IoT in Automotive Market Driving a New Era of Intelligence and Offering Better Connectivity, says Market.us
The demand for IoT in automobiles is growing. Connected cars are highly in demand. The market will grow due to current government initiatives that are positive for smart city development. It is expected that IoT will be used more in traffic management. Authorities and governments of different regions are constantly funding autonomous vehicle development.
Safety solutions that are included in auto motives are being sought to improve safety for drivers. These factors are the main drivers of market growth. The demand for connected cars has increased dramatically in recent years. Connected vehicles are in greater demand in the North American region and the developed nations. Increased road traffic accident fatalities and injuries have led to a higher demand for self-driving vehicles.
These countries are investing to increase the sales of autonomous cars. Many policies have been put in place that makes it mandatory to offer a few services that can help prevent road accidents. The European region’s quotation authority has made it mandatory for every vehicle to have an E-call system. This is essential in the event of an emergency.
Different regions have made it mandatory to offer a few connectivity services. The market will grow due to increased connected technologies, which are integrated with automobiles. There will be an increase in the demand for automated systems due to the rising income per capita in developed countries. Developed countries are seeing a rise in demand for automobile infotainment services.
According to research by Market.us,” The Global IoT in Automotive Market size was valued at USD 47.18 Billion in 2022 and is projected to reach USD 289.38 Billion by 2032, growing at a CAGR of 25.9% from 2022 to 2022.”
Due to increasing car sales and demand for OEM technology, the automotive industry is one of the fastest-growing industries in the world. This will drive the automotive industry’s demand for IoT over the next few years. To gain an advantage in the market, manufacturers from developed countries, like North America, prioritize early adoption of advanced technologies. OEMs in emerging countries like India and China are increasing their production capacity to meet increasing demand. IoT will drive automobile demand over the forecast period.
Gaurav Yadav, senior research analyst at Market.us said,” The growing use of the cloud and the opening of new data centers in the cloud will provide lucrative growth opportunities to expand the storage of data generated through the Internet of Things. Cloud computing will boost IoT adoption in the automotive industry by offering greater scalability and using fewer resources.”
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IoT, which is a network made up of interconnected digital devices, is totally dependent on cellular networks. The interconnectivity between devices will improve with the introduction of 5G networks. This will allow for better data transmission and reception.
IoT services and solutions generate lots of data that can be used to make predictions and decisions. The data generated can be transferred to personal devices, such as smartphones, or via cloud services. This makes it possible for hackers to steal data from users, which is a significant restraining factor in the IoT market. Malware attacks are quite common in IoT applications. Even though the devices have advanced security features, they are not enough to protect data.
The technology sector has seen a tremendous transformation over the past few years. But, the one trend that is making waves across all industries is the rise of the Internet of Things (IoT) and its applications in the automotive industry. IoT has enabled automotive manufacturers to develop smarter vehicles with better safety features, connectivity options, and data analytics tools.
As a result, IoT appliances are becoming increasingly popular as they allow customers to monitor their cars from anywhere in the world through remote control systems and AI-powered dashboards.
Furthermore, research shows an increasing demand for embedded hardware solutions that connect devices across different platforms, such as mobile phones and other digital devices. This makes it easier for drivers to access information about their car’s performance, such as fuel consumption levels, diagnostic error codes, etc., thereby providing them with more control over their vehicle’s operations.
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