Global IIoT Market in Automotive Industry 2017-2021
About IIoT Market
The global IIoT market in the automotive industry is a key contributing segment of the global IIoT market. From a top-down perspective, Technavio has analyzed the global IIoT market as a parent market to set the context, in which the global IIoT market in the automotive industry will be analyzed. The IIoT characterizes a set-up wherein every object or thing is embedded with a sensor and is efficient in automatically communicating its state with other objects and automated systems inside the environment. Each object represents a node in a virtual network, continuously transmitting a large volume of data about itself and its surroundings.
Technavio’s analysts forecast the global IIoT market in automotive industry to grow at a CAGR of 33.48% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global IIoT market in automotive industry for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of IIoT.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global IIoT Market in Automotive Industry 2017-2021
Technavio recognizes the following companies as the key players in the global IIoT market in automotive industry: Cisco, HCL, IBM, and PTC
Other Prominent Vendors in the market are: Accenture, Capgemini, Cognizant, Hortonworks, SAP, Siemens, and Telit.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is R+ise of IoT ecosystem. The success of IoT, in an industry largely depends on the potential of connectivity among the devices in an industry. However, no individual technology provider can enable IoT alone. To optimally utilize the capability of IoT, various technology and service providers have entered into collaborations. Collaboration across the IoT ecosystem accumulates together a range of skills and abilities essential to create the IoT value chain. The chain commences with components, such as processors, modules, operating systems, and security software. Original design manufacturers (ODMs) use these components to build boards that are utilized by original equipment manufacturers (OEMs). Systems integrators convert these things into industry-specific solutions, with application and data analytics software. Network services connect things and cloud services and take advantage of analytics and application software to turn raw data into useful information.”
According to the report, one of the major drivers for this market is Decreasing cost of sensors. The higher demand for sensors has resulted in the sensor manufacturing companies lowering the price over the last two decades. The sensors are a crucial part of the IIoT systems in any industry. Sensors are embedded into devices and equipment, which can then interconnect with each other and streamline the workflow in a workplace to make it smooth and fast. The fall in the price of sensors is a benefit for the industries that have installed IIoT recently or are expected to do it during the forecast period. The reduction in the price of the sensors will bring down the cost of the overall IIoT offering. Considering the current scenario, where the number of established vendors in the global IIoT market in the automotive industry is growing, this cost reduction acts as a driver.
Further, the report states that one of the major factors hindering the growth of this market is Bottlenecks in adoption and installation challenges. IoT-enabled end-users in the automotive industry are not prevalent. To exploit the benefits of IoT, the end-users will need to have a proper, robust IT infrastructure and adequate bandwidth, especially if video integration is concerned. Besides these technical hurdles, market education is also an issue. A huge concern for the implementation, of IIoT in the automotive industry, is process and people management. The primary issue is not in people tracking or process tracking, but efficiency management and helping employees understand the technology. Many people do not understand the significance of accessibility and how it can help their business to move forward; thus, basic education on the adoption of newer technologies is a hindrance as well.
Cisco, HCL, IBM, PTC, Accenture, Capgemini, Cognizant, Hortonworks, SAP, Siemens, and Telit.