The report is titled as ‘Automotive Internet of Things Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the automotive internet of things market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The automotive internet of things market is expected to grow at a significant rate in the near future.
The global automotive internet of things market in 2020 is estimated for more than US$ 235.2 Bn and expected to reach a value of US$ 781.9 Bn by 2028 with a significant CAGR of 16.2%.
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Automotive Internet of Things Introduction
Automatic IoT is the integration of the internet of things in the vehicle that allows in-vehicle, vehicle to infrastructure, and vehicle to the vehicle communication process. The applications of IoT in the automobile sector is benefiting the consumers in numerous ways, accounting for the enhancement of vehicle safety factor, offers better control over vehicles status and driving along with improvement in security and accessibility.
Automotive Internet of Things Market Dynamics
Increase demand for assisted and automated driving coupled with demand for Smartphone features in the latest models of cars are the prime driving factors that propel the growth of the automotive internet of things market. Moreover, the increasing applications of telematics by several regional governments and increasing research and development activities for autonomous cars is further boosting the growth of this market. However, the lack of cellular connectivity coverage and security, as well as privacy concerns of the user's data, are the prime factors restricting the growth of this technology.
The global automotive internet of things market is expected to increase at a significant CAGR over the forecast period owing to the Increasing applications in infotainment systems, telematics systems along navigation systems coupled with elevating demand for automated driving. In addition, the predictive maintenance and increasing concept of self-driving vehicles are further enhancing the need and requirement of research and development activities in the automotive industry.
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Automotive Internet of Things Market Segmentation
The global automotive internet of things market is segmented on the basis of the offering, connectivity form, communication type, application, and region.
By Offering
By Connectivity Form
By Communication Type
By Application
Automotive Internet of Things Market Regional Analysis and Overview
On the basis of region, the global automotive internet of things market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. North America automotive internet of things market is expected to be the most dominating market throughout the forecast period. The growing concept of smart cars along with high adoption rate of technically advanced systems is fuelling the growth of this market in North America. However, the cost-effective factor, the difference in product lifecycle of embedded solutions in cars and Smartphones and protection of data generated by these devices turn out to be the major challenges of automotive IoT market.
MMC Overview on Automotive Internet of Things Market Report
The non-identical approach of Reports and Insights stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give better opportunity for the customers to put their effort.
A research report on the Automotive Internet of Things market by Reports and Insights is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that supports market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market.
Automotive Internet of Things Market Key Players
Global automotive internet of things market is mainly dominated by Apple, Inc., AT&T Inc., Cisco Systems, Inc., Google Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, NXP Semiconductors N.V., Texas Instruments Inc., Thales SA, and Tomtom N.V.
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