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Global IoT in Automotive Market Expected to Reach USD 104.16 Bn by 2023 | Cisco, Ford, IBM, Microsoft, AT&T
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The Internet of Things (IoT) allows access of things from a remote place through computing devices and network communications, guarantees enhanced accuracy and efficiency to send and receive data without much human interaction, and helps accelerating the integration of the world into computer based systems. The adoption of IoT is reshaping the automotive sector in an extensive way. It is enabling the vehicles to connect with the outside world and enhancing driver as well as rider experience. Connected vehicles are very much in demand and they are now being equipped with a wide range of applications and value-added services like self-driving and real-time traffic alerts to improve the overall driving experience, thereby, making the automotive sector one of the most favorable sectors for the IoT to flourish. According to Publisher, the global IoT in automotive market is projected to grow at a compound annual growth rate (CAGR) of 27.55% leading to a global revenue of USD 104.16 Bn by 2023.
Major IoT providers in automotive operating in the market are Cisco, Ford, IBM, Microsoft, AT&T, etc.
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Approximately 100 Mn new registrations of cars are going to take place by 2025 and integrated IoT telematics in cars is expected to be augmented by about 88% in new cars. Integrated IoT solutions are projected to proliferate widely due to the increasing usage of smartphones and the growing popularity of apps. The vehicle-to-vehicle (V2V) communication form is being developed rapidly across the globe with the help of IoT. It allows vehicles on the road to communicate with each other by sharing data about speed, road conditions and other factors through ad-hoc networks created among vehicles. The in-vehicle communication segment has seen great acceptance among consumers. Developed countries like North America and Europe are focusing on reducing road risks and crashes through V2V and vehicle-to-infrastructure (V2I) using IoT.
The IoT in automotive market is classified into three primary segments:
-based connectivity form: tethered, integrated, embedded
-based on communication type: vehicle to vehicle, in-vehicle, vehicle to infrastructure
-based on application: navigation, telematics, and infotainment
Within the communication type, the vehicle-to-vehicle segment is expected to register a high growth rate through the forecast period of 2018-2023 as many IoT providers are looking to improve driving conditions and prevent road accidents by letting one vehicle to transfer speed and position data to the other over the internet.
The market is also segmented by regions North America, Europe, Asia-Pacific, Latin America and The Middle East and Africa. Asia-Pacific is anticipated to have the highest CAGR during the forecasted period.
Key growth factors:
High demand for connected cars is being witnessed all over the globe. The global number of cars on the road is expected to double by 2040 and of this at least 80%-90% are expected to be cars connected through IoT. The sensors in the car will be able to constantly communicate with the manufacturer to send data on the status of components in real-time which the manufacturers can analyze to derive meaningful information.
Also, due to the increase in disposable income of people, infotainment services inside the car are also becoming very important to them. People expect their digital lifestyles to be extended into their cars with the help of IoT, etc. These are expected to accelerate the market.
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Table of Contents:
Chapter 1: Executive summary
Chapter 2: Global IoT in automotive market-overview
2.1. Global market overview-market trends, market attractiveness analysis, geography wise market revenue (USD)
2.2. Global-market drivers and challenges
2.3. Value chain analysis
2.4. Porter's Five Forces analysis
2.5. Market size-by connectivity form (tethered, integrated, embedded)
2.5. a. Tethered revenue-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.5. b. Embedded revenue-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.5. c. Integrated revenue-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.6. Market size-By communication type (vehicle to vehicle, in-vehicle, vehicle to infrastructure)
2.6. a. Revenue from vehicle to vehicle-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.6. b. Revenue from in vehicle-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.6. c. Revenue from vehicle to infrastructure-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. Market size-By application (navigation, telematics, infotainment)
2.7. a. Revenue from navigation-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. b. Revenue from telematics-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.7. c. Revenue from infotainment-Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
Chapter 3: North America IoT in automotive market-market overview
Chapter 4: Europe IoT in automotive market-market overview
Chapter 5: Asia-Pacific IoT in automotive market-market overview
Chapter 6: Latin America IoT in automotive market-market overview
Chapter 7: The Middle East and Africa IoT in automotive market-market overview
Chapter 8: Competitive landscape
Chapter 9: Conclusion
Chapter 10: Appendix
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