Automotive Software Market Eyeing Admirable Growth due to Demand for Passenger
Safety Increasing Demand Forecast 2023
The global automotive software market size will develop at a healthy 20% CAGR between the forecast
period 2018- 2023, as per the new Market Research Future (MRFR) analysis. Automotive software,
simply put, is a collected programmable data instruction utilized to perform operations of computer-
based in-vehicle applications.
Various factors are fuelling the global automotive software market share. According to the recent MRFR
market estimates, such factors include rising adoption of ADAS features in cars, growing adoption of
connected car services, the intervention of innovative technologies for advanced UI, compliance
towards fuel efficiency standards, adoption of electronics-based driving comfort, government safety
mandates, growing demand for passenger safety, stringent government regulations associated with
vehicle safety, the collaboration of government authorities with automotive software developers, rising
internet penetration, and rapid adoption of IoT. Besides, the potential of 5G and artificial intelligence,
data monetization, vehicle software development, digital vehicle inspection, and growing developments
in autonomous and semi-autonomous driving cars are also adding market growth.
On the contrary, lack of connected infrastructure, lack of standard protocols to develop software
platforms, cybersecurity threats, consolidation of ECUs, troubleshooting and maintenance of
automotive software, lack of connected infrastructure, and the ongoing COVID-19 outbreak are factors
that may deter the global automotive software development market growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global automotive software market
based on propulsion, vehicle type, system, and solutions.
By system, the global auto