Press release
Internet of Vehicles Market Expected to Reach $208,107 Million | Segmentation and Regional Analysis - 2024
Internet of Vehicle Market
Internet of vehicles (IoV) involves use of hardware and software automation, and incorporation of technology in all kind of vehicles. In 2017, the vehicle-to-infrastructure segment dominated the market, in terms of revenue, due to increase in investment on automation and infrastructure. North America was the highest revenue contributor to the internet of vehicle market in 2017, accounting for around 43% share, owing to surge in demand for mobility for automation and increase in safety and security concerns.
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Internet of vehicles (IoV) involves use of hardware and software automation, and incorporation of technology in all kind of vehicles. In 2017, the vehicle-to-infrastructure segment dominated the market, in terms of revenue, due to increase in investment on automation and infrastructure. North America was the highest revenue contributor to the internet of vehicle market in 2017, accounting for around 43% share, owing to surge in demand for mobility for automation and increase in safety and security concerns.
Factors such as rising internet penetration, growth associated with connected devices, increase in presence of automation solutions in automotive industry, introduction of Logistics4.0, and others are expected to drive the demand for internet of vehicle market. Further, increased market for automotive industry among developing economies of Asia-Pacific and LAMEA is anticipated to offer lucrative opportunities for the internet of vehicle market during the forecast period.
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Key Findings of the Internet of Vehicles Market:
1. Wi-Fi segment accounted for the highest revenue under the technology type in 2017.
2. The vehicle-to-infrastructure segment generated the highest revenue in 2017.
3. North America is expected to dominate the market, in terms of market share, during the forecast period.
The report features a competitive scenario of the internet of vehicle market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players operating in the global internet of vehicle market include Ford Motor Co., Texas Instruments Inc., Audi AG, Intel Corporation, SAP, NXP semiconductors, Apple Inc., Google Inc., IBM Corporation, and Cisco Systems Inc. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the internet of vehicle market growth.
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Future Outlook:
The IoV market is expected to continue its rapid growth, driven by advancements in technology, increasing consumer demand for connectivity, and supportive regulatory frameworks. Innovations in 5G technology and further developments in autonomous driving are likely to be key growth drivers in the coming years.
Challenges:
1. Security and Privacy: Ensuring data security and protecting user privacy are major concerns as connected vehicles handle sensitive information.
2. Interoperability: Integrating various technologies and standards across different vehicle models and manufacturers can be challenging.
3. Infrastructure: Developing the necessary infrastructure for V2X communication and IoT connectivity is critical.
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