Internet of Vehicle Market Big Profits on the Horizon as Market Size Continues to Grow | Texas Instruments, Audi AG, Intel Corporation

The global Internet of Vehicle market was valued at $66,075 million in 2017, and is estimated to reach $208,107 million by 2024, growing at a CAGR of 18.00% from 2018 to 2024. Internet of Vehicles refers to the automation of vehicles, which involves the implementations of IoT technologies into vehicles. The internet of vehicle market growth is expected to witness high demand, owing to rise in in technological upgrades in automotive industry, rising internet penetration, introduction of Logistics4.0, and increase in awareness about safety measures across the globe.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

The Internet of Vehicles (IoV) technology is a pioneering technological innovation that is expected to revolutionize the automotive market. IoV refers to the technology that has various dynamics and communicates between public and vehicle networks using V2V (vehicle-to-vehicle), V2R (vehicle-to-road), V2H (vehicle-to-human), and V2S (vehicle-to-sensor) interactions. The North America internet of vehicle market is expected to register the highest CAGR during the forecast period, due to an early adoption of IoV, and continuous launch of new and improved technologies in the region.

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Internet of vehicle is a certain convergence of mobile internet and the Internet of things. It includes the presence of internet in the moving vehicles to extract information about the location, speed, distance, or mishaps on the roads. It is a converged technology that encompasses information, communication, environmental protection, energy conservation, and safety. Internet of Vehicles helps the driver to know the area and avoid collision with the nearby passing vehicles, and even control the speed accordingly. The technology is used for personal as well as business vehicle use. In case of business use, internet of vehicles is the ultimate solution to track the employee and to assure safety of the business asset.

The global internet of vehicles market is segmented based on component, technology, communication type, and region. Software, hardware, and service related to the internet of vehicles market are studied under the components segment. Based on communication type, the market is divided into vehicle-to-vehicle, vehicle-to-infrastructure, and others. Based on technology, the market is segmented into Bluetooth, cellular, Wi-Fi, NFC, and Others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
>In-depth analysis and dynamics of the global internet of vehicle market is provided to understand the market scenario.
>Quantitative analysis of the current trends and future estimations from 2017 to 2024 is provided to assist strategists and stakeholders to capitalize on the prevailing market opportunities.
>Porter's five forces analysis examines the competitive structure and provides a clear understanding of the factors that influence the market entry and expansion.
>A detailed analysis of the geographical segments enables the identification of the profitable segments for the key market players.
>A comprehensive analysis of the trends, subsegments, and key revenue pockets of the market is provided.

KEY MARKET PLAYERS
>Ford Motor Company
>Texas Instruments Inc.
>Audi AG
>Intel Corporation
>SAP
>NXP Semiconductors N.V.
>Apple Inc.
>Google Inc.
>IBM Corporation
>Cisco Systems Inc.

KEY MARKET SEGMENTS

By Component
>Software
>Hardware
>Service

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By Technology
>Bluetooth
>Cellular
>Wi-Fi
>NFC
>Others

By Communication Type
>Vehicle-To-Vehicle
>Vehicle-To-Infrastructure
>Others

By Region
>North America ?U.S.
?Canada
?Mexico

>Europe ?UK
?Germany
?France
?Rest of Europe

>Asia-Pacific ?China
?India
?Japan
?Rest of Asia-Pacific

>LAMEA ?Latin America
?Middle East
?Africa

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