Global Internet of Things (IoT) Automotive MarketMay 28, 2019
Global Internet of Things (IoT) Automotive Market is expected to reach up to US$ 120 Bn at CAGR of around 25% during the forecast period 2016-2024.
Global Internet of Things (IoT) Automotive Market is segmented into the application, connectivity type, communication type, geography. On the basis of application, market is segmented into Infotainment, Navigation, and Telematics, based on connectivity type market is divided into Embedded, Tethered, and Integrated. According to a communication type market is divided by In-vehicle, vehicle to vehicle, a vehicle to infrastructure. According to offering market is classified by Hardware, software, service. Geographically market is spread by North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa. Internet of Things is taking over the world. It’s just the next natural step for the automotive industry to adapt and explore the innumerable possibilities encompassed in IoT technology. Navigation, cab services, security, entertainment, and a myriad of other aspects became a staple feature in modern cars. Driverless cars fulfil the need and satisfaction of customers. Implementation of IoT transformed automotive industry.
Vehicle to Everything (V2X) is an integral part of IoT technology which has been instrumental in the advent of Connected Car phenomena. V2X is a communication functionality that enables a vehicle to pass the required information to any entity that may affect the vehicle, and vice versa. V2X system may be further subdivided into Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), Vehicle-to-Device (V2D) and Vehicle-to-Grid (V2G). Hence it does not require any infrastructure for vehicles to communicate, which is key to assure safety in remote or little-developed areas. The demand for road safety, real-time traffic information and incident reporting have been rising globally. This has skyrocketed the prospects for IoT technology. Major driving forces behind the growth of the market are the increase in government funds for better traffic management, safety assurance, energy savings and the development of connected vehicles. On the other hand, lack of infrastructure, Government regulations and additional cost burden on consumers may hinder the growth of IoT in Automotive Market.
Regionally, North-America accounted for the largest market share because of the boom in the ICT sector, the automotive sector, and the transportation sector which resulted in the emergence of the connected vehicle ecosystem. Asia-Pacific region is expected to grow over the forecast period, 2016-2024 especially in countries such as China and India because they are investing huge resources in the transportation sector. Key players operated in market includes Vodafone Group Plc, Texas Instruments Inc, Intel Corporation, Tomtom N.V, Thales SA, Robert Bosch Gmbh, NXP Semiconductors N.V., IBM Corporation, Cisco Systems Inc, General Motors, Audi Ag, AT&T Inc, Microsoft, Apple, Google Inc, RideLogic, Atooma, DashRoad, AppyParking, CarIQ, Evoke Motorcycles, CarFit, Xesol Innovation, Commsignia, SnapBack, Qualcomm, Intel, NVIDIA.
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The Scope of Global Internet of Things (IoT) Automotive Market:
Global Internet of Things (IoT) Automotive Market by application:
Global Internet of Things (IoT) Automotive Market by connectivity Type:
Global Internet of Things (IoT) Automotive Market by communication type:
- vehicle to vehicle
- vehicle to infrastructure
Global Internet of Things (IoT) Automotive Market, by offering:
Global Internet of Things (IoT) Automotive Market by Geography:
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Key players operated in a Global Internet of Things (IoT) Automotive Market:
- Vodafone Group Plc
- Texas Instruments Inc
- Intel Corporation
- Tomtom N.V
- Thales SA
- Robert Bosch Gmbh
- NXP Semiconductors N.V.
- IBM Corporation
- Cisco Systems Inc
- General Motors
- Audi Ag
- AT&T Inc
- Google Inc
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