The internet of vehicle (IoV) market offers a platform for smart infrastructure including IoT enabled vehicles, traffic management and cities. The internet of vehicle market encompasses hardware, software, and communication services which aim at bringing together vehicles, drivers, and traffic flow in a seamless manner. In the near future, vehicles would be able to connect to adjacent vehicles and smart city infrastructure such as poles via internet. Advancements in automobile related IoT devices as well as cloud platforms are expected to unveil the complete potential of the internet of vehicle market.
The internet of vehicle market faces a long road ahead in its quest to unify the scope and concepts of IoV from various diverse perspectives. Hence, private and public initiatives around the world are essential to be considered from a nationwide perspective to help the growth of the market.
The Transparency Market Research (TMR) report provides an intelligent analysis of the global internet of vehicle market, which includes an in-depth analysis of growth indicators and demand constraints that could influence its growth. Key market parameters such as demand drivers and challenges of the global internet of vehicle market are discussed at length in this report.
Global Internet of Vehicle Market: Key Trends
The global internet of vehicle market will create ample opportunities for vehicles to connect with humans, sensors, and traffic management systems. However, in order to do so, next-generation vehicles would require a vehicular global ID, also known as GID. The ID opens a communication gateway to identify a vehicle and interact with it seamlessly. It works similar to an IP address on a computer. One of the primary concern driving the internet of vehicle market is traffic management and reduction in road accidents. As GIDs are expected to improve secure communication for vehicles, it is expected to register major growth during the forecast period (2018 – 2026).
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Furthermore, Wi-Fi-enabled IoT devices and automobiles are also expected to drive the market during the forecast period. Wi-Fi signals can establish connection with a server under one-tenth of a second. Moreover, Wi-Fi operation does not mandate devices to rely on batteries. Hence, the global internet of vehicle market is expected to witness a rise in demand for Wi-Fi enabled-devices.
Similarly, demand for IoT devices that transfer signals quickly, reduce data loss, and provide access to cost-effective cloud storage is expected to drive growth of the internet of vehicle market.
The internet of vehicle market also faces challenges in its long road ahead. Lack of a holistic understanding of the bigger picture, high costs associated with IoT devices, and innovation in general are expected to pose a challenge to the growth of the market.