According to study, “Global Internet of Vehicle
Market Size study, by Component (Hardware, Software, Services), by Technology
(Wi-Fi, Bluetooth, NFC, Cellular, Others), by Communication Type
(Vehicle-to-Vehicle, Vehicle-to-infrastructure, Others) and Regional Forecasts
2018-2025” some of the major companies that are
currently working in the global internet of vehicle market are Ford Motor
Company, Intel Corporation, Texas Instrument Inc., NXP Semiconductors N.V., Audi
AG, Google Inc., SAP, IBM Corporation, Apple Inc., Cisco Systems Inc.
Internet of Vehicles assigns to the automation of vehicles which
involves implementation of internet of things (IoT) technologies to vehicles. IoV
adds vehicle or means of transportation with all time connectivity to nearby
vehicle or the other modes of transportation by a wireless network. Through IoV
sends the balanced data to base area placed at the far. It uses sensors and
available with the different mobile phones or the other gadgets. It also helps many
organizations & personal users to track fleet, buses, trains, and cars. In
addition, the vehicles using IOV are able to detect speed & distance of the
nearby vehicle & manage it accordingly. Some of the major benefits associated
are increased safety, in-car infotainment and offering consistent environmental
benefits.
Based on the component, global IoV market is segmented into
software, hardware and services. Based on network, market is segmented into an
intra vehicle network, an inter vehicle network and vehicular mobile internet. Some
of the key technologies associated with the IOV are Bluetooth, cellular, Wi-Fi,
Near-field communication (NFC) and others. Based on communication type, market
is breakdown into vehicle to infrastructure (V2I), vehicle to vehicle (V2V) and
others. V2I involves vehicle to sensors (V2S), vehicle to human (V2H), Vehicle-to-Personal
devices and vehicle to road (V2R) interactions.
The global internet of vehicle is widely driven by increasing
demand of Global Identification (GID) processor owing to security of vehicle. GID
is a smart in-vehicle sensor which gives global positioning, name of owner &online
identification of the vehicle and acts as a virtual authorization plate of
vehicle. Some of the other driving factors are surging adoption of IOT &
cloud services, rising
internet penetration, increase in presence of computerization solutions in
automotive industry, growth associated with connected devices, introduction of
logistics4.0 and rise in trends of vehicle tracking & safety. Apart from the
advantages, few restraining factors associated with market are inefficiency for
determining the exact vehicle position and high risk of data loss. In addition,
some of the other new opportunities are introduction of 5G technology and the automated
operations.
Globally, North American region adds to the major share of the
market with the boost in investment on automation & infrastructure. Asia-Pacific
and European region are expected to demonstrate higher growth rate owing to the
increase in adoption of vehicle tracking & safety. The future of IoV depends
on the automation of vehicles. With the progression of new technology, and the
demand of advanced vehicles have geared up with key features of automated recognitions
of the vehicles nearby. The next generation of the technology enabled vehicles would
see a completely automated car driving techniques. It is also estimated that
the global IoV market to reach at US $655.8 billion, by 2025.
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