The Rising Adoption Of IoT In The Automotive Sector Accelerates The Internet Of Things Market Growth

The application of IoT in various industries, such as the automotive industry, is driving the growth of the global IoT market.

The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide. The IoT has become a popular hotspot for varied multifunctional applications in the automotive sector. IoT offers enhanced communication, control, and data delivery at any transportation point.

Major companies like Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are increasingly investing in developing smart cars with rich features that offer healthier, more convenient, and more enjoyable driving experiences. According to UBS, 12% of the total cars sold in 2030 will be for autonomous taxi fleets, with 26 million driverless taxis in operation worldwide, approximately.

The global internet of things (IoT) market size is expected to grow from $326.90 billion in 2021 to $402.72 billion in 2022 at a compound annual growth rate (CAGR) of 23.2%. The internet of things (IoT) industry size is expected to reach $926.61 billion in 2026 at a CAGR of 23.3%.