The global internet of vehicle market was estimated to be worth $66,075 million in 2017 and is expected to rise to $208,107 million by 2024, with a CAGR of 18% between 2018 and 2024.
IoV refers to the application of hardware and software automation as well as the integration of technology into all types of vehicles. Due to increased investments in infrastructure and automation, the vehicle-to-infrastructure sector dominated the market in terms of revenue in 2017. Due to a rise in the demand for mobility for automation and growing safety and security concerns, North America contributed the most revenue to the internet of vehicles market in 2017, accounting for almost 43% of it.
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Market dynamics:
Drivers:
- Increasing demand for connected vehicles: The growing demand for connected vehicles is driving the adoption of IoV technologies, which offer a range of features such as real-time monitoring, communication, and data analysis.
- Technological advancements: Advancements in technologies such as 5G, AI, and cloud computing are driving the development of new IoV applications and services.
- Government regulations: Regulations aimed at improving road safety, reducing emissions, and encouraging the use of electric vehicles are driving the adoption of IoV technologies.
- Growing need for efficient transportation: The increasing demand for efficient transportation systems is driving the adoption of IoV technologies that can improve traffic flow, reduce congestion, and optimize routes.
- Rising demand for fleet management solutions: Fleet management solutions are increasingly being adopted by businesses to improve productivity, reduce costs, and enhance safety.
Restraints:
- High implementation costs: The cost of implementing IoV technologies, including hardware, software, and infrastructure, can be a significant barrier to entry for some businesses and consumers.
- Cybersecurity risks: As IoV technologies become more prevalent, cybersecurity risks associated with data privacy, hacking, and malware attacks are increasing, leading to greater demand for secure IoV solutions.
- Lack of standardization: The IoV market is highly fragmented, with many players offering a range of services and solutions. A lack of standardization can lead to interoperability issues, making it difficult to develop comprehensive IoV solutions.
- Data privacy concerns: The vast amounts of data generated by connected vehicles raise concerns about data privacy, as individuals may be uncomfortable with the amount of personal information being collected and shared.
- Infrastructure limitations: The adoption of IoV technologies requires the development of a robust infrastructure, including communication networks and data centers. Infrastructure limitations in certain areas may hinder the adoption of IoV technologies.
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Key Trends in the Market:
- Connected and Autonomous Vehicles: The integration of connected and autonomous vehicles is transforming the transportation industry. Connected vehicles can communicate with other vehicles, infrastructure, and the cloud, enabling real-time monitoring and control, while autonomous vehicles can navigate roads without human intervention.
- Electrification of Vehicles: The electrification of vehicles is driving the adoption of IoV technologies, as electric vehicles require real-time data analysis and management to optimize charging, battery life, and performance.
- Big Data and Analytics: The vast amounts of data generated by connected vehicles are driving the need for advanced data analytics tools to extract insights and inform decision-making.
- 5G Technology: 5G technology promises to revolutionize the IoV market by providing faster, more reliable, and low-latency connectivity, enabling real-time data processing, communication, and control.
- Integration with Smart Cities: IoV technologies are increasingly being integrated with smart city initiatives, enabling a range of applications such as intelligent traffic management, parking, and public transportation.
- Shared Mobility: Shared mobility services such as ride-sharing and car-sharing are increasingly being adopted, driving the need for IoV technologies that can support these services.
- Artificial Intelligence (AI) and Machine Learning: AI and machine learning are being used to improve IoV applications such as predictive maintenance, driver behavior analysis, and traffic management.
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The key players operating in the global internet of 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. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the internet of vehicle market growth.
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