As per the analysis of FMI, the dealer management system market is projected to grow from US$ 8.2 Billion in 2022 to US$ 14 Billion in 2032 & is anticipated to have a steady CAGR of 5.5% during the period 2022-2032. The growing investment in dealer management systems, rising acceptance of cloud technology, and the move from paperwork to automation are propelling the dealer management system market forward.
Furthermore, rising demand for improved inventory management, improved sales tracking, enhanced CRM, improved commission and insurance calculation, and technological advancements in dealer management systems with the incorporation of artificial intelligence (AI) and data analytics capabilities will drive the global dealer management system market growth in the coming years. The COVID-19 pandemic condition caused several countries to implement lockdown in 2020, wreaking havoc on their companies and forcing the closure of vehicle dealerships.
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KEY TAKEAWAYS:
- The On-Premise from the dealer management system market is expected to grow at the fastest CAGR of 5.1% in the deployment type sector.
- Transport & Logistics is expected to grow at a high rate in the end user sector of the dealer management system market, with a CAGR of 6%.
- The market size for dealer management systems in the United States is expected to reach US$ 4.3 Billion by 2032, growing at a CAGR of 6% during the research period.
- United Kingdom is expected to reach a market size of US$ 0.9 Billion in the dealer management system by 2032, with a CAGR of 5.1% during the research period.
- China’s dealer management system market is expected to be worth US$ 0.7 Billion by 2032, with a CAGR of 3.2% over the forecast period.
- Japan is expected to have a market size for the dealer management system of US$ 0.7 Billion by 2032, with a CAGR of 6.2% during the research period.
- By 2032, India is expected to reach a market size of US$ 0.6 billion in dealer management systems, with a CAGR of 7.1% during the research period.
A list of Key Players Covered in the Dealer Management System Market are:
- Adam Systems
- BiT Dealership Software, Inc.
- Blue Skies Business Solutions Inc.
- CDK Global LLC.
- Dealertrack Inc.
Dealer management systems assist car dealers in staying current on dealer management system market trends and developments. As a result, the decline in dealer activity has slowed the growth of the dealer management systems market.
However, security worries stemming from a lack of cyber security safeguards are impeding dealer management system market expansion. Real-time insight, simpler company processes, and engaging customer engagement are all driving the worldwide dealer management system market forward.
Dealer management systems power new and used car sales, repair and maintenance services, consumer finance, and vehicle and parts inventory management. They also provide financial reporting, cash flow management, and payroll services.
The system connects to OEM data processing systems, allowing automobile merchants to order vehicles and components, process warranties, and receive vehicle records. The automobile industry’s widespread use of new dealer management systems is fueling dealer management system market expansion.
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Recent Developments
- Tekion Corp. will launch the Automotive Retail Cloud, a cloud-based platform that includes all of the features of a dealer management system, in February 2020. It connects important industrial players, allowing them to enhance operational savings.
- DealerSocket, Inc. announced the purchase of Auto/Mate, a dealer management system supplier for automobile dealerships, in January 2020. Combining Auto/powerful Mate’s dealer management system with DealerSocket’s goods, gives auto dealers a one-of-a-kind platform that combines innovative software with the best service.
- CDK Global, Inc. will launch Neuron, a Big Data platform linked to the Fortellis automobile commerce exchange, in 2021. The Neuron is intended to transform large amounts of industry data into useful insights for dealers, original equipment manufacturers (OEMs), and third-party software developers.
- Integrated Dealer Systems (IDS) will introduce Service360 in 2020 to assist dealers in revolutionizing their service and reducing repair event cycle time (RECT). The IDS Service360 is a complete service solution that works in tandem with the IDS Astra G2 dealership management system.
Key Segments
By Deployment Type:
- On-Premises
- Cloud
By End User:
- Transportation and Logistics
- Agriculture
- Construction
- Oil & Gas
- Mining
- Marine
- Motor Sports
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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https://hackmd.io/@tanmayb4733/SJ-SPuOWs
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