The Internet of Vehicles is a network of linked cars, smartphones and wearables, roadside units, and networks within networks. Vehicle-to-vehicle (V2V), vehicle-to-human (V2H), and vehicle-to-infrastructure (V2I) connectivity are key components of the Internet of Vehicles. Every vehicle in an IoV network serves as a hub for both people and various IoT devices that are part of the traffic infrastructure. It has an impact on transportation, manufacturing, energy, software, and other industries. IoV is made up of hardware, software, services, and various network technologies ranging from Bluetooth and cellular to Wi-Fi and 5G, as well as various types of communication (V2V, V2X, etc.).
Governments and individual users benefit from improved city infrastructure and traffic management, as well as safer roads and decision-making based on accurate data collection and analysis. Furthermore, IoV paves the way for greater adoption of carsharing services and autonomous driving, which is a significant cost-cutting measure for both individuals and cities. The rise in demand for vehicle tracking and driver safety, as well as the increased adoption of IoT and cloud services, are the primary factors driving the growth of the internet of vehicles market. However, factors such as inefficiency in determining the precise vehicle position and data loss due to obstacles such as landscapes limit market growth to some extent
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List of Key Players of Internet of Vehicles Market
- Ford motor company
- Texas instruments inc.
- Audi ag
- Intel corporation
- Nxp semiconductors n.v.
- Apple inc.
- Google inc.
- IBM corporation
- Cisco systems inc
Internet of Vehicles Market Report Highlights
- In terms of revenue, the flexible foam segment accounted for the highest revenue share in 2020 and is expected to retain the dominance over the forecast period
- Asia Pacific is expected to grow at an exponential rate during the forecast period.
- China is the global leader in 5G networking in terms of both adoption rate and implementation. In addition, the country is rapidly evolving new IoV standards and federal-level policies.
- Europe is also expected to experience significant market growth, with significant investment in the internet of vehicles domain driven by vehicle security, infotainment, and fleet management.
- The service sector accounted for the lion’s share of the market. The service model generates recurring revenue and, more importantly, long-term customer relationships.
- The Internet of Vehicles market is highly competitive in nature with the presence of local & international players. Major players in the industry engage in strategic merger & acquisition, partnership, and new product launches to remain competent in the market. For example, in October 2021, Cisco will provide car-to-trackside wireless connectivity at the Indianapolis Motor Speedway’s first autonomous car race next month.
- On October 23, the firm signed on as a sponsor of the Indy Autonomous Challenge (IAC), a new competition with teams from 21 universities and $1.5 million in prizes up for grabs. For critical communications, it employs Fluidmesh-based technology, a proprietary 5G-like mesh system.
INTERNET OF VEHICLES MARKET SEGMENTATION
The research report published by Market Research Strategy contains industry segments, as below-
Internet of Vehicles Product Outlook (Revenue, USD Million, 2016 – 2027)
Internet of Vehicles Networking Outlook (Revenue, USD Million, 2016 – 2027)
Internet of Vehicles Communication Outlook (Revenue, USD Million, 2016 – 2027)
- Vehicle-To-Vehicle (V2V)
- Vehicle-To-Infrastructure (V2I)
Internet of Vehicles Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)
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