Global IoT in the automobile market is poised to reach at market size of USD 83 billion by end of year 2022 at growing with 27% CAGR. The growing demand for connected cars, increasing government funding for next generation vehicles and vehicle infrastructure cars, real-time traffic and incident alerts, growing number of telematics mandates by various governments, and the growing demand for assisted automated driving. Many firms are adopting internet of things to develop next generation vehicles.
The market research report provides the in-depth IoT in Automobile Market data analysis by using the various graphs, figures, charts, and tables. Furthermore, the report provides the different business challenges which are impacting market growth in all direction.
The automotive industry redefining and reinventing because of application of internet of things. The industry has evolved through four phases. The first phase is connectivity and sensors progressively enabling passive monitoring, interaction, ambient awareness, and automation. The second phase added an interaction component. The transition to phase 3 will allow vehicles to be aware of what is happening in the immediate vicinity through Advanced Driver Assistance Systems (ADAS) sensors or even through vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I). Now, in the fourth phase introduces automation by making vehicles independent through driverless cars and autonomous.
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The key players of Global IoT in The Automobile Market report include Texas Instruments Inc. (U.S.), Intel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), TOMTOM N.V. (Netherlands), IBM Corporation (U.S.), Cisco Systems Inc. (U.S.), Microsoft Corp. (U.S.) ,Thales SA (France), ATT Inc. (U.S.), Vodafone Group (U.K.), Robert Bosch GmbH (Germany), Google Inc. (U.S.), Apple Inc. (U.S.), General Motors (U.S.), Audi AG (Germany) , Ford Motor Company (U.S.) and others.
IoT in the Automotive Market
On the basis of communication type, the market can be segmented as in-vehicle, vehicle to vehicle, vehicle to infrastructure. Out of these, in-vehicle accounted for the largest market share because it is used to provide accurate route information to a user while on road and also update the road-traffic controller with detailed information about the conditions on a road.
On the basis of application the market can be segmented infotainment, navigation and telematics. Out of these, infotainment accounted for the largest market share because of device integration, high-speed connectivity, intuitive and multi-modal user interfaces in the systems installed in vehicles.
On the basis of offering, communication type, application and region. By offering, the market has been bifurcated into hardware, software, services.
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Market Research Future Analysis
The global IoT in the automobile market is expected to grow significantly. The market is highly application basis. Infotainment segment of Iot in the automobile market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.
Regionally, North-America accounted for the largest market share because the region is attributed to the formulation adoption of modern technologies and also boom in the ICT sector, the automotive sector, and the transportation sector which resulted in the emergence of the connected vehicle ecosystem and adoption of modern technologies
Asia Pacific is expected to grow at a fast pace, majorly due countries such as India and China are investing huge amounts of money for the adoption of modern technologies and high investments in the transportation sector.