Internet of Things Vehicle-to-Vehicle Communication Market Estimated to Flourish by 2027

Internet of Things Vehicle-to-Vehicle Communication is the part of an intelligent transport system that enables the data transfer from one vehicle to another vehicle, this system helps in improving traffic management by allowing the driver to communicate with roadside infrastructures such as traffic lights sign boards and other passing by vehicles.

This technology establishes V2V communication to avoid road accidents by allowing the driver to send car location and speed related data to other nearby vehicles over the ad-hoc mesh network. In addition to above, depending on driving and road traffic situations, the drivers may receive warning signals such as the risk of an accident, which alerts the driver and helps in taking precaution such as slowing down speed, etc.

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To ensure safety while driving and to reduce the accidental rate are the factors driving the growth of the Internet of Things Vehicle-to-Vehicle Communication Market. Moreover, communication is the easy solution to avoid road traffic and channelize smooth driving, so to establish communication, the need for intelligent transport system are spurring, which is influencing the growth of the market in forthcoming years.

Further, the need of transportation for goods and people coupled with emerging technology innovation is attributing to attract investors to Internet of Things Vehicle-to-Vehicle Communication Market. On the other hand, data privacy and initial funding for setting new infrastructure are anticipated to be the major challenge, which may hinder the market growth over the forecast period.

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Internet of Things Vehicle-to-Vehicle Communication Market is segmented by offering, connectivity form factor, application, and region. By offering, the Internet of Things Vehicle-to-Vehicle Communication Market can be segmented into software, hardware, and service

By Connectivity Form Factor, the Internet of Things Vehicle-to-Vehicle Communication Market can be segmented into tethered, embedded, and integrated. By application, the Internet of Things Vehicle-to-Vehicle Communication Market can be segmented into commercial vehicles and domestic vehicles. By Region, the Internet of Things Vehicle-to-Vehicle Communication Market can be segmented into the Middle East and Africa, North America, Latin America, Eastern Europe, Japan, Western Europe and Asia-Pacific excluding Japan.

North America is expected to capture largest market share regarding revenue owing to increase in demand for cars that are equipped with infotainment tools. In addition to above, the National Highway Traffic Safety Administration (NHTSA) and the United States Department of Transportation (DOT) sponsored intelligent transport system (ITS) which includes Vehicle-to-Vehicle Communication. Thus the support of the government in sponsoring the Internet of Things Vehicle-to-Vehicle Communication is propelling the market growth.

Owing to the increasing demand for navigation services and telematics applications in Asia Pacific Countries such as India and China are anticipated to drive the market over the forecast period. Further, the rising living standards and augmented tech-savvy youth population in Asia Pacific countries are piloting the industry growth.

The major players in the Internet of Things Vehicle-to-Vehicle Communication Market are Ford Motor Company, Texas Instruments Inc., Audi AG, Intel Corporation, General Motors, NXP Semiconductors N.V., Apple Inc., TOMTOM N.V., Google Inc., IBM Corporation, Robert Bosch GmbH, Cisco Systems Inc., Vodafone Group, Microsoft Corp., AT&T Inc., and Thales SA.

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This release was published on openPR.