Automotive IoT market expected to reach US$566.4 billion within a decade
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Update time : 2023-04-07 10:19:13
Market research firm Market.US has reportedly estimated that the automotive IoT market, a technology that combines IoT with automobiles and is used to improve vehicle safety, efficiency and comfort, is on a growth trajectory, with the global automotive IoT market expected to grow at a CAGR of 16.7% between 2022 and 2032, and the market volume is expected to reach US$566.42 billion.
Advances in in-vehicle infotainment systems and the growing demand for connected cars and real-time vehicle and traffic data are the main drivers of the market, with technological advances in IoT and new government regulations also playing an important role in setting the market on a growth path, according to the analysis. However concerns around data privacy and security, lack of standardisation, high implementation costs and limited network coverage are also creating resistance to rapid adoption and progress in this area, with 5G technology, advanced artificial intelligence, growing demand and the emergence and proliferation of electric and hybrid vehicles expected to provide fertile ground for a boom in automotive IoT. Geographically, the report predicts that North America is expected to hold the highest market share within a decade due to the large presence of giants and technologies. This is followed by Europe and Asia Pacific.
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