The connected car, which once was a concept and
limited to science fiction movies, is a reality today. Cars, today, are
extremely well connected with extensive embedded hardware components combined
with smart connectivity capabilities use an array of protocols to deliver key
electronic, monitoring and diagnostic functions. It is now the hottest market
where everybody is trying to be a part of it considering enormous potential the
market holds.
The global connected car market is in a very
fragmented market and it is in a growing stage, where many stakeholders of the
eco-system are forging strategic collaborations to create connected car
solutions. The market revenue is estimated to reach $153.60 billion by 2020.
The global connected car applications market is
divided into Location Based Applications, Infotainment, Safety & Security,
Convenience, Driver Assistance, and Others. Safety & Security application
contributes the most to the applications market. Government initiatives and
customers are concerned about overall safety, and accident is the major driving
force behind customers adopting cars enabled with connectivity.
The global connected car regions market is divided
into North America, Western Europe, Asia-Pacific, Central Eastern Europe (CEE),
Middle East & Africa and Latin America. North America has the most matured
connected market owing to its extensive infrastructure and the number of
companies investing in the market. Western Europe, now, is the second hottest
market for connected cars as the government regulations such as mandate of
eCall will drive more investments into the market.
In the next forecasted years, connected cars market
will see innovative revenue models and evolution of standardized platforms.
This would considerably increase security measures, reduce cost of the
connected cars.
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