Auto Body Estimating Software Market Size, Share, Growth, and Industry Growth, By Type (Cloud-based and On-premises), By Application (Small and Medium Enterprises (SMEs) and Large Enterprises), Regional Forecast By 2031

Auto Body Estimating Software Market REPORT OVERVIEW

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The global auto body estimating software market size is expected to be USD 1137.49 million in 2021 & the market is projected to touch USD 2,838.92 million in 2031, exhibiting a CAGR of 9.42% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with auto body estimating software experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Auto body estimating software is an on premise or cloud-based solution that helps auto body shops in managing and estimate their businesses. It also allows auto body shops to schedule appointments, estimate repair costs, track customer vehicles, and invoice customers. Auto Body Management Software is a software system designed to streamline and automate the many operations connected with managing an auto body business. These activities can range from quoting and invoicing customers to maintaining inventory and arranging work orders. Smaller firms may lack larger businesses' resources to invest in enterprise-level software solutions. For small and medium businesses, this is where auto body management software can be beneficial (SMEs).

Large businesses utilize auto body management software to boost operational effectiveness and improve overall performance. This program can be used by large enterprises to manage their finances, inventory levels, human resources, and other areas of their operations. Additionally, this software may be used to build processes and workflows that can be altered to meet the unique requirements of the organization. The two main factors behind the growth of the worldwide auto body estimating software market are the expanding automotive sector and rising consumer demand for vehicle safety. New technologies in the automobile sector are constantly advancing, necessitating effective management of vehicle bodywork. Government mandates for car safety are also anticipated to spur industry expansion throughout

COVID-19 Impact: The Ban On Transportation Hammered the Market Expansion

The COVID-19 pandemic has put the automotive sector through unparalleled hardships and uncertainties. The outbreak's effects on the globally integrated automotive industry were rapid and severe. An industry facing severe pressure due to a downturn in worldwide demand is being affected by this. Due to the anticipated decline in demand, automotive companies are reviewing their strategy and operating plans for the post-pandemic period. As economies steadily recover, it is anticipated that the market will expand during the projection period. Using open-source platforms and enhanced product lines that prioritized the user experience strengthened the auto body estimating software business as a whole. Automobile infotainment systems are a growing area of interest for OEMs and consumers, and manufacturers are increasingly competing on the software or operating system that these systems use.

LATEST TRENDS

"Adoption of ADAS Technology to Foster Market Growth"

Advanced driver assistance systems (ADAS) are one of the key parts of self-driving technology, which has seen enormous progress in the automobile industry. The major automotive OEMs are also incorporating ADAS features into their upcoming models in response to rising consumer demand for advanced safety features like adaptive cruise control and autonomous emergency braking systems as well as stricter government regulations aimed at reducing traffic accidents. With functions such as emergency braking, lane monitoring, stability controls, and others that are essentially software-driven, ADAS technologies have greatly declined the complexity of driving. To build advanced ADAS software, many Tier 1 firms and OEMs are forming collaborations with software development vendors. This is because ADAS capabilities are now being implemented in next-generation automobiles.

Auto Body Estimating Software Market Segmentation

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• By Type Analysis

By type, the market is segmented into cloud-based and on-premises. 

• By Application Analysis

Based on application, the market is classified into small and medium enterprises (SMEs) and large enterprises. 

DRIVING FACTORS

"Increasing Adoption of Connected Vehicles to Boost the Software Demand"

The ability to connect has become a standard feature of almost all electronic devices, including cars. These services produce useful data, such as vehicle performance and road conditions, and allow auto dealers, fleet operators, and drivers to optimize resource utilization, increase safety, and automate some driver responsibilities. With the use of integrated, cloud, tethered, or embedded connection technologies, connected car services can be delivered within a vehicle. The auto body estimating software is often needed for connected automobile services to carry out their specific tasks. This software aids in setting up, controlling, and keeping track of internet of things (IoT) devices used in automobiles, which is expected to surge auto body estimating software market growth. Additionally, the rise in worries about safety and security, the want for a better driving experience, and the arrival of the internet of things all contribute to the rise in demand for connected automobile services.

"Rising Demand for Security Integrated with Advanced Technology to Surge Market Growth"

The demand for cutting-edge technologies in cars, such as power steering, climate control, anti-lock braking, and others, has surged over the last few years, according to the automotive industry. Due to the increase in motor applications in automobiles, this industry is expanding. Additionally, there is an increase in demand for cars with more safety, convenience, and comfort in developed economies such as the U.S. Popular features include heads-up displays, steering-mounted controls, gesture control systems, sophisticated infotainment systems, central controllers, and telematics. These features provide benefits for comfort, luxury, safety, and security. These factors are forecasted to augment the auto body estimating software market growth in the foreseeable future.

RESTRAINING FACTORS

"Shortage of Connected Infrastructure to Impede Market Growth"

The modern automotive sector now looks very different because of technology. The proper and more safe operation of automobiles is now dependent more on software-controlled connected devices thanks to the development of cloud technology, artificial intelligence (AI), and the internet of things (IoT). The lack of robust IoT and network infrastructures, such as Wi-Fi, the cloud, and cellular technologies, is complicating real-time software control, which could impede the growth of the automotive software market.

Auto Body Estimating Software Market REGIONAL INSIGHTS

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"North America to Lead the Market Due to The Presence of Key Players in the Region"

North America is expected to hold a leading part of the auto body estimating software market share owing to the strong presence of key competitors. Major market players exist in the U.S. and Canada, which makes these countries major growth contributors to the global market.

Asia Pacific is forecasted to show significant growth in the global market due to the rising population, increasing disposable income, and steady industrialization. 

Latin America is estimated to show sizable growth in the global market by virtue of the rapidly expanding automotive industry in the region.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

LIST OF TOP AUTO BODY ESTIMATING SOFTWARE COMPANIES

• CCC ONE (U.S.)
• GT Motive (U.K.)
• Mitchell (U.S.)
• Alldata (U.S.)
• Solera Inc. (U.S.)
• Mitchell 1 (U.S.)
• Web-Est (U.S.)
• R.O. Writer (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2017 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using various primary and secondary sources.