Global IoT Automotive Market Research and Forecast 2018-2023

The term Internet of Things (IoT) is referred to a network of interrelated computing devices, mechanical and digital machines or any physical objects that are capable of gathering and sharing electronic data. Generally, all these physical devices are pre-built with unique identifiers and an additionally ability that allow them to transfer data over a network without any need of human-to-computer interaction. With connectivity and smart devices gaining popularity in automotive sector, the manufactures in this industry are leveraging with technologies such as IoT, Big Data Analysis, and AI to enhance the business benefits coming in with the digital revolution. Automotive sector is changing at a rapid pace. One of the factors that is indicating the well-being of a country is development in transportation. One of the use of IoT in transportation is its application in electrical vehicle. It is an important tool to reduce the fuel cost as well as the impact of global warming. IoT in transportation eliminates the problems regarding poor fleet management through better analytics and control such as monitoring idling, fuel consumption, travel conditions, and travel time between points. The factors that are contributing significantly to the growth of global IoT Automotive market includes government funding for next-generation communication technologies such as vehicle-to-vehicle and vehicle-to-infrastructure communication; increasing demand for smartphone features in cars; increasing awareness towards safety and security of the passengers; and growth in automobile industry. High capital expenditure and maintenance cost, as well as security and privacy issues hamper the market growth. However, collaboration between various industry players in the market and emergence of 5G technology hold huge opportunity in the growth of global IoT Automotive market.

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The IoT Automotive market can be segmented on the basis of component, communication type and application. On the basis of component, the market is bifurcated as hardware, software and services. According to the communication type, the market is sub-divided as in-vehicle communication, vehicle-to-vehicle communication and vehicle-to-infrastructure communication. Based on the application, the market is diversified as navigation, telematics and infotainment. Among the applications, the infotainment segment is expected to hold the largest share owing to the adoption of cloud services for music and other multimedia features.

The global IoT Automotive market is further analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. The regions analyzed in the report involve North America, Europe, APAC and Rest of the World. The North America is expected to be dominating in the IoT Automotive market owing to the presence of well-established technological infrastructure. In addition, investment from various IoT players in the region is another factor responsible for the regional growth. Europe is another significant market and holds a considerable market share in the global IoT Automotive market. Moreover, APAC is estimated to be growing at a faster pace.

Some of the players operating in the global IoT Automotive market are Google Inc., Texas Instruments Inc., Audi AG, IBM Corporation, Cisco Systems Inc., and several others. In order to sustain in the competitive market, these players adopt various strategies such as merger & acquisitions, expansions, joint ventures and product development and partnership and collaboration. For an instance, Honeywell and Lear in September 2017, have entered into a collaboration for addressing threats regarding development of emerging connected and autonomous vehicle by providing automotive software technology and infrastructure solutions.

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