Market Analysis Report Global IoT in Automotive Market 2018-2023.docx | Page 2

digital lifestyles to be extended into their cars with the help of IoT, etc. These are expected to
accelerate the market.
The Internet of Things (IoT) allows access of things from a remote place through computing devices
and network communications, guarantees enhanced accuracy and efficiency to send and receive
data without much human interaction, and helps accelerating the integration of the world into
computer based systems. The adoption of IoT is reshaping the automotive sector in an extensive
way. It is enabling the vehicles to connect with the outside world and enhancing driver as well as
rider experience. Connected vehicles are very much in demand and they are now being equipped
with a wide range of applications and value-added services like self-driving and real-time traffic
alerts to improve the overall driving experience, thereby, making the automotive sector one of the
most favorable sectors for the IoT to flourish. According to Netscribes, the global IoT in automotive
market is projected to grow at a compound annual growth rate (CAGR) of 27.55% leading to a global
revenue of USD 104.16 Bn by 2023.
Approximately 100 Mn new registrations of cars are going to take place by 2025 and integrated IoT
telematics in cars is expected to be augmented by about 88% in new cars. Integrated IoT solutions
are projected to proliferate widely due to the increasing usage of smartphones and the growing
popularity of apps. The vehicle-to-vehicle (V2V) communication form is being developed rapidly
across the globe with the help of IoT. It allows vehicles on the road to communicate with each other
by sharing data about speed, road conditions and other factors through ad-hoc networks created
among vehicles. The in-vehicle communication segment has seen great acceptance among
consumers. Developed countries like North America and Europe are focusing on reducing road risks
and crashes through V2V and vehicle-to-infrastructure (V2I) using IoT.
Some of the IoT in Automotive Manufacturers Data, including: Shipment, Price, Revenue, Gross
Profit, Interview Record, Business Distribution etc., these data help the consumer know about the
competitors better. This report also covers all the regions and countries of the world, which shows a
regional development status, including market size, volume and value, as well as price data. New
product launches and continuous technological innovations are the IoT in Automotive strategies
adopted by the major players.
Within the communication type, the vehicle-to-vehicle segment is expected to register a high growth
rate through the forecast period of 2018-2023 as many IoT providers are looking to improve driving
conditions and prevent road accidents by letting one vehicle to transfer speed and position data to
the other over the internet. The market is also segmented by regions North America, Europe, Asia-
Pacific, Latin America and The Middle East and Africa. Asia-Pacific is anticipated to have the highest
CAGR during the forecasted period.
Given the fact that it is a new technology, it is often not cost effective to adopt unless a proper
business model is set up for the proper utilization of it. Lack of a sound business model to monetize
the IoT applications in automotive may hinder the growth of the market. Also, internet access and
speed are not the same across all places in the world. So, adoption is expected to be slow in low
internet penetrated regions.Major IoT providers in automotive operating in the market are Cisco,
Ford, IBM, Microsoft, AT&T, etc.
IoT in Automotive Questions Answered in this Report: