Research On Global Markets
Syndicated Market Research Report
The internet of things is a system of devices such as home appliances or vehicles which contain software, electronics, sensors, actuators and connectivity which allows these things to gather and share electronic information. The adoption of IoT has transformed the automotive industry significantly. The introduction of IoT in the automotive industry encourages the demand for automotive devices, that help analyzes real-time information such as driver assistance and real-time traffic updates. The internet of connected thing distributes three kinds of communications such as in-vehicle, vehicle-to-vehicle, and vehicle-to-infrastructure. According to an IoT automotive industry report prepared by Research on Global Markets, the global automotive IoT market the market is expected to expand at a compound annual growth rate of 27.55% and reach a value of USD 104.16 Bn by 2023. The global automotive IoT market is segmented on the application, connectivity form, communication type, and region. Based on application, the market is classified into navigation, telematics, and car infotainment. The growing demand for features such as on-demand news, movies, music, and social media apps will drive the car infotainment segment, which is expected to expand at a CAGR of 28.5% until 2023. Based on connectivity form, the market is segmented into tethered, integrated and embedded. Embedded connectivity will hold 55% of the market share, followed by tethered connectivity (23.5%) and integrated connectivity (23%) during the 2018-2023 period. Based on the communication type, the market includes vehicle-to-vehicle communication, in-vehicle communication, and vehicle-to-infrastructure communication. The in-vehicle form of communication experienced widespread acceptance and held a market share of 91% in 2017. The vehicle-to-vehicle to vehicle-to- infrastructure is expected to gain massive traction due to the growing emphasis on car and driver safety. Geographically, the global market is analyzed across North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. North America occupied approximately 43% of the global market in 2017. Asia-Pacific is anticipated to expand at the highest CAGR during the 2018-2023 period due to rapid digitization and government mandates on IoT implementation.
0 Comments
|
Archives
December 2019
Categories
All
|