Published on : May 03, 2017
Albany, New York, May 03, 2017: After studying historical and current data and prevailing market dynamics, the report forecasts the global market for connected cars M2M to expand at a handsome 27.52% CAGR from 2017 to 2021. Precursors to fully-automated driverless cars, connected cars are making waves these days, thanks to the rise in new technologies such as Internet-of-Things (IoT). They are internet connected cars that can provide crucial information pertaining to navigation, dangers lying ahead, maintenance, and traffic. They also facilitate enhanced in-car entertainment such as music, news, and podcasts.
The global connected cars M2M market spells a lot of opportunity for automakers and most big names both in the automotive and software sectors have already heavily invested in it. Not to be left behind, startups too are entering the fray swiftly to grab a share of the highly lucrative market.
A number of factors are stoking stellar growth in global market for connected cars M2M. One of them is the rising number of smartphone integrated services. Desire for in-vehicle connectivity and telematics to enhance the overall driving experience has boosted the market as well. Additionally, with manufacture and of electronic vehicles, automotive original equipment manufacturers (OEM) are expending money on designing more effective applications which has also been bolstering demand significantly.
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Countering the growth in the global market for connected cars M2M is the security issue. With increasing use of technology such as Internet-of-Things (IoT) and cloud and other automatic applications, it becomes easier for miscreants to hack into sensitive data or take control of crucial functions. For instance, many cars automatically lock the doors once gears are engaged. So once hackers break into one system, they can take control of others as well.
Geographically, the report segments the global market for connected cars M2M into Europe, Middle East, and Africa, the Americas, and Asia Pacific. Of them, the Americas account for a leading share in the market because of the ability of the people to spend on high end luxury cars equipped with advanced features. Besides, tendency of people go for long drives has also promoted growth in the market in the region.
The report further classifies the market for connected cars based on technology into embedded solutions, integrated solutions, and tethered solutions. Owing to the increasing necessity for improved navigation and assistance services for drivers, the embedded technology segment holds a foremost position in the market.
Application-wise, the report segregates the global market for connected cars into vehicle management, infotainment, driver assistance, and on-drive management. Some of the prominent players in the market profiled in the report are Ford Motor Company, Alpine Electronics, Audi, BMW, GM, IBM, and Google.
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