Technology and Automation to Drive IoT in Automotive Market in Europe: Ken Research
The Internet of things (IoT) includes strategy, automobile, and household electrical devices. It is used for adding smart and remote operations with use of information technology and communication. IoT provides software, electronics, actuators, connectivity and operations technology where virtual world accumulates the physical world. These days IoT based applications are used in automotive, industry by using a variety of developments around smarter vehicles and associated communications. IOT in automotive industry is used for connecting people, machines, vehicles, auto parts, and services to simplify the flow of data, facilitate decisions between machine and user, and provide better automotive experience to users. Based on the application, IoT market is segmented into telematics, navigation, fleet & quality management, analytical maintenance, collision avoidance, entertainment and infotainment.
According to study, “Europe IoT in Automotive Market (2018-2023)” some of the major companies that are currently working in the Europe IoT in automotive market are Cisco, Microsoft, Schaeffler Group, TomTom, Atooma, IBM, CarlQ, Robert Bosch GmbH, Ford, GFK, Xesol Innovation, Xesol Innovation, Evoke Motorcycles, Apple, Mercedes Benz, Hyundai, Appy Parking, Accenture, AT & T, Ride Logic, Dash Road, Google Inc., Audi AG, General Motors, NXP Semiconductors.
The automotive industry is undergoing incredible modification, both in the technology and service it provides and changing the business scenarios. People and companies have transformed the way they think about IoT and automotive use. A big fraction of this change occurs from the increasing connectedness of cars. The Cooperative Intelligent Transport Systems (C-ITS) Platform and 5G Action Plan are European government regulatory programs for connected vehicle, which have added many benefits such as offering new transport services, saving fuel, improving traffic management, reducing road fatalities and creating a new area for jobs & competitiveness in the region. In addition, the Connected Vehicle Trade Association (CVTA) is a non-profit manufacture group, which offers the communication between organization, companies and government bodies of vehicle connections.
The market of IOT in automotive is frequently driven by increasing in government funds for better traffic management. Increasing need of safety & security both of the passengers, growing automobile industry, rising population, increasing disposable income, investment and funding in connected vehicles, followed by increasing use of modern products, and increasing demand for smart-phone features in cars are some driven factors for of the development of market.
Apart from advantages, some of the restraints include high maintenance cost & capital expenditure, lack of infrastructure, additional cost burden on consumers, government regulations and privacy & security issue etc. In addition, some new opportunities are emergence of 5G technology and collaborations between various industry players. Moreover, some of the new technologies have created anti-lock brakes, adaptive cruise control, automated directed vehicle system, electronic firmness controls, self-parking and lane-departure warning system. All these technologies are responsible for growth of IoT in automotive market in Europe.
Europe is the second largest market of IoT in automotive sector. Italy, Sweden, Germany, France and Luxembourg are some European countries, which have high IoT penetration rate of this market. In upcoming years, it is expected that the LTE-V2X technology will offered a distinctive path for 5G technology and will allow more reliable communication between vehicles, without using mobile network coverage. During 2018-2023, it is expected that the V2V segment will be registered high growth rate. It is estimated that this market will be grown at CAGR of 26.62 %, with USD 30.09 billion revenue value, by 2023.
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Ankur Gupta, Head Marketing & Communications