Internet of Vehicles (IoV) assists an automobile to link with the nearby automobile or other traffic infrastructure making use of a wireless network. The key aim of the IoV is to enable automobiles to connect in real-time with pedestrians, their human drivers, roadside infrastructure, other vehicles, and fleet management systems.
The key factors expected to foster the expansion of the global internet of vehicle (IoV) market comprise the rise in need for driver safety and vehicle tracking along with the increase in implementation of cloud services and IoT. Further, rising need for automation within the automotive industry and the growing usage of electric vehicles is anticipated to drive market growth during the years to come. Also, the global market is expected to create plenty opportunities for automobiles to interact with sensors, traffic management systems, and humans. Though, for this, the next-gen automobiles would need a Global Vehicle ID called GID. Nonetheless, inadequacy in comprehending the exact vehicle position and data loss owing to hurdles like landscapes are factors anticipated to obstruct the market expansion in the coming period.
The global internet of vehicles (IoV) market can be diversified based on communication type, technology, component, and geography. The market, on the basis of component, is segregated into software, hardware, and service. The market, on the basis of technology, is categorized into cellular, Bluetooth, NFC, Wi-Fi, and others. The market, on the basis of communication type, is classified into vehicle-to-infrastructure, vehicle-to-vehicle, and others.
Geographically, North America is projected to govern the global internet of vehicle (IoV) market during the forecast period owing to factors such as huge spending in R&D activities, establishing of major merchants in the region, and positive adoption by the US government offers a superlative setting for expansion of the market. Likewise, Asia Pacific is also anticipated to witness a lucrative growth rate during the coming period. This regional expansion can be credited to the increasing inclination toward IoT devices, rising automobiles sales, and swiftly flourishing IT sector in major economies like China and India.
Few of major players functional within the global internet of vehicles (IoV) market consist of Texas Instruments Inc., Ford Motor Co., Intel Corporation, Audi AG, NXP semiconductors, SAP, Google Inc., Apple Inc., Cisco Systems Inc., and IBM Corporation, among others. To cite, in August 2019, a partnership was declared between Toyota South Africa Motors (TSAM) and Altron & Vodacom to offer in-mobility Wi-Fi-connected services and launched a cloud-supported Internet-connected intelligence platform, Toyota Connect.