From autonomous cars to electric vehicles, the automotive industry is crossing the threshold of reinvention.
Fremont, CA: As the automotive industry is on the brink of revolution, the IoT market has seen steady growth since 2014. According to Gartner, the market research firm, the revenue of IoT product and service suppliers will be a whopping $300 billion in 2020. Additionally, the entire IoT market will grow up to $7.1 trillion in 2020.
IoT can transform the automobile industry and create a power struggle between software developers and car manufacturers. This rapidly growing and developing terrain is the ground zero for carmakers who want to capture value and where software providers are gaining ground gradually. The automotive IoT is bringing in new automotive DNA shifting the paradigms of the industry. The evolution of the consumer-use models, like the connected vehicles create new urban mobility opportunities. It includes vehicle sharing and usage-based insurance (UBI).
Here are a few things that have changed the automotive sector for the best.
1. IoT has already gained momentum in multiple of automotive applications. There are a lot of features available in autonomous cars. Most vehicle infotainment systems take the tethered or integrated form which requires internet connectivity. The infotainment systems will have connectivity features embedded in them soon.
2. IoT can now manage product lifecycles by accelerating product and engineering timelines. It helps in reducing manufacturing costs by identifying value driving components. Application of machine learning with IoT can initiate designs that are practical and easier to handle.
3. Sensors present in them will enable the user with predictive maintenance. External sensors in the vehicle in the form of rear-view cameras and proximity sensors enhance driver as well as pedestrian safety. The meshed network of cars on the road helps in blind spot detection and can predict and avoid collisions far in advance.
4. IoT allows manufacturers to get access to real-time data. Predictive maintenance is one of the features of automobile IoT applications. It enables manufacturers to be accountable and proactive in case of crisis scenarios. In times of crisis scenarios this feature allows the manufacturers to be proactive.
5. The technology is able to monitor and notify the after-market manufacturers, vehicle users, or manufacturers of any possible malfunctions. The electronic/engine control unit (ECU) that is connected to all the components in a vehicle can enable such an interaction. Connected technology is making it easier for manufacturers to track product defects and maintenance needs. In such a condition the manufacturers have the luxury of pushing out software updates or even software upgrade offers.
6. Process automation via IoT data and analytics has improved manufacturing capabilities for automobile companies. The technology enables lean manufacturing in the production plants. The constant data collection and calculations can make them capable of real-time scheduling; bring in more efficiency, and flexible manufacturing processes—including material optimization.
7. IoT provides is a virtual treasure trove of data for the automobile manufacturers. It can attain information on consumption patterns and preferences, demographics, and location usage is produced every moment a car operates. IoT and advanced analytics can gain insights from this data and create new revenue-generating opportunities.