Global Automotive IoT Market is expected to reach a value of USD 104.16 Bn by 2023


Posted September 10, 2019 by shraddhaaark

The global IoT in automotive market is expected to expand at a CAGR of 27.55% during the forecast period, and reach a value of USD 104.16 Bn by 2023.

 
Based on application segment insights

Car infotainment will witness a sea of changes and be at the center of user experiences in the coming years. The need for features such as on-demand music, news, videos, multimedia, and social media apps in this segment will drive a high CAGR (28.5%) during the forecast period. Close on its heels will be the telematics segment, anticipated to expand at a CAGR of 27.6%.

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Based on communication type segment insights

In-vehicle communication has a much wider acceptance - it had a market share of 91% in 2018. Though still in the developmental stages, vehicle-to-vehicle and vehicle-to-infrastructure communication systems are gaining a lot of traction because of the growing emphasis on road and car safety.

Based on regional insights

North America has been leading the innovation in automotive IoT and occupied approximately 43% of the global market in 2017. The presence of players like Google and Cisco, rapid digitization, and government mandates on IoT implementation have fueled the growth of the market in this region. However, the Asia-Pacific region is anticipated to expand at the highest CAGR during the forecast period.

Major Players

Apple
Airbiquity
Cisco
TomTom
Google
IBM
General Motors
NXP Semiconductors
Ford
Microsoft
AT&T
Audi
Tesla
Volvo
Chrysler

Category: Business Services Market Research
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Last Updated September 10, 2019