Internet of vehicles (IoV) involves use of hardware and software automation, and incorporation of technology in all kind of vehicles. In 2017, the vehicle-to-infrastructure segment dominated the market, in terms of revenue, due to increase in investment on automation and infrastructure. North America was the highest revenue contributor to the internet of vehicle market in 2017, accounting for around 43% share, owing to surge in demand for mobility for automation and increase in safety and security concerns.
The global internet of vehicle market was valued at $66,075 million in 2017, and is projected to reach $208,107 million by 2024, growing at a CAGR of 18.00% from 2018 to 2024.
Factors such as rising internet penetration, growth associated with connected devices, increase in presence of automation solutions in automotive industry, introduction of Logistics4.0, and others are expected to drive the demand for internet of vehicle market. Further, increased market for automotive industry among developing economies of Asia-Pacific and LAMEA is anticipated to offer lucrative opportunities for the internet of vehicle market during the forecast period.
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Major industry players such as – vehicle market include Ford Motor Co., Texas Instruments Inc., Audi AG, Intel Corporation, SAP, NXP semiconductors, Apple Inc., Google Inc., IBM Corporation, and Cisco Systems Inc.
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