
Since traditional warranty practices continue to drain OEM margins, efficient warranty management can have a major impact on the profitability of suppliers as well as other stakeholders across the automotive value chain. Several automakers are turning to vendors in the automotive data management industry, for gaining better insights into vehicle usage patterns by accessing real time data from connected cars. Apart from taking into account conventional parameters such as warranty claims, servicing history, and warranty plans, suppliers can minimize warranty claims by determining how drivers use the automobile.
To cite an instance, LatentView introduced an analytics platform for testing hypothesis based on real-time data generated by connected cars. Thanks to the proactive ‘drive-right’ feature offered by this solution, warranty costs dropped by nearly 35%. The platform communicated timely messages regarding potential hazards to at-risk drivers, enhancing customer satisfaction as well as profit margins for vendors and distributors.
Rising threat of automotive cyberattacks: An emerging opportunity
Safety and security systems accounted for nearly 15% of the automotive data management industry share in 2021. High incidence of vehicle thefts is accelerating investments in these technologies. Upstream, a Michigan and Herzliya-based company providing cybersecurity and data management solution for connected vehicles, recently announced its fourth annual report on automotive cybersecurity. Having analyzed nearly 900 reported car cyber-attacks over the last decade, the report reveals the alarming rise in the frequency of automotive cyberattacks over the last few years:
	
Cyber-attack frequency increased by a staggering 225% between 2018 and 2021.
	
Almost 40% of these attacks were targeted at back-end servers.
	
85% of the total attacks during 2021 were conducted remotely.
	
In 2021, ‘Black Hat’ breaches accounted for nearly 54% of the total attacks, a marked spike from 49.3% during 2020.
	
Key fob attacks as well as keyless entries accounted for almost 50% of vehicle thefts.
Automakers to prefer professional services due to rising demand for best-in-class consumer experience
North America automotive data management industry share from the professional services segment is slated to grow at a commendable pace between 2022 and 2028. Switching to cloud platforms can be a monumental task, requiring additional capabilities that carmakers often do not specialize in. Since professional services can offer cheaper solutions, at the same time ensuring a seamless integration and advanced troubleshooting, automakers are opting for these services. Through 2028, the cloud segment is likely to grow at more than 25% CAGR, according to a GMI report.
The IBM Institute for Business Value (IBV) recently conducted a survey involving more than 1,500 automotive executive participants. Of these, nearly 50% of the executives believed that re-inventing digital technologies across their organizations was imperative for their success and even survival. Over 42% of them exhibited a high sense of urgency toward establishing consumer loyalty via a superior digital experience.
For monetizing and managing their connected vehicle data, automakers are seeking advanced edge management solutions. Industry players are introducing novel suites to cater to the demand for more robust solutions that can handle spiraling volumes of data, which is driving the future of mobility.
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Recently, in April 2022, Airbiquity, a top provider of connected vehicle software, announced the launch of DATAmatic, a new suite of edge data management tools. The new tools and services will enable automakers to address the growing challenges related to personalized customer services and new vehicle features in the automotive data management market. Providing an optimized mix of off-board and on-board computing, the new platform helps manufacturers leverage the full power of edge analytics through deployment of edge analytic modules.
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Automotive Data Management Market to amass hefty proceeds by 2027