Northbrook, IL -- (SBWire) -- 11/29/2018 --[187 Pages Report] The overall automotive IoT market is projected to reach USD 82.8 billion by 2022 from USD 20.0 billion in 2016, growing at a CAGR of 26.7% during 2016-2022. The study involved four major activities to estimate the current market size automotive IoT market. Exhaustive secondary research was done to collect information on market, peer market and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and subsegments.
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By offerings, software market is expected to hold the largest market during the forecast period
The software market includes platforms and solutions which are vital to the functioning of IoT in an automobile. Software solutions are designed to meet interoperability challenges that arise due to varied heterogeneous devices and to manage large volume of data and its security and privacy. Factors such as increasing adoption of connected cars and evolution of high-speed networking technologies have led to the adoption of IoT software solutions.
The market for integrated is expected to register the highest CAGR during 2016-2022
Reduction in up-front hardware connectivity costs in vehicle as user has to pay for network data cost and as communication costs are directly tied to user which allows the person to use according to the requirement are the major factors leading to higher growth of the integrated connectivity market.
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The market for vehicle-to-vehicle is expected to register the highest during 2016-2022
It is fast as well as reliable and provides real-time alerts to drivers. It does not have the problem of vehicle shadowing in which a smaller vehicle is shadowed by a larger vehicle, preventing it to communicate with the roadside infrastructure. Vehicle-to-vehicle communication allows a vehicle to broadcast its position, speed, steering-wheel position, brake status, and other data to other vehicles. Implementation of safety & security, forward hazard warning, curve speed warning, and overtake vehicle warning are the factors driving the vehicle-to-vehicle communication market. Limitation of currently installed systems which use radar or ultrasound to detect few car lengths and not able to pass nearest obstructions are the major factors driving the vehicle-to-vehicle communication market.
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North America is expected to account for the largest market size during the forecast period
The automotive IoT market in North America is expected to hold the largest market share during the forecast period. The US is major contributor to the growth of the automotive market in North America. Presence of major companies such as Ford and General Motors who have been proving connectivity services is the major factor driving the market. Moreover, the U.S. is the largest telematics which is also attracting automotive IoT market.
Key players in the automotive IoT market include Texas Instruments (US), Intel (US), NXP Semiconductors (Netherlands), TOMTOM (Netherlands), IBM (US), Cisco (US), Microsoft (US) ,Thales SA (France), AT&T (US), Vodafone (UK), Robert Bosch (Germany), Google (US), Apple (US), General Motors (US), Audi (Germany), and Ford Motor (US).
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Automotive IoT Market by Offering (Hardware, Software, Service) Worth 82.79 Billion USD by 2022
[187 Pages Report] Automotive IoT Market Research Report Categorizes Global Market by Offering (Hardware, Software, Service), Connectivity Form Factor (Embedded, Tethered, Integrated), Communication Type (In-Vehicle, Vehicle-to-Vehicle, Vehicle-to- Infrastructure) Application, & Geography