The global automotive dealer management system market is estimated to garner a sizeable revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing requirement to manage vehicle dealing effectively, and growing demand for use of innovative automotive technologies across the globe. Along with these, escalating adoption of cloud technology, and upsurge in the need for better inventory management are projected to offer lucrative opportunities to the market in the forthcoming years. By the end of 2021, more than 80 percent of all the organizations in the world would have already adopted a multi-cloud strategy. Also, about 65 percent of enterprises already operate on cloud-based environments. Furthermore, rise in adoption of modern technologies in the automotive industry such as internet of things and artificial intelligence is also expected to drive market growth in the near future.
The market is segmented by application into customer relationship management, dealer tracking, finance, inventory, and sales, out of which, the customer relationship management segment is anticipated to hold the largest share in the global automotive dealer management system market. This can be accounted to the effective tracking of service-level agreements provided by these systems to take necessary actions and improve business efficiency. Additionally, on the basis of deployment, the cloud segment is assessed to grab the largest share during the forecast period owing to the cost effectiveness of cloud-based software as compared to on-premise software. Apart from this, growing investments in the deployment of advanced software by organizations is also predicted to boost the growth of the market segment in the years to come.CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global automotive dealer management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of high production of automobiles in the region. For instance, in China, approximately 1.5 million passenger cars were produced in August 2021, which increased up to 1.7 million in September 2021.
In addition, increasing disposable income of the people is projected to raise the sales of automobiles, which in turn is expected to accelerate the demand for automotive dealer management systems in the region. Moreover, the market in North America is anticipated to occupy the largest share during the forecast period owing to the increasing research and development activities in advanced automotive technologies, and strong footprint of prominent market players in the region.
The global automotive dealer management system market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive dealer management system market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing requirement to manage vehicle dealing effectively, and growing demand for innovative automotive technologies globally.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Upsurge in the number of cybersecurity attacks worldwide is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the high production of automobiles in the region.
The major players in the market are CDK Global, Inc., Autosoft Inc., Bit Dealership Software, Inc., RouteOne LLC, Epicor Software Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by deployment, function, application, and by region.
The cloud segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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