The various sectors that the Internet of Things (IoT) has been a part of and in the industries such as the Automotive industry is fueling the rapid growth rate of the global IoT market. With the introduction of IoT in the automotive industry has paved the way for new opportunities for carmakers and consumers worldwide. The IoT has become a hotbed of varied multifunctional applications in the automotive space. The offerings of IoT are able to enhance, data delivery, control, and communication at any transportation point.
The major car manufacturers and makers, such s Mercedes-Benz, Google Inc., Volvo, and Toyota are rapidly investing in the smart car, which offers rich features that translate into a healthier, more convenient, and more enjoyable driving experience.
UBS has reported that approximately 12% of the total cars sold in 2030 will be purchased for autonomous taxi fleets. That will translate into 26 million driverless taxis worldwide.
The global market for the Internet of Things is set to grow to $402.72 billion in 2022, with a compound annual; growth rate (CAGR) of 23.2%. The Internet of Things industry is expected to reach $926.61 billion by 2026.
Recently reports are varying, with some sectors reporting a CAGR of 31% growth for IoT with a global market share by 2028 of at least $4 trillion USD.
It has shown that IoT device data collection helps to improve business. The results of maximizi9ng value through the use of IoT devices can be seen in a number of different areas of analysis. Such ass high accuracy in time series, predictive and advanced analytics, data preparation, geospatial and location real-time. Major cloud providers, such as Amazon, Microsoft, and Google, are rapidly deploying data analytics to enhance business improvement and many companies hope to expand their market share with the latest AI algorithms, able to use machine learning and deep learning.
The net result is more value through informed decision-making from the increases in data volumes.
There doesn’t seem to be a long-term shortage aspect to the chip market, even with the war in Ukraine fueled by Russia’s continued attacks and bombings. The growth rate in the IoT sector, through the automotive industry, is reaching new levels in 2022, many car makers are looking forward to utilizing a software-defined model of a car ecosystem, building a unique “personality” for each car on the road, by 2035.Sponsor this Article
For the past 8 years, I have been writing about embedded technologies, added to my technical, academic, and medical editorial experience, with companies like Elsevier and Cambridge University Press. I tell people to read what I write, not try to pronounce my last name. I am always available for comments and suggestions you can reach me at firstname.lastname@example.org and I promise I will take the time to reach back out to you. I live in the North East with my wonderful family.