Pune, India., June 10, 2021 (GLOBE NEWSWIRE) — Dealer Management System Market: Key Insights
According to our new research study on “Dealer Management System Market to 2027 – Global Analysis and Forecast – by Deployment and Application”. The global Dealer Management System Market Size was valued at US$ 6,981.67 million in 2019 and is expected to grow at a CAGR of 6.8% during the forecast period to reach US$ 10,028.30 million by 2027. Increasing integration of different management systems is the key factor contributing to the dealer management system market growth. However, growing security concerns hampers the market growth.
Dealer Management System Market: Competition Landscape and Key Developments
The major companies profiled for this market study include ADAM Systems; Autosoft Inc.; Bit Dealership Software, Inc.; CDK Global, COX Automotive; DealerBuilt; Dominion Enterprises; e-Emphasys Technologies Inc.; Evopos; and Integrated Dealer Systems.
In 2021, CDK Global, Inc. had introduced Neuron, a big data platform connected to Fortellis automotive commerce exchange. The Neuron is designed to turn high volumes of industry information into actionable insights for dealers, original equipment manufacturers, and third-party software developers.
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In 2020, Integrated Dealer Systems (IDS) had launched IDS service mobile (a new cutting-edge mobile app) to help dealers maximize service profitability in today’s challenging market competition.
The increasing investments in the dealer management system, mounting adoption of cloud technology, and a shift from paperless work to automation are driving the growth of the dealer management system market. However, security concerns due to the lack of cybersecurity measures might hinder the market growth. Moreover, the rising demand for better inventory management, improved sales tracking, enhanced CRM, improved commission and insurance calculation, and technological advancements in dealer management systems, such as Artificial Intelligence (AI) and data analytics, would surge the global market growth during the forecast period. Real-time visibility, simplified business operations, and engaging customer communication are positively influencing the growth of the global dealer management system market.
Growing Advancements in Automotive Industry Drives Dealer Management System Market Growth:
From the past few decades, the automotive industry has experienced numerous technological advancements. The impact of modern technology has shaped the industry over the course. The advent of digital technology across the world made it possible for automobiles to implement advanced solutions. The dealership management system is an optimal solution for the companies working in the automobile sector that take part in spare parts inventory and work order management. The system incorporates customer relationship management (CRM) and business intelligence tools to track manufacturer and customer relationship. The dealership management system fulfills the needs and demands of the automotive industry. Several car dealers are highly using this system to manage inventory and sales.
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The market is also driven by the inorganic and organic strategies implemented by the companies to expand their dealer management system business in the automotive industry. For instance, in February 2020, Tekion Corp. rolled out a cloud-based platform with all functionalities of a dealer management system – Automotive Retail Cloud. It links major stakeholders of the industry, allowing them to maximize operational efficiencies, collaboration, and tailored retail experiences.
Dealer Management System Market: Segmental Overview
Based on deployment type, the global dealer management system market is segmented into cloud and on-premise. The demand for the cloud-based dealer management system is significantly increasing. The cloud-base software offerings are less expensive than the on-premise software; moreover, strong network infrastructure in developed countries also supports the adoption of cloud-based software. Various enterprises are planning to make substantial investments on advanced software to swiftly shift toward modern platforms integrated with advanced features. The use of cloud-based software has increased in the recent times. This is largely attributed to the benefits that cloud technology offers to enterprises. These benefits includes easy support and maintenance service, quick set-up and deployment, easy upgrade facility and wide accessibility. Owing to the rising demand for cloud-based software, the majority of dealer management system vendors are offering cloud-based solution.
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Cirrus Solutions, CDK Global, OneDealer, Focus Softnet FZ LLC are among the key cloud-based dealer management system providers. Developed countries have matured internet infrastructure, while it is flourishing in several developing countries, which allows end users in both groups of countries to access the cloud-based platform Moreover, cloud-based servers provide functionality or data on a pay-as-needed basis
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