Growth at a CAGR of 32.34% in the Internet of Cars Market during the forecast period (2018-2023)| Dominant Vendors - CISCO SYSTEMS INC., IBM CORPORATION, BOSCH SOFTWARE INNOVATIONS GMBH, GOOGLE INC., TESLA MOTORS. INC., amongst others

Market Analysis:

North America is One of the Largest Market
The emergence of information technology and the increased usage of IoT in automotive applications have added a new dimension in the manner of conducting business operations in this region. The growth of electric vehicles in North America presents a long-term growing opportunity and the increase in electronics content, particularly in vehicle management systems. Thus, there is an attractive market for IoC, which is expected to accelerate the market growth.

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Following the development of technology and emerging trends in IoT, Machine to Machine (M2M) and big data analytics, there has been a fast growth for IoT in the automotive sector. This exponentially growing trend of connected cars, along with other technologies, is driving the market on a large scale. These connected features involve the exchange of real-time data that offers better comfort, security, entertainment and safety for the end-user. Various automobile manufacturers, such as BMW, Mercedes, Ford, General Motors and others are now offering IoT-connected cars. To eradicate the situation of traffic blocks, the use of connected cars can be justified. Mobility management is expected to have highest growth owing to traffic and safety concerns. However, the shortage of data scientists and skilled professionals is a major issue hindering the mobility services market.

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Market Segments:
Internet of Cars Market is segmented by:
1. Services: Business and Cloud Services, Support and Maintenance, Consulting Services
2. Software Solutions: Real time Transit Management System, Security Solution, Remote Monitoring System, Network Bandwidth Management
3. Applications: Mobility management, Vehicle Management, Entertainment, Safety, Others
4. Product & Services: Wireless & Cellular Modules, Sensors, Processors, Fleet Management, OEM Services, Aftermarket Services
5. End-user Industry: Government, Healthcare, Transportation and Logistics, Homeland Security, Others
6. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
•February 2018 - Panasonic and Trend Micro have had an agreement to develop cyber security solutions for connected cars. This collaboration of the two companies is expected to detect and prevent various intrusions into Electronic Control Units (ECUs).
•February 2018 - a private start-up company Cubic Telecom has announced that it has about a million cars in its software. This software facilitates connected cars in connecting to an LTE network. This software also enables the cars to connect to any high-speed mobile network.

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