The advancement in automotive technology has risen the interest among the automotive industry players to adopt the IoV technology, which is a key factor in driving the internet of the vehicle market.
The global internet of vehicle market was valued at $66,075 million in 2017 and is projected to reach $208,107 million by 2024, growing at a CAGR of 18.00% from 2018 to 2024.
Factors such as rising internet penetration, growth associated with connected devices, increase in presence of automation solutions in the automotive industry, the introduction of Logistics4.0, and others are expected to drive the demand for the internet of the vehicle market. Further, the increased market for the automotive industry among developing economies of Asia-Pacific and LAMEA is anticipated to offer lucrative opportunities for the internet of vehicle market during the forecast period.
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Internet of Vehicles (IoV) involves the use of hardware and software automation and the incorporation of technology in all kinds of vehicles. In 2017, the vehicle-to-infrastructure segment dominated the market, in terms of revenue, due to an increase in investment in automation and infrastructure. North America was the highest revenue contributor to the internet of the vehicle market in 2017, accounting for around 43% share, owing to a surge in demand for mobility for automation and an increase in safety and security concerns.
Profiling Key Players: Ford Motor Co., Texas Instruments Inc., Audi AG, Intel Corporation, SAP, NXP semiconductors, Apple Inc., Google Inc., IBM Corporation, and Cisco Systems Inc.
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