Healthy growth for automotive IoT sector predicted
August 16, 2016
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According to a new market research report on the automotive IOT sector published by MarketsandMarkets, revenues will reach US$82.79 billion by 2022, at a CAGR of 26.75% during the forecast period.
Authors of the report say the factors driving the automotive IoT market are real-time traffic and incident alerts, the growing number of telematics mandates by various governments, and the growing demand for assisted & automated driving.
Findings revealed that:
In-vehicle communication to hold the largest share of the automotive IoT market: In-vehicle communication is used to provide accurate route information to a user while on road and also update the road-traffic controller with detailed information about the conditions on a road. Road users receive information such as up-to-date travelling times and the maximum speed limit. They also receive warnings in case of accidents or other incidents. This way, in-vehicle communication offers users an option to choose their route based on relevant and up-to-date information.
Infotainment application to drive the growth of the automotive IoT market: The introduction of cloud-based services for music and other multimedia support such as games led to increase an infotainment application in vehicles. Users look for multimedia support and smart apps for device integration, high-speed connectivity, intuitive and multi-modal user interfaces in the systems installed in vehicles. Internet radio, streaming music, and social networking apps are the services which are commonly available.
The major players in the automotive IoT market are Texas Instruments Inc., Intel Corp., NXP Semiconductors N.V., TOMTOM N.V., IBM Corp., Cisco Systems Inc., Microsoft Corp.,Thales SA, AT&T Inc., Vodafone Group, Robert Bosch GmbH, Google Inc. , Apple Inc., General Motors, Audi AG and Ford Motor Company.
Further information is available at www.marketsandmarkets.com.