As per a recent research study, automotive IoT market is set to chart significant growth, through the period ending 2025. It will lead the market present players with lucrative growth opportunities and a higher market worth.
With Internet of Things (IoT), gaining traction across industry verticals, it does not come as a surprise that the world is seeing more and more connected vehicles than it did ever in the history of automobiles. Thus, it would not be wrong to say that the reason stakeholders have keen focus on the cognitive IoT is because it is transformative and promising.
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The fact that these can analyze data in real-time and can provide valuable insight on the health of the vehicle, including processes, strongly goes in favor of its popularity. Besides, it can optimize user experience in a major way and with disposable income rising worldwide, this is not something too hard to afford for a vast majority of people.
The global automotive IoT market is fragmented and prominent names in the market landscape include Apple Inc., IBM Corporation, Cisco Systems Inc., Microsoft Corp., Intel Corporation, NXP Semiconductors N.V., Texas Instruments Inc., TOMTOM N.V., Thales SA, AT&T Inc., Vodafone Group, Robert Bosch GmbH, Google Inc., General Motors, Audi AG, and Ford Motor Company.
Region-wise, North America will hold a dominant position owing to a massive demand for IoT- based products, particularly from the developed regions such as the United States (U.S.) and Canada. Besides, these are regions that are marked by presence of some of the most prominent names from the global automotive IoT market landscape. High buying power and ease of using technology is leading to much growth in the market.
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Another region that will show promising numbers in the market is the Asia Pacific region, owing to a number of developing economies performing extremely well on the economic front.