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WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 18, 2024 /EINPresswire / -- According to a new report published by Allied market Research, titled, "Automotive Dealer Management System Market ," The global automotive dealer management system market size was valued at $4.4 billion in 2022, and is projected to reach $11.3 billion by 2032, growing at a CAGR of 10% from 2023 to 2032.
Automotive dealership management are applications specifically designed to handle dealership operations such as customer relationship management, inventory management, dealer tracking, and other aspects related to finance and sales. Automotive dealerships management system allows for effectively running daily business operations and offer improve client experience.
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The global automotive dealer management system market has seen significant growth due to growing demand for cloud-based automotive dealer management system, increase in sales of automobiles globally, and integration of AI and ML capabilities. Furthermore, increased remote working culture in the automobile sector and utilizing automotive dealer management system data for decision-making are likely to create an growth opportunity for the industry. However, growing security concerns and high technology cost are anticipated to hinder the market growth rate during the forecast period.
The global automotive dealer management system market size is segmented into component, deployment, application, and region. On the basis of component, the market is classified into hardware, software, and services. By deployment, it is bifurcated into on-cloud and on-premises. As per application, it is segregated into customer relationship management, dealer tracking, inventory management, finance & sales, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In recent years, the shift toward remote working has grown exponentially in automobile industry majorly due to the COVID pandemic. Remote working culture enabled automobile companies in reducing their operational cost and cost saving. d . Furthermore, remote collaboration solutions have accelerated communication and decision-making processes, leading in enhanced efficiency and productivity among teams working from many locations.
The automotive dealership management systems can provide crucial insights related to sales figures, customer information, and other key data sources. Leveraging automotive dealership management system data can provide valuable insights for the automotive dealerships. This data can be used for strategic decision-making for various departments and increase business intelligence and enhance business operators. There has been an increase in leveraging this data to identify customer buying patterns, analyze market demand, and understand emerging trends in the industry.
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Furthermore, decision-makers make use of this data to understand the key areas of improvement and adopt strategic planning to improve business. Automotive dealership management generate vast amount of data, companies are leveraging this data to analyze customer buying pattern and implement successful business strategies. . Thus, the increasing utilization of automotive dealer management system data for decision-making is anticipated to create robust growth opportunities during the forecast period.
Moreover, in recent years, there has been an increase in inclination toward the use of cloud-based technology. This is attributed to the fact that a cloud-based automotive dealer management system offers additional flexibility to scale up the business operations and offer more scalability in contrast to the on-premise system. Likewise, in any instance, if a business needs to scale up its operation, a cloud-based system can easily be implemented and requires lower upfront costs. Moreover, a cloud-based automotive dealer management system facilitates efficient management among various divisions in an organization as well as with other dealerships. Cloud-based system help in real-time data transfer, enabling to manage numerous business aspects more effectively and provide customers with more effective service.
However, automotive dealership management systems handle sensitive customer and financial data of the dealership and its associated industries. In recent years, there has been increased instances of phishing attacks. Normally, dealerships are equipped with unsecured wireless networks. Hackers utilize this network to gain access to confidential customer and dealership data.
Leading Market Players :
Wipro,
Oracle,
CDK Global LLC,
Dealertrack, Inc.,
Elva DMS,
Quorum Information Technologies Inc.,
Irium Software,
Autosoft Inc.,
GaragePlug Inc.,
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Key Findings Of The Study :
Based on component type, the software and service segment is forecasted to exhibit the strongest growth rate in the automotive dealer management system market in the near future.
Based on deployment type, the on-cloud segment is forecasted to witness significant growth in the automotive dealer management system industry in the near future.
Based on application type, the others segment is anticipated to exhibit strongest growth in the automotive dealer management system market in the near future.
Based on region, the Asia-Pacific region is anticipated to register a significant CAGR during the forecast period.
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About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+1 800-792-5285
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.