Global Automotive IoT Market to Expand at 27.55% CAGR Till 2023
Research On Global Markets has announced the addition of a market research report titled “Global Automotive IoT Market (2018–2023)” to their offering. According to the report, the global automotive IoT market is expected to expand at a CAGR of 27.55% during the forecasted period, and reach a value of USD 104.16 Bn by 2023. According to the analysts at Research On Global Markets, adoption of IoT-enabled features like driver assistance and real-time traffic alerts are transforming the automotive industry.
The research report published by Research On Global Markets features a comprehensive analysis of the global automotive IoT market segments based on application, connectivity form, and communication type. In terms of application, car infotainment is expected to be focal point of user experiences in the coming years, with features such as on-demand music, news, videos, and multimedia, and social media apps driving a high CAGR (28.5%) during the forecasted period. Close on its heels will be the telematics segment, which is anticipated to expand at a CAGR of 27.6%.
Based on connectivity form, embedded connectivity currently holds the largest market of 55%.owing to its ability to offer seamless user experience, and security solutions. However, integrated connectivity segment, which holds a market share of 23%, is expected to expand at the highest CAGR (28.7%) during the forecasted period. Based on communication type, in-vehicle communication enjoys a much wider acceptance, and held a market share of 91% in 2018. Despite being in nascent stages, vehicle-to-vehicle and vehicle-to-infrastructure communication systems are gaining a lot of traction because of the growing emphasis on road and car safety.
Research On Global Markets tracks the performance of the automotive IoT market across the key geographies of North America, Europe, Latin America, Asia-Pacific, the Middle East and Africa. North America is leading the innovation in automotive IoT and occupied approximately 43% of the global market. The presence of players like Google and Cisco, rapid digitization, and government mandates on IoT implementation are fueling the growth of the market in this region. However, the Asia-Pacific region is anticipated to expand at the highest CAGR during the forecast period.
Research On Global Markets tracks the performance of the major players operating in the global automotive IoT market including Apple, Airbiquity, Cisco, TomTom, Google, IBM, General Motors, NXP Semiconductors, Ford, Microsoft, AT&T, Audi, Tesla, Volvo, and Chrysler, among others.
Key highlights of this report:
- Market overview - Forecasted (2018 – 2023) market revenue (USD Bn)
- Analysis of the global automotive IoT market – based on application
- Analysis of the global automotive IoT market – based on connectivity form
- Analysis of the global automotive IoT market – based on communication type
- Market trends
- Market drivers
- Market challenges
- Analysis of the competitive landscape
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for IoT connectivity solution in automobiles across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.