IOT DRIVING TRANSFORMATION IN THE AUTOMOTIVE INDUSTRY
Internet of Things (IoT) has emerged as a ground-breaking technological advancement for the automotive industry by introducing unique concept of driving and staying in touch with the world simultaneously. IoT is already revolutionizing the automotive sector by offering a dazzling choice of infotainment services and connected vehicle capabilities, which are driving the adoption of IoT applications among consumers globally. Riding on the growing demand of IoT applications in vehicles, the global IoT in automotive market is poised for considerable growth, according to global research firm Netscribes. A recent report suggests that the market is set to witness 27.55% CAGR growth, leading to revenue of USD 104.16 Bn by 2023.
How IoT is disrupting the traditional concept of a car?
- Built-in sensors in connected cars leverage IoT to capture information in real-time, signalling the driver regarding the condition of the vehicle and offering important information on vehicle maintenance
- These sensors also monitor gas/oil/fluid levels and engine temperature, guide rear-view cameras and proximity sensors to aid drivers for parking and blind-spot detection
- IoT-driven sensors on connected cars send information to manufacturers with real-time data and insights to help develop more accurate predictive maintenance models and facilitate quicker response to any issues found
- With IoT applications, connected cars offers an effective option for manufacturers to communicate with drivers like sharing a calendar invite to the owner to bring the car in for servicing
- Predictive collision avoidance using advanced sensors, big and fast data, and car-to-car connectivity
- IoT is also facilitating testing and prototyping to develop self-driving vehicles
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IoT also facilitates the deployment of a new usage-based insurance model where vehicle risk is examined through the real-world driving behavior data collected from the sensors. Based on the data collected, car insurers reward customers for safe driving and provide customized insurance plans. Therefore, owing to their compelling benefits, IoT is transforming the way automotive manufacturers, transportation organizations, transit systems, and consumers perceive travel and transport.