Report : Dealer Management System Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud) and Application (Automotive, Mining, Construction, Agriculture, and Others)
Dealer Management System Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Deployment (On-Premise and Cloud) and Application (Automotive, Mining, Construction, Agriculture, and Others )
According to the new research report titled “Dealer Management System MarketForecast to 2027 –COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 10028.30millionby 2027, registering a CAGR of 6.8%from 2020 to 2027.
With focus on improved customer connection and communication, several manufacturers are looking for integrated ways to manage their business. This boosts the need to have systems that streamline enhanced interactions between the customers, dealers, and OEMs. Dealer management systems integrated with various features—such as CRM, service management, spare part management, sales tracking, and inventory management features—meet the growing requirement of the modern manufacturing industry.Dealer management systems capture data about customer, inventory, and product and make inventory management more efficient. Besides, they facilitate visibility on dealer operations across different countries around the world. Companies are highly integrating various systems into dealer management to offer enhanced customer experience. For instance, in January 2021, DealerSocket, Inc. rolled out an all-new service scheduler effortlessly incorporated within its CRM tool. This tool is built to combine dealership sales and service departments in a shared mission to convert, acquire, and retain lifelong customers. Its CRM tool creates a wide-ranging view of a customer’s experience with the dealership while enabling advisors and service managers to manage customer interactions from one location.Thus, dealers can manage operations from inventory management to customers and product sales to services seamlessly with a robust dealer management system integrated with different management systems. Therefore, this factor is driving the market globally.
Growing advancements in automotive industry and increasing integration of different management systemsdrives the growth of the global dealer management system market. advent of autonomous vehicles is among the major factors that are anticipated to bolster the market growth during the forecast period. However, the growing security concerns may hinder the market growth.
Impact of COVID-19 Pandemic on North America Dealer Management System Market
North America is at the forefront of adopting and developing new technologies, mainly due to favorable government policies to boost innovations, presence of a huge industrial base, and high purchasing power of people, especially in developed countries such as the US and Canada. Hence, any disruption in the growth of industries is expected to hamper the economic growth of the region. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with 25,817,939 confirmed cases and 436,051 deaths, as per the WHO data.
The pandemic situation compelled many countries to impose lockdown in 2020, which ravaged businesses in these countries and lead to the discontinuation of auto dealership operations. Dealer management systems help auto dealers to stay updated regarding the current market trends and changes. Thus, slump in the businesses of dealers also slightly hindered the growth of the dealer management systems market in 2020. However, as stated by Forbes, despite these conditions, dealerships in certain US states continued their operations, with formal permission from the US government to run the business during the pandemic as it is one of the crucial businesses, especially for the transport industry.
Key Findings of Study:
The global dealer management system market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). In 2019, North America led the market, followed by Europe and APAC.
Significant strategic initiatives by several industry players are observed in the market; for instance, in January 2021, CDK Global, Inc. introduced Neuron, a Big Data platform connected to Fortellis automotive commerce exchange. The Neuron is designed to convert high volumes of industry information into actionable insights for dealers, original equipment manufacturers (OEMs), and third-party software developers. Further, in November 2020, Integrated Dealer Systems (IDS) launched Service360 to help dealers revolutionize their service and reduce repair event cycle time (RECT). The IDS Service360 is an end-to-end service solution that integrates seamlessly with the IDS Astra G2 dealership management system.