Internet of Vehicle Market Scope
Internet of vehicle (IoV), the moving network made up of internet of things (IoT) enabled vehicles, also helps a vehicle to connect to the nearby vehicle or various traffic infrastructure using a wireless network. With more and more connected devices becoming internet friendly, traffic management working with the internet becomes easier in the transportation sector. By using this technology the vehicles send floating data to the base are located at long distance. Increasing demand for autonomous vehicle and rapid adoption of IoT provides a lucrative opportunity in the growth of the very market.
According to AMA, the Global Internet of Vehicle market is expected to see growth rate of 21.5%The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Internet of Vehicle market throughout the predicted period.
Ford Motor (United States), Texas Instruments (United States), Audi AG (Germany), Intel Corporation (United States), SAP (Germany), NXP Semiconductors (Netherlands), Apple (United States), Google (United States), IBM Corporation (United States), Cisco Systems (United States) and Huawei Technologies Co. Ltd. (China) are some of the key players that are part of study coverage.
Segmentation Overview
The study have segmented the market of Global Internet of Vehicle market by Type (Bluetooth, Cellular, Wi-Fi, NFC and Other), by Application (In-Vehicle Communication, Vehicle-To-Vehicle Communication and Vehicle-To-Infrastructure Communication) and Region with country level break-up.
On the basis of geography, the market of Internet of Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Increasing Penetration of Internet of Things (IoT) and Cloud Services and Emergence of Global Identification (GID)
Market Growth Drivers:
Rapidly Expanding Smart Cities Worldwide and Increasing Benefits Offered By Real-Time Traffic and Incident Alerts
Challenges:
Difference in Product Life Cycle of Embedded Solutions in Cars and Smartphones and Inefficiency in Determining the Exact Vehicle Position and Loss of Floating Data due to Obstacles
Restraints:
Lack of Cellular Connectivity Coverage in Developing Economies and Additional Cost Burden on Consumers
Opportunities:
Increase in Telematics Mandates By Several Governments and Surging Adoption of Self-Driven Cars in Developed Economies
Market Leaders and their Expansionary Development Strategies
In December 2019, Intel Corporation has announced it has completed the sale of the majority of its smartphone modem business to Apple. This transaction, valued at USD1 billion, was announced on July 25, 2019. As previously disclosed, this transaction enables Intel to focus on developing technology for 5G networks while retaining the option to develop modems for non-smartphone applications, such as PCs, internet of things devices and autonomous vehicles.
In January 2019, the car-to-x technologies developed by Audi open up numerous new possibilities for making driving safer, more relaxed, and more intelligent. Cars that are networked together can warn one another about hazard. and Intel (US), BMW (Germany), and Mobileye (Israel) three leaders from the machine learning industries, automotive, technology, and computer vision collaborated to bring solutions for highly extensive automated driving into series production by 2021.
Key Target Audience
Automotive Manufacturers, Software and Hardware Providers, Service Providers, Government Regulatory Bodies and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.