MongoDB MDB has introduced a fresh initiative called MongoDB Atlas for Manufacturing and Automotive, which is aimed at supporting organizations in leveraging real-time data for innovation and creating applications that take the advantage of intelligent and interconnected technology.
This offering encompasses experts-led innovation workshops, customized technology partnerships and specialized knowledge accelerators to offer tailored training pathways designed for diverse use cases that developers in these sectors encounter.
Organizations can now tap into the potential of MongoDB Atlas for Manufacturing and Automotive to reshape user experiences and revolutionize manufacturing processes. This includes devising novel strategies to tackle industry-specific challenges through innovation workshops and upskilling teams to facilitate the swift creation of modern applications.
Apart from introducing the MongoDB Atlas for Manufacturing and Automotive initiative, MDB has also become a launch partner for the Amazon’s AMZN division, Amazon Web Services (“AWS”) Automotive Competency.
To achieve this recognition, MongoDB underwent a thorough technical validation process to ensure that MDB and AWS can collaborate effectively to assist automotive companies in working toward a future that is autonomous, customer-focused, safe and sustainable. This development further strengthens the company’s enduring partnership with AWS, which includes making MongoDB Atlas accessible through the AWS Marketplace.
Shares of MDB have gained 69.5% year to date compared with the Zacks Computer and Technology sector’s rise of 34.7% in the same period due to long standing partnerships with giants like AWS.
MongoDB, Inc. Price and Consensus
MongoDB Enters Into a Highly Competitive Automotive Cloud Market
The global automotive cloud market size reached $22.5 billion in 2022. According to an IMARC Group report, the market is expected to reach $60.2 billion by 2028, witnessing a CAGR of 17.30% over the 2023-2028 period. Since the introduction of connected vehicles, the rapid evolution of automotive cloud computing, autonomous driving capabilities and intelligent automotive features has been quite remarkable. Car manufacturers worldwide are increasingly dedicating resources to integrating cloud technology to enhance the driving experience.
The incorporation of cloud technology in automobiles holds the potential to save lives by preventing accidents and enables vehicles to communicate effectively with one another. It's fair to assert that cloud computing, particularly distributed cloud systems, is becoming an essential technology for contemporary and intelligent automobiles.
This Zacks Rank #3 (Hold) company faces tough competition from cloud providers like Salesforce CRM, Oracle ORCL and AWS. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Salesforce's automotive CRM is designed to enable active listening to customers and engagement across diverse touchpoints, encompassing online platforms, mobile devices, social media, showroom interactions and connected vehicle interfaces. It also helps in establishing a lasting relationship with customers.
Oracle's top-tier cloud solutions provide a platform for handling the specific and distinctive core business needs of the automotive industry. Leveraging advanced digital and analytical technologies, its solutions are designed to enhance operational efficiency across various domains, such as supply chain, enterprise resource planning, engineering, product lifecycle management, production, asset management, customer experience and service management.
AWS offers a comprehensive range of specialized services and solutions tailored for the automotive industry. These encompass software-defined vehicle technology, connected mobility solutions, autonomous mobility systems, digital customer engagement tools, manufacturing support, supply chain management and product engineering solutions for companies of all scales from emerging startups to established global original equipment manufacturers.
MongoDB has already acquired customers like HiveMQ, Share Now and Digitread in the automotive and manufacturing sector. The company’s positive impact in this sector is expected to boost the top line as well as total customers.
The Zacks Consensus Estimate for MDB’s fiscal 2024 revenues is pegged at $1.61 billion, indicating year-over-year growth of 48.34%. The Zacks Consensus Estimate for total customers is pegged at 47,871, indicating a year-over-year increase of 17.3%.
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