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IoT in Automotive Market Next Big Thing | Major Giants Cisco, Ford, IBM
IoT in Automotive Market
The Major Players Covered in this Report: Cisco, Ford, IBM, Microsoft, AT&T, etc.
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The automotive industry is moving towards innovative connected self-driving vehicles with the help of Internet of Things (IoT) which is transforming the automotive industry. Europe is the second largest revenue generating geography for IoT in automotive market. Strong economic backbone and increased awareness of fuel efficiency and road safety are driving the adoption of IoT in the Europe automotive industry as it allows to monitor the driver’s behavior and provides real-time updates. European countries like Sweden, France, Italy, Germany, and Luxembourg have high IoT penetration in general and it is expected to drive the adoption of the technology in their respective automotive industries as well. According to Netscribes, the Europe IoT in automotive market is projected to grow at a compound annual growth rate (CAGR) of 26.62% leading to a revenue of USD 30.09 Bn by 2023.
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Key growth factors
Rise in demand for intelligent management of fleet is expected to drive the IoT in automotive market in Europe to help comply with environmental regulations and reduce CO2 emissions by managing employee driving style. Fleet managing companies such as Telefonica are offering IoT enabled fleet management services via subscription model without an upfront fee in Europe to popularize the segment.
The Autopilot project which is funded by the European Union (EU) and conducted by ERTICO is working on combining the concept of IoT with automotive. The project started in January 2017 and the work is foreseen until the end of 2019. This is expected to heavily drive the market forward.
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Threats and key players
The IoT enabled connected car value chain is quite complex as different suppliers from different industries are involved in this business trend. Thus, cooperation between such suppliers is a pre-requisite for companies to achieve the full potential of this trend which might be a challenge in an already well developed automotive market in Europe.
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