Global Automotive IoT Market: Snapshot
Present-day vehicles are becoming more connected than ever before. The rising level of connectivity in vehicles is enabling new business models. With the aim of gaining a competitive edge in the intensely competitive global auto industry, automakers, service providers, and suppliers are increasing their focus on cognitive IoT as one of the most promising transformative forces.
Connected vehicles are now becoming increasingly capable of analyzing real-time data, providing new insights about the overall state of various parts of a vehicle and its internal processes to vehicle users and fleet operators, helping significantly optimize their experience. Information is derived from vehicles and in-vehicle data to understand the drivers, helping reduce the number of accidents from the present average, reduce fuel costs, and boost productivity. Engineers are making use of connected-vehicle data throughout the vehicle’s lifetime to enhance and improve its functionalities and avoid quality issues and the possibility of recalls.
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Looking forward, one thing can be stated without doubt – technological advances will play a critical role in the development of automotive IoT market. The move from conventional automotive systems to completely connected ones has the potential of significantly bringing about a host of benefits in terms of fuel consumption, reduction of the risk of accidents, and boosting productivity. However, bringing this vision into reality will require that the transportation ecosystem achieves a high level of collaboration and a vast set of technological advances spanning critical fronts such as connectivity technologies and the vehicle infrastructure. This report on the global automotive IoT market gives a detailed overview of the market’s present scope of development as well as its future potential of growth.
Global Automotive IoT Market: Overview
The Internet of Things (IoT) is reshaping several sectors, including automotive. With IoT, automobiles are now equipped with value added services and applications such as automated driving and real-time traffic alerts to improve the overall driving experience. Owing to increased disposable income among the urban population and demand for technologically advanced products, the automotive sector is currently flourishing. This factor is reflecting positively on global automotive IoT market, which is projected for a strong growth rate during the forecast period of 2017 to 2025.
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Automotive IoT makes for a progressive market and this report is a comprehensive analysis of the current situation of the products and technology. Based on an in-depth analysis of all the major factors that are expected to influence the demand in the near future, the report estimates the future state of the market. It also contains a dedicated section on company profiles, wherein a number of key players have been analyzed for their market share, product portfolio, research and development activities, and geographical presence. The global automotive IoT market can be segmented on the basis of offerings into hardware, software, and service, on the basis of connectivity form factor into embedded, tethered, and integrated, on the basis of communication type into in-vehicle communication, vehicle-to-vehicle communication, and vehicle-to-infrastructure communication. By application, the global automotive IoT market can be segmented into infotainment, navigation, and telematics. Geographically, the report studies the opportunities available in the regions of North America, Asia Pacific, Europe, and Rest of the World.
Global Automotive IoT Market: Drivers and Restraints
The automotive IoT is internet connected vehicles that can communicate with other vehicles and infrastructures. With the growing number of vehicles, especially in the urban locations, the need for real-time traffic alert is escalating. With the Internet of Things, it is possible to update the end-users about congestions on the road and alternate routes on the real time. This factor is the most prominent factor driving the market for automotive IoT. Considering it as the future of the automobile sector, several companies with financial might are aggressively investing on the research and development of new products and technologies pertaining to automotive IoT. This encouragement is significantly benefitting the global automotive IoT market. Growing number of telematics mandates by several governments, escalating demand for assisted and automated driving to reduce accidents, and exponential rise in smartphone usage are some of the other factors propelling the market. However, as this technology is still in development stage, it is not cost-effective, which is acting as a hindrance for the market’s growth rate.
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Currently, in-vehicle communication contributes the maximum demand as far as communication type segment is concerned, providing accurate route to a user with real-time traffic updates, while infotainment accounts for the most demand in terms of application segment. Users can now use multimedia support and smart apps to connect with multi-modal user interfaces in the systems installed in vehicles, and enjoy streaming music, Internet radio, and social networking apps.
Global Automotive IoT Market: Regional Outlook
North America currently serves the maximum demand among all regions for automotive IoT, especially from the developed countries of the U.S. and Canada, which resides research and development units of several prominent companies. Consumers in these two countries have high buying power and high awareness levels about the new technology. The convergence of ICT sector, the automotive industry, and the transportation sector, is also expected to boost the North America automotive IoT market.
Companies mentioned in the research report
Some of the prominent companies currently operational in global automotive IoT market are Apple Inc., IBM Corporation, Cisco Systems Inc., Microsoft Corp., Intel Corporation, NXP Semiconductors N.V., Texas Instruments Inc., TOMTOM N.V., Thales SA, AT&T Inc., Vodafone Group, Robert Bosch GmbH, Google Inc., General Motors, Audi AG, and Ford Motor Company.