DUBLIN--(BUSINESS WIRE)--The "Global Internet of Cars Market - Segmented by Service, Software Solutions, Applications, Products and Safety, End-User, and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

The Internet of Cars market was valued at USD 68.12 billion in 2017, and is expected to reach a value of USD 365.96 billion by 2023, growing at a CAGR of 32.34% during the forecast period (2018-2023).

Following the development of technology and emerging trends in IoT, Machine to Machine (M2M) and big data analytics, there has been a fast growth for IoT in the automotive sector. This exponentially growing trend of connected cars, along with other technologies, is driving the market on a large scale.

These connected features involve the exchange of real-time data that offers better comfort, security, entertainment and safety for the end-user. Various automobile manufacturers, such as BMW, Mercedes, Ford, General Motors and others are now offering IoT-connected cars.

It is expected that approximately 360 million connected cars will be on road by 2020, globally. To eradicate the situation of traffic blocks, the use of connected cars can be justified.

Due to rise in urbanization, most of the cities across the world are facing traffic jams. For example, drivers in New York currently spend more time in traffic jams than those in any other city; they spend an average of 127 hours each year, stuck in traffic.

Key Highlights

  • Rise in Demand for Safety, Comfort and Convenience in Automotive Sector Drives the Growth of Connected Cars.
  • Mobility Management is Expected to Have Highest Growth Owing to Traffic and Safety Concerns
  • North America is One of the Largest Market for the Growth of Connected Cars in the Region

Notable Market Developments

  • Panasonic and Trend Micro have had an agreement to develop cyber security solutions for connected cars. This collaboration of the two companies is expected to detect and prevent various intrusions into Electronic Control Units (ECUs).
  • A private start-up company Cubic Telecom has announced that it has about a million cars in its software. This software facilitates connected cars in connecting to an LTE network. This software also enables the cars to connect to any high-speed mobile network.
  • Cisco and Hyundai were collaborating to develop Software Defined Network (SDN) platform. This platform would allow the deployment of connected, driverless or autonomous cars. This platform would enable sensor integration, hardware and software integration, end-to-end networking, and security etc.

Companies Profiled

  • Cisco Systems Inc.
  • IBM Corporation
  • Bosch Software Innovations GmbH
  • Google Inc.
  • Tesla Motors Inc.
  • Infineon Technologies AG
  • Oracle Corporation
  • SAP SE
  • General Electric
  • Microsoft Corporation
  • Symantec Corporation

Key Topics Covered

1. Introduction

2. Research Methodology

3. Key Findings

4. Executive Summary

5. Market Insights

6. Market Dynamics

7. Technology Overview

8. Global Internet of Cars Market Segmentation

9. Competitive Intelligence - Company Profiles

10. Investment Analysis

11. Future of the Internet of Cars Market

For more information about this report visit https://www.researchandmarkets.com/research/wbvm9m/the_internet_of?w=4

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Related Topics: Telematics and Vehicle Electronics