North America IoT in Automotive Market
The internet of things (IoT) allows access to things from a remote place through computing devices and network communications, guarantees enhanced accuracy and efficiency to send and receive data without much human interaction, and helps accelerating the integration of the world into computer based systems. The adoption of internet of things (IoT) is reshaping the automotive sector in an extensive way. North America is a pioneer in adopting most technological innovations and advancements, so the adoption of IoT in North America in the automotive sector has been profound. North America is the highest revenue generating geography for the IoT in automotive market. The increasing adoption of connected devices and rapid digitalization across various end-use applications have fueled the growth of automotive IoT in this region and the market is at a mature stage in countries like U.S. and Canada. According to Netscribes, the North America IoT in automotive market is projected to grow at a compound annual growth rate (CAGR) of 28.23% leading to a revenue of USD 46.28 Bn by 2023.
The North America IoT in automotive market is classified into three primary segments
– based on connectivity form: tethered, integrated, embedded
– based on communication type: vehicle to vehicle, in-vehicle, vehicle to infrastructure
and based on application: navigation, telematics, and infotainment
The infotainment segment is expected to show the highest growth rate in the region owing to the demand for rear seat digital entertainment and upcoming technologies like satellite radios, etc. which will be aided by the adoption of IoT based sensors.
Within the communication type segmentation, the vehicle to vehicle segment is expected to register a high growth rate through the forecast period 2018-2023.
Key growth factors
Huge demand for self-driving cars in the North America region is being witnessed owing to the high purchasing power as well as access to superior technology. This is driving the IoT in automotive market forward in North America. Also, use of IoT for car health diagnostics is expected to be an important factor in the future. The measures taken for environment safety like reduction in pollution will further supplement the need for regular information on the health of a car. This is expected to further upscale the demand for IoT in automotive.
Threats and key players
Users in the North America region are uncomfortable with IoT tracking their ride. Being connected all the time might lead to invasion of privacy. Thus, the users for whom privacy is very important may not want solutions like IoT to track their daily movements. This can challenge the growth of the market.
Given North America’s rigidity on regulatory issues and government permissions, adoption of IoT in automotive can be critical due to various legal procedures relating to consumer privacy and data protection.
Major players in the North America IoT in automotive market are Cisco, Ford, IBM, Microsoft, AT&T, etc.
What’s covered in the report?
1. Overview of the North America IoT in automotive market.
2. Market drivers and challenges in the North America IoT in automotive market.
3. Market trends in the North America IoT in automotive market.
4. Historical, current and forecasted market size data for the North America IoT in automotive market segmentation by connectivity form (tethered, integrated, embedded) – by revenue (USD Bn).
5. Historical, current and forecasted market size data for the North America IoT in automotive market segmentation by communication type (vehicle to vehicle, in-vehicle, vehicle to infrastructure) – by revenue (USD Bn).
6. Historical, current and forecasted market size data for the North America IoT in automotive market segmentation by application (navigation, telematics, infotainment) – by revenue (USD Bn).
7. Historical, current and forecasted country-wise (U.S. and Canada) market size data (USD Bn) for the North America IoT in automotive market and its segmentations by connectivity form (tethered, integrated, embedded), by communication type (vehicle to vehicle, in-vehicle, vehicle to infrastructure), and by application (navigation, telematics, infotainment).
8. Analysis of the competitive landscape and profiles of major companies operating in the market.
o Understand the demand for IoT in automotive market to determine the viability of the market.
o Determine the developed and emerging markets where IoT for automotive market is provided.
o Identify the challenge areas and address them.
o Develop strategies based on the drivers, trends and highlights for each of the segments
o Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.
o Recognize the key competitors of this market and respond accordingly.
o Knowledge of the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth.
o Define the competitive positioning by comparing the products and services with the key players in the market.