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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