A new market study, titled “Internet of Vehicles Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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The global internet of vehicles market is projected to grow from USD 95.62 billion in 2021 to USD 369.60 billion in 2028. Fortune Business Insights™ published this information in a report, titled, “Internet of Vehicles Market, 2021-2028.” As per the report, the market stood at USD 85.12 billion in 2020. It is set to exhibit a CAGR of 21.3% in the forecast period between 2021-2028.
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Cisco Modernizes its Portfolio of IoT for Optimizing Cellular IoT Environment Management
In February 2020, Cisco upgraded its IoT portfolio that would enable service providers to provide new 5G use-cases and optimized cellular IoT environment management. New wireless technologies, namely, Wi-Fi 6 and 5G would also help to develop cellular IoT offerings at competitive prices for customers. According to one of the company officials, “Our organization is enabling service providers to accelerate and simplify cellular IoT services with machine learning, thereby developing a state-of-the-art bundle of services for generating high revenues.”
COVID-19 Has Negatively Impacted Investments in Autonomous Driving
The COVID-19 has compelled organizations to make significant regulatory changes across the globe. This is mainly happening because of the surging demand for Wi-Fi. In China, for instance, the regulatory body has assigned dedicated bandwidth for the utilization of C-V2X in 2020 on the 5.9 GHz spectrum. The country wants to deploy this unique technology across 90% of the renowned municipalities and vital roadways in the near future. The pandemic has, however, affected growth negatively fueled by the cancellation of postponement of investments in the field of autonomous driving. Our authentic research report would help you get a complete picture of the current scenario of this industry to make novel business decisions.
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The research report provides an accurate assessment of several customers’ journeys associated with the industry, regions, and segments. At the same time, it offers customer impressions about the internet of vehicles and its distribution channels. The business intelligence and consultation solutions would aid interested stakeholders to refine customer experience maps developed as per their requirements. They can transform customer engagement with their in-house brands.
Drivers & Restraints-
Ability to Provide Real-time Information for Managing Traffic will Favor Growth
The internet of vehicles market growth is attributed to the rising interest of government and private firms towards traffic management. It is extensively used to create smart traffic lights that can enhance the flow of traffic by analyzing real-time road situations. Similarly, it can change the lighting system according to the climatic conditions. Additionally, it can help guide a driver to find a vacant spot for parking their vehicle by using beacons and sensors. CCTV cameras providing real-time data can also notify the concerned agency if the driver is involved in a car crash.
However, successful hacks or breaches can lead to the easy control of various parts of a vehicle, such as alarms, accelerator, GPS, brakes, and steering wheel. It may lead to fatalities, which, in turn, may obstruct the demand for internet for vehicles.
V2V Segment to Dominate Stoked by Ability to Offer Reliable Information Exchange
By the communication type, the market is trifurcated into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and others. Out of these, the V2V segment remained at the forefront in 2020 in terms of the internet of vehicles market share. This occurred as it enables reliable information exchange regarding map data and situational awareness. It also reduces the delay time and support operations of autonomous vehicles.
High Demand for Traffic Management Solutions to Augment North America’s Revenue
- In 2020, North America generated USD 31.66 billion in terms of revenue. The urgent need to manage self-driving vehicles and traffic would propel the demand for internet for vehicles that would further improve productivity and efficiency.
- In Asia Pacific, the rising implementation of engineering capacity and presence of favorable regulatory measures for supporting the infrastructure of autonomous vehicles in Japan would aid growth.
- Europe is expected to exhibit considerable growth backed by the surging investments in the field of internet of vehicles, mainly propelled by the high demand for fleet management, infotainment, and vehicle security.
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Key Players Aim to Compete with Rivals through Partnerships and Portfolio Upgradations
The market possesses several renowned manufacturers. Amongst them, Volkswagen (VW) is in the leading position because of the high popularity of its internet of vehicles services, such as Volkswagen Connect and Car-Net. In August 2020, for instance, VW chose CCC Information Services Inc. as its provider of insurance telematics services for the next-generation of VW Car-Net. Below is one of the significant industry developments:
- November 2020: NXP Semiconductors partnered up with Amazon Web Services (AWS) to accelerate more opportunities in the connected vehicles sector. It would enable the former to provide an edge-to-cloud and a secure compute solution for next-generation vehicles. It can further allow cloud-powered services to benefit consumers, business partners, and automakers alike.
Fortune Business Insights™ lists out the names of prominent vendors of internet of vehicles:
- NXP Semiconductors (Eindhoven, Netherlands)
- Intel Corporation (California, US)
- IBM Corporation (New York, US)
- Apple Inc. (California, US)
- Google LLC (California, US)
- Cisco Systems, Inc. (California, US)
- Volkswagen (Wolfsburg, Germany)
- Ford Motor Company (Michigan, US)
- Cloud Your Car (California, US)
- Veniam (California, US)
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