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
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. Its 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 th