Press Release

Autonomous Car Software Market to Accelerate at a Steady CAGR of Around 27.01% During 2024-30

The Global Autonomous Car Software Market is projected to grow at a CAGR of 27.01% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The main factor influencing the Autonomous Car Software Industry is efficiency & safety concerns. Safety is a top priority; therefore, to avoid accidents and protect the health and safety of other road users as well as passengers, autonomous car software needs to show that it can accurately sense and react to the surroundings in real-time. To ensure the safety of autonomous driving systems, this calls for sophisticated algorithms, cutting-edge sensor technologies, and stringent testing procedures.

Concurrently, the need for efficiency necessitates advancements in autonomous car software, which aim to improve overall transportation efficiency by streamlining traffic and minimizing bottlenecks. Autonomous car software promises to save travel time, use less fuel, and lessen environmental effects by utilizing data analytics, predictive modeling, and connection technologies. Thus, concerns related to safety & efficiency are fueling the growth & expansion of the Global Autonomous Car Software Market.

Furthermore, advancements in artificial intelligence, machine learning, sensor technologies, and computing capabilities are empowering vehicle manufacturers to target higher levels of autonomy. Owing to this, leading car manufacturers, like BMW, Mercedes-Benz, etc., are increasingly focusing on the development of vehicles with Level 3 autonomy and above. This shift toward higher autonomy levels necessitates the need for advanced software solutions capable of data processing, decision-making, and maintaining high standards of safety and reliability. Moreover, several countries are moving toward the legalization of more autonomous vehicles on public roads. This trend is poised to generate substantial opportunities for companies specializing in the development of autonomous car software, further states the research report, “Global Autonomous Car Software Market Analysis, 2024.”

Global Autonomous Car Software Market Segmentation Analysis

Operating System & Middleware Software Holding a Major Market Share

Based on the software type, the market is further bifurcated into, Perception & Planning Software, Operating System, Middleware Software, Chauffeur Software, Interior Sensing Software, Supervision/Monitoring Software, and Others (Concierge Software, Trial or Development Software, etc.). The demand for operating system and middleware software stands out due to their critical role in autonomous vehicle technology. These software layers are essential for all autonomy levels, playing a pivotal role in the integration and functionality of various software modules and hardware components.

Moreover, the majority of automobile production across the globe focuses more on Level 1 and Level 2 autonomous vehicles, which emphasize driver assistance and partial automation. These levels rely on solid software infrastructure provided by operating system and middleware software to function effectively.

Europe Leading the Autonomous Car Software Industry

Europe has seen significant demand for Autonomous Car Software, driven by regulatory support and initiatives designed to revolutionize mobility. During 2019–2023, many European countries, like the UK, France, Norway, etc., have established regulatory frameworks conducive to the development and trial of autonomous vehicles. This is promoting on-the-ground testing and innovation, subsequently encouraging automotive manufacturers to invest in autonomous car software.

Moreover, Europe's transportation and digital infrastructure make it an optimal location for deploying level 1 and level 2 autonomous vehicles. The combination of high-quality road networks, extensive broadband coverage, and robust cellular connectivity meets the intricate requirements of autonomous vehicle technology. Owing to this, there's a growing consumer interest in autonomous vehicles across the region, prompting European car manufacturers such as Mercedes and BMW to ramp up the production of such vehicles. This increase in production is boosting the demand for autonomous car software and is anticipated to continue in the same trend in the coming years.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including aiMotive, Baidu Inc., BlackBerry Ltd., Cohda Wireless, NVIDIA Corporation, Tesla Inc., Robert Bosch GmbH, Siemens AG, Tata Elxsi, General Motors Co., Aurora Innovation Inc., Intel Corporation, Luminar Technologies, Ridecell, Inc., TIER IV, Inc., and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the globe?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?