Internet of Things in Automotive Market Insights, Leading Players and Growth Forecast Report 2030
Internet of Things (IoT) refers to an integrated system that comprises machines, people, computing devices, and other devices that allow data sharing among them, over a defined network. As the automotive sector is observing a significant technological shift, automakers across the world are integrating this technology in their vehicle models. With the surging customer preference for a convenient driving experience and seamless connectivity, automobile manufacturers are increasingly incorporating the IoT technology in their offerings. Additionally, the burgeoning need for capturing real-time information by vehicle operators and users is also augmenting the adoption of this technology worldwide.
Besides, the increasing shift toward connected cars will also fuel the IoT in automotive market during 2020–2030. Connected cars have internet access and a wireless local area network (LAN), which facilitate the cars to share their information with various devices inside and outside the vehicles. As these cars are mostly dependent on the usage of IoT, the rising demand for connected cars will amplify the need for IoT solutions in the coming years.
Besides, the introduction of autonomous technology in vehicles has also boosted the adoption of IoT solutions in the automobile industry. Autonomous vehicles include advanced driver assistance systems (ADASs), which are primarily dependent on IoT, as this technology assists drivers in driving safely and uninterruptedly. These systems are used to provide important information about traffic, congestion levels, suggested routes to avoid dense traffic, and closure and blockage of roads ahead. ADAS is also used to judge the distraction of human driver and fatigue and make precautionary alerts.
Currently, IoT solution providers such as Robert Bosch GmbH, NXP Semiconductors NV, International Business Machines Corp., General Motors Co., Google LLC, Cisco Systems Inc., Intel Corp., and Microsoft Corp. are offering such solutions to be installed in ADAS components such as park assist system, tire pressure monitoring system (TPMS), adaptive cruise control system (ACCS), drowsiness monitoring systems (DMS), lane departure warning system (LDWS), blind spot detection system (BSDS), adaptive front lighting system (AFLS), driver monitoring system, and night vision system.
In the coming years, the introduction of fully autonomous vehicles will accelerate the utilization of IoT technology at a significant rate. Even though these vehicles are still in the testing phase across the world, Germany has already approved the use of semi and fully autonomous driving systems. In June 2017, the government of Germany amended the German Road Traffic Act to allow a driver to pass off driving control to an autonomous vehicle.
According to P&S Intelligence, North America dominates the IoT in automotive market, with the automotive industry in the U.S. witnessing the large-scale use of IoT solutions. The leading position of the country can be primarily attributed to the constant technological innovations being made in the region, such as advancements in telematics for vehicles. Besides, the presence of leading automobile manufacturers, such as Ford Motor Co. and General Motors Co. and their increasing focusing on developing connected vehicle technologies are also accelerating the adoption of IoT solutions in the automotive industry in the region.
Thus, the soaring demand for connected cars and the rising integration of ADAS components in vehicles will augment the need for IoT solutions in the foreseeable future.
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