LONDON--(BUSINESS WIRE)--The global software market for autonomous cars is expected to grow at a CAGR of more than 76% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global software market for autonomous cars for 2017-2021. The report further segments the market based on product, which includes level 3, level 4, and level 5.
Some of the major drivers in the software market for autonomous cars include the high investments made by governments, automotive, and electronics companies in the field of autonomous car technology. Most of the funding is expected to last for three or more years, and investments will be made in R&D. Hence, autonomous cars will show improved growth in the future. Autonomous cars will reduce accidents on the road, which is the major reason behind the support of a number of governments for the market.
Technavio’s ICT research analysts categorize the global software market for autonomous cars into the following segments by regions:
- Americas
- EMEA
- APAC
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Americas: largest software market for autonomous cars
“The US and Canada are the major countries contributing to the growth of the software market for autonomous cars. Most of the major players in the market, such as Waymo, Intel, and NVIDIA, are based in the US. Software development and trial runs are also done in the US, which is increasing the US market share,” says Ishmeet Kaur, a lead analyst at Technavio for research on enterprise application.
The government has provided a lot of support for autonomous cars in the US market. In January 2016, the US government under President Obama had announced FY2017 budget proposal. It also covered the funding of projects that support the development of autonomous vehicles.
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Software market for autonomous cars in EMEA
“The growth of autonomous cars in EMEA is mainly led by Europe due to the presence of countries such as the UK and Germany. In Europe, automotive manufacturers like Volkswagen Group, which is based in Germany, manufacture passenger cars such as Audi, Bentley, Lamborghini, Bugatti, Porsche, SEAT, Škoda Auto, and Volkswagen,” adds Ishmeet.
One of the major countries driving the growth of the software market for autonomous cars in Europe is the UK. This is mainly due to the growing automotive industry in the country, R&D related to autonomous technology, and the government support for the autonomous technology.
Software market for autonomous cars in APAC
Autonomous driving cars are expected to be widely implemented in developed countries, such as the US, Germany, and UAE, where roads are well-maintained, and traffic rules are observed strictly. Most of the developing countries in APAC do not adhere to traffic rule nor have the necessary infrastructure that developed countries have. This is one of the major reasons for the slow growth of the software market for autonomous cars in APAC.
The top vendors in the global software market for autonomous cars highlighted in the report are:
- Alphabet
- Delphi Automotive
- Intel
- NVIDIA
- QNX Software Systems
- Tesla
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