According to a new Netscribes report published on Research on Global Markets, the global IoT in automotive market is expected to have a significant compound annual growth rate (CAGR) of 27.55% and reach a market size of USD 104.16 Bn by 2023.
Internet of Things (IoT) enables vehicle connectivity and enhance driver as well as rider experience. IoT is reshaping the automotive sector considerably and over 88% of the new cars will have IoT telematics by 2025. This high demand for connected cars and the growing digitalization in the automotive sector is expected to drive market growth.
However, lack of a sound business model to monetize the IoT applications in the automotive sector may hinder the growth of the market. Also, lower internet penetration in certain regions will likely limit the market growth.
Key highlights of this report:
- Market drivers and challenges in the global IoT in the automotive market
- Historical, current and forecasted market size data for the global IoT in the automotive market segmentation by connectivity form
- Historical, current and forecasted regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data
- Analysis of the competitive landscape and profiles of major companies operating in the market
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for IoT in the automotive sector to determine the viability of the market, developing strategies based on the drivers and helping brands identify their major competitors and respond accordingly.
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