IoT-in-automobile

Connected Cars: How IoT Will Transform The Automotive Industry?

From a quite long time, researchers have been trying to unfold how IoT (Internet of Things) solution will become the new frontier for smarter transportation!

For say; How it feels when you see a self operating cars or find a parking space in few seconds with sms notification, get to know which is the less busiest route to take in, suitable place for parking, and etc. No doubt, it’s an amazing experience when information is available on just a tap

The internet of things  sets up an innovative approach towards life. This is the reason, many companies are eagerly looking to make an investment into the Internet of Things, and one area which attracts investors is none other than IoT connected cars.

Market Research:

As per Business Insider’s premium research service, it is expected that 94 million connected cars to ship in 2021, and 82% of all cars shipped will be connected with IoT based device. 35% of compound annual growth rate is also expected, accounting 21 million connected cars in 2016.

The figure clearly shows how quickly the trend for connected car is growing, providing  a significant business opportunity. Further, BI Intelligence expects to hit 381 million connected cars by 2020, which was just 36 million in 2015. It also forecasts that connected cars will generate $8.1 trillion between 2015 and 2020.

The global spending on the Internet of Things (IoT) security will reach $348 million (roughly Rs. 2,321 crores) in 2016 a 23.7 percent increase compared to 2015 (roughly Rs. 1,877 crores), (Gartner report).

The investment on the IoT security will also reach to $547 million (roughly Rs. 3,648 crores) in 2018.

Trends:

The scenario showcase that the IoT technology is far beyond car wi-fi only, it will explore more in the coming years that will change the automotive industry. Transformation will catch up public transportation soon, such as buses and trains.

Evolution of Connected Cars:

Some of the vehicle-centric IoT services, such as digital door locks, Central lock, and a remote control heater, presents an ideal need and unfolds how these solutions are helping to ease the automotive industry. Analysing the market trend, we get to know how these services are truly connecting the car making life simpler.

In brief, let’s understand how the IoT is impacting Automotive Industry

Telematics and Calls Will Save Lives:

Assumptions are made that all new cars will be equipped with eCall technology from April 2018. Hence, at the time of the accident the vehicle will automatically send location and status signals to emergency services. Source from EU reveals that eCall lowers the response time by 50% in rural areas, and 60% in urban and suburban areas.

Convenient Car Maintenance:

Getting the status and condition of the connected cars is easily visualised on the dashboard. Further, accessing information via mobile phone apps helps to get instant help. The IoT based services also allows to receive scheduled maintenance, to an assigned garage to facilitate smooth, efficient service.

Converting Cars into 4G WiFi Hotspots:

Establishing a connectivity is the next move for the car manufacturers to be a highly valuable sales driver. The connected cars will soon works mobile hotspots for passengers via M2M SIM card on a shared basis.

Today, the IoT solution for connected vehicles are expanding as the demand is increasing.

When we talk about IoT Solutions and Services, Mobiloitte have been one of the leading solution provider of Internet of Things onboard. We cater a wide range of solution based on the Internet of Things that fulfills the requirement of SMEs, Startups as well as Enterprises  in the automotive industry as well as other industries.

Solutions Provided in IoT (Internet of Things):

  • Connected systems
  • Real time monitoring
  • Predictive maintenance
  • Security & surveillance
  • Dashboard reporting
  • Data Analytics
  • Cognitive insights for management

Get on board the Internet of Things bandwagon at Mobiloitte! Allows us to build a customized apps for your Automotive business. Contact Us Today!