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.
To know more, click on the link below:
Ankur Gupta, Head Marketing & Communications