Automotive Internet of things (IoT) Market: Introduction
The Internet of Things or "IoT" refers to a network of physical electronic devices and components across the globe connected through the internet. These equipment and devices are equipped with Internet-connected sensors that provide ongoing data transfer and collection. As such, Internet of things is a transformational way for consumers and businesses to connect with one another. Due to the speed of research and developments over the last decade, the dream of a fully-automatic and fully-connected future is not too far away.
The rapidly changing and expanding automotive industry has allowed the automotive Internet of things to revolutionize the automotive industry. The Internet of things makes driving/ traveling safer and efficient. From the perspective of connection of vehicles using automotive internet of things, automobiles connected to the internet have the capability to diagnose problems and avoid failure of systems. This can easily prevent any kind of inconvenience during a car breakdown scenario. This preventative maintenance also brings down the cost of repair and maintenance, saving the warranty cost for the manufacturer as well. Also, the connectivity between vehicles and neighboring infrastructure helps in preventing any mishaps and accidents. Additionally, Automotive Internet of Things also provides beforehand information about road conditions and potential threats, thereby ensuring a safe ride. It also helps in managing traffic by providing real-time traffic data, parking data, alternative routes and transit and providing information about areas that see reduced traffic and congestion. Other than this, the automotive internet of things application also enables remote access to car and helps in automatic or efficient parking. The automotive internet of things, at the time of crash, automatically sends live data about the crash location, thereby also helping in saving lives.
Automotive Internet of things (IoT) Market:Market Dynamics
A connected world is the new trend in almost every industry and data is turning out to be the most valuable asset, driving various industries. Technological developments are leading to subsequent automation and vehicle to vehicle communications are transforming the automotive industry. Through the implementation of Internet Of Thing (IoT), the operating cycle and operating time can be calculated easily and it also facilitates the efficient utilization of recourses. Automotive Internet of Things (IoT) is not a new concept in the market but the faster data transfer and improved connectivity infrastructure coupled with growing integration of electronics in the automotive application have infinitely increased the scope of automotive internet of things and it is expected to become an integral part of all automobiles across the globe in near future. This concept is becoming widespread with most big shot players willing to capture the market by creating new and better technologies that provide user-friendly features and ease of operation to customers. In short, technological developments in the automotive industry will drive the market of the automotive internet of things.
Automotive Internet of things (IoT) Market: Segmentation
Automotive Internet of things (IoT) Market: Regional Outlook
North America region will provide extensive growth opportunities in the automotive internet of things (IoT) market, predominantly because of the extensive research development and demonstration of Automotive Internet of things (IoT), particularly in countries, such as the U.S, owing to the presence of major technological giants in this region. North America is followed by Western Europe owing to the presence of prominent OEM manufacturers and high demand for high-end cars equipped with the internet of things. Rest of the world is estimated to account for a relatively small share in the automotive internet of things market.
Automotive Internet of things (IoT) Market: Market Participants
Examples of some of the market participants dentified across the value chain of the Automotive Internet of things (IoT) market are:
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