IoT facilitates the conversion of massive amounts of data into useful and actionable knowledge, as well as improving transportation efficiency and vehicle safety. Increased use of IoT in the automobile sector has resulted from rising demand for better driver comfort, passenger safety, and other factors. Intelligent transportation systems, self-driving (autonomous) automobiles, smart fleet management, and other IoT applications in the Automotive Internet of Things Market have all seen increased demand, resulting in market development.
The rising adoption of IoT in the automotive industry is due to an increase in the number of deaths caused by automobile collisions.
Human error is one of the most common causes of automobile collisions. Human error is to blame for over 90% of all automobile accidents in the United States. Manufacturers are focused on developing self-driving automobiles in order to prevent collisions caused by human error. For example, between 2009 and 2015, Alphabet Inc., the parent company of Google, Inc., invested US$ 1.1 billion in the development of self-driving automobiles. Automotive Internet of Things Market vehicles perceives their surroundings and maneuver without the need for human intervention, lowering the risk of collisions. If 10% of all automobiles were self-driving, 1,100 deaths could be avoided.
North America held the dominant position in the market in 2016
North America held a dominant position in the Automotive Internet of Things Market in 2016 and is projected to retain its dominance throughout the forecast period. The United States and Canada are the region's main development engines. One of the key drivers of growth in this region is the increasing deployment of self-driving cars. Volvo, for example, said in 2017 that it will equip Uber with 24,000 self-driving cars. Furthermore, the presence of prominent firms in this region, including as Apple, Inc., AT&T Inc, Cisco Systems, Inc, and others, is another driving reason for the growth of the automotive IoT market in this region.
Key Companies- Global Automotive Internet of Things Market
Some of the major companies in the global automotive IoT market are Apple, Inc., AT&T Inc., Audi AG, Cisco Systems, Inc., Ford Motor Company, General Motors, Google Inc., Intel Corporation., International Business Machines Corporation, Microsoft Corporation, NXP Semiconductors N.V., Robert Bosch GmbH, Texas Instruments Inc., Thales Sa, and Tomtom N.V.
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