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Connected Car Market to Grow by USD 341.7 Billion (2024-2028) with Rising Internet Penetration, Report on AI-Driven Transformation – Technavio

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NEW YORK, Nov. 26, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global connected car market size is estimated to grow by USD 341.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 36.5% during the forecast period. Increasing internet penetration and its impact on the connected cars market is driving market growth, with a trend towards increasing number of vehicles launches featuring connected technologies. However, design complexity and technological challenges poses a challenge.Key market players include Airbiquity Inc., Alps Alpine Co. Ltd., AT and T Inc., Bayerische Motoren Werke AG, BorgWarner Inc., DXC Technology Co., Ford Motor Co., Information Technologies Institute Intellias LLC, Mercedes Benz Group AG, NXP Semiconductors NV, Qualcomm Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Sierra Wireless Inc., Telefonica SA, Tesla Inc., Valeo SA, Volkswagen AG, and Zubie Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Connectivity (Embedded solutions, Integrated solutions, and Tethered solutions), End-user (OEM and Aftermarket), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Airbiquity Inc., Alps Alpine Co. Ltd., AT and T Inc., Bayerische Motoren Werke AG, BorgWarner Inc., DXC Technology Co., Ford Motor Co., Information Technologies Institute Intellias LLC, Mercedes Benz Group AG, NXP Semiconductors NV, Qualcomm Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Sierra Wireless Inc., Telefonica SA, Tesla Inc., Valeo SA, Volkswagen AG, and Zubie Inc.

Key Market Trends Fueling Growth

The Connected Car market is experiencing significant growth, driven by trends such as vehicle infotainment, Advanced Driver-Assistance Systems (ADAS) features, and autonomous cars. V2V communication, electric mobility, and predictive technology are also key areas of focus. Vehicle downtime is a concern, leading to increased demand for connected car services and production of vehicles with faster network technology like 5G and satellite. Legislation and road safety are influencing the market, with collision warning, lane assistance, and blind spot detection becoming standard features. Technology companies are investing in 3G, 4G, and 5G networks, enabling real-time communication between cars and online platforms. Car manufacturers and service providers are collaborating to offer comfort, convenience, performance, safety, and security features. Sensors and processors are essential components, along with advanced diagnostics and fleet management. The transition to connected cars involves addressing maintenance cost and schedule, as well as data transfer speed and bandwidth. Connected cars offer remote control access, infotainment, GPS tracking, and smartphone integration. Telematics services provide real-time vehicle data, enabling predictive maintenance and fuel consumption optimization. The market is evolving rapidly, with legislative policies and technological advancements shaping the future of the Connected Car industry. 

Connected cars are becoming increasingly preferred by consumers due to their safety and environmental advantages. In response, vendors in the connected car market are expanding their product lines by introducing new models with enhanced features. By broadening their offerings, these companies aim to gain competitive edges and expand their market presence in the global connected car industry. The continuous launch of new connected car models is anticipated to boost sales and significantly contribute to the market growth during the forecast period. 

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Market Challenges

The Connected Car market is experiencing significant growth, driven by advancements in vehicle infotainment, ADAS features, and the development of autonomous cars. Challenges include vehicle downtime during production, integrating predictive technology, and addressing legislative policies. Electric mobility and V2V communication are key trends, with 5G networks and satellite technology enabling real-time communication. Technology companies are investing in 3G, 4G, and 5G networks, sensors, processors, and online platforms for enhanced comfort, convenience, performance, safety, and security. Vehicle manufacturers and service providers collaborate to offer connected car services, including remote control access, GPS tracking, advanced diagnostics, and fleet management. The transition to connected cars requires addressing maintenance cost, data transfer speed, and bandwidth concerns. Safety features like collision warning, lane assistance, and blind spot detection are crucial, as is ensuring network technology security. The production of connected cars involves integrating various sensors and systems, while the aftermarket offers opportunities for upgrades and maintenance schedule optimization. The future of connected cars lies in seamless integration of smartphones, internet services, and advanced diagnostics.The connected car market presents vendors with challenges in creating user-friendly, cost-effective, and accessible infotainment and telematics systems. As demand for automotive connectivity solutions grows, system complexity becomes essential to manage various applications. Advanced technologies, extensive features, and multiple software solutions add complexity to connectivity systems. Drivers seek efficient handling of these complexities to maximize benefits, posing a challenge for the global market. Vendors must focus on designing less distracting, affordable, and simple systems to meet consumer needs.

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Segment Overview 

This connected car market report extensively covers market segmentation by

Connectivity 1.1 Embedded solutions1.2 Integrated solutions1.3 Tethered solutionsEnd-user 2.1 OEM2.2 AftermarketGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Embedded solutions- The connected car market is experiencing significant growth as automakers integrate telematics systems with navigation and smartphone capabilities. These systems are evolving to include embedded software and smartphone applications for entertainment, navigation, communication, security, and internet services. OEMs collaborate with technology companies to offer in-vehicle products and services, such as Pioneer’s CarPlay integration and Hyundai’s Blue Link infotainment mirroring. GM’s MyLink and IntelliLink systems support third-party applications. BlackBerry’s Jarvis 2.0 software composition analysis tool aids in checking and updating third-party software modules. The increasing popularity of hybrid vehicles is driving smartphone manufacturers to develop apps for real-time battery status. BMW’s Remote application allows BMW i3 users to check battery capacity via smartphone connection during charging. Economic growth in emerging markets like India and consumer awareness of in-vehicle entertainment and information systems are fueling market expansion. The shift towards embedded solutions is expected to boost the global connected car market’s growth during the forecast period.

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Research Analysis

The Connected Car market is a rapidly growing segment in the automotive industry, focusing on integrating vehicle infotainment systems with advanced technologies. Vehicle connectivity enhances performance, safety, and convenience through features like ADAS (Advanced Driver-Assistance Systems), autonomous cars, V2V (vehicle-to-vehicle) communication, and Blind Spot Detection. Network technologies such as 3G, 4G, 5G, and satellite communication enable real-time data exchange between cars and online platforms. Connected cars offer various safety and security features, including lane-keep assist, collision avoidance, and remote diagnostics. Technology companies play a significant role in providing connectivity solutions to car manufacturers and aftermarket providers. The market’s growth is driven by increasing consumer demand for enhanced vehicle features and the integration of various technologies. The Connected Car market’s future lies in seamless real-time communication, advanced performance, and continuous innovation.

Market Research Overview

The Connected Car market is revolutionizing the automotive industry with advanced features such as vehicle infotainment, ADAS (Advanced Driver-Assistance Systems), and autonomous cars. Vehicle-to-vehicle (V2V) communication and predictive technology are enabling real-time communication and collision warning systems, reducing vehicle downtime and enhancing safety. Electric mobility is another significant trend, with legislative policies driving its adoption. Autonomous cars, powered by sensors, processors, and high-speed network technology, are transforming the way we travel. 5G, satellite, and online platforms are key to providing fast data transfer speeds and high bandwidth for connected services. Comfort, convenience, performance, safety, and security are the main benefits for consumers. Technology companies, car manufacturers, and service providers are collaborating to offer advanced features like lane assistance, blind spot detection, and remote control access. The transition phase to connected cars involves integrating 3G, 4G, and 5G technologies, telematics, and GPS tracking into vehicles. The aftermarket is also adopting connected car technology for advanced diagnostics, fleet management, and maintenance schedule services. Smartphones and internet services are essential for seamless connectivity and remote access. The production of vehicles is being transformed with the integration of diagnostic systems and advanced sensors to monitor smoke emission, fuel consumption, and other vital parameters. Connected car services offer real-time communication, online platforms, and advanced diagnostics, reducing maintenance cost and enhancing the overall driving experience.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ConnectivityEmbedded SolutionsIntegrated SolutionsTethered SolutionsEnd-userOEMAftermarketGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Workday Names Rob Enslin President, Chief Commercial Officer

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Longtime SAP Veteran, Former UiPath CEO and Google Cloud President to Lead Workday’s Global Commercial Strategy for the Company’s Next Phase of Growth

PLEASANTON, Calif., Nov. 26, 2024 /PRNewswire/ — Workday, Inc. (NASDAQ: WDAY), a leading provider of solutions to help organizations manage their people and money, today announced the appointment of Rob Enslin to the newly created role of president, chief commercial officer (CCO). Enslin will be responsible for driving Workday’s revenue growth and leading the company’s global sales, partnership and customer experience efforts. 

Enslin brings more than 30 years of experience in the technology industry, most recently serving as CEO of UiPath where he led the company to non-GAAP profitability, advanced the company’s AI strategy, and drove expansion into new markets. Before joining UiPath, Enslin was president of cloud sales at Google Cloud, where he scaled the company’s sales operations and drove significant revenue growth. Enslin’s extensive career also includes 27 years at SAP, culminating in his role as president of the Cloud Business Group and executive board member. In addition to deep enterprise expertise, Enslin brings a strong global perspective, having held roles in South Africa, USA, Germany, and Japan throughout his career.

“Rob is a world-class leader with a track record of building high performing go-to-market teams, a deep understanding of industry and partner ecosystems, and unique global experience, making him the ideal leader to help guide Workday’s next phase of growth,” said Carl Eschenbach, CEO, Workday. “We’re confident that his vision and commitment to providing exceptional customer experiences will unlock even greater potential for Workday and businesses around the world.”

“Joining Workday at this pivotal moment is incredibly exciting,” said Enslin. “Workday’s unparalleled dataset, combined with its commitment to innovation, positions the company to become the definitive AI leader in the ERP market. I’m thrilled to be part of this transformation and shape the future of work.”

Enslin’s appointment will be effective as of December 2, 2024.

About Workday

Workday is a leading enterprise platform that helps organizations manage their most important assets – their people and money. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 10,500 organizations around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500. For more information about Workday, visit workday.com.

© 2024 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s leadership, growth, transformation, and potential. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (“SEC”), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

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SOURCE Workday Inc.

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Autodesk appoints Janesh Moorjani as chief financial officer

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SAN FRANCISCO, Nov. 26, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced the appointment of Janesh Moorjani as the company’s chief financial officer, effective December 16, 2024. Moorjani brings over 20 years of experience in the technology industry, with deep expertise in driving growth and efficiency at scale. Most recently, Moorjani served as CFO and COO of Elastic NV (NYSE: ESTC), the Search AI Company.

Reporting to chief executive officer Andrew Anagnost, Moorjani will lead and oversee Autodesk’s global finance organization. Moorjani will succeed interim chief financial officer Elizabeth “Betsy” Rafael, who will serve as an advisor to the company through the end of fiscal 2025 and will continue to serve on Autodesk’s Board of Directors, resuming her status as an independent director following the transition period and end of her employment by the company.

“We are excited to welcome such a high-caliber and seasoned CFO in Janesh,” said Andrew Anagnost, president and CEO of Autodesk. “His deep finance and software experience will be instrumental in supporting Autodesk’s continued momentum with sustained growth and enhanced profitability. I look forward to partnering with Janesh to drive Autodesk’s successful path forward and continue creating additional value for our stockholders. I also thank Betsy for stepping into the interim CFO role at an important time for Autodesk, and for her continued contributions both through the transition and as a qualified and experienced board member moving forward.”

Moorjani brings strong experience leading dynamic public software companies. He recently was CFO of Elastic since 2017 and assumed the additional responsibilities of COO in 2022. Prior to Elastic, he served in executive and leadership roles at Infoblox, VMware, Cisco, PTC, and Goldman Sachs. He currently serves on the Board of Directors of Cohesity, a leading AI-powered data security and data management company.

“I am thrilled to join Autodesk and work with Andrew, the company’s strong management team and the Board to capitalize on the compelling growth opportunities we have ahead,” said Moorjani. “Autodesk has established a clear leadership position as a technology innovator by providing differentiated and connected solutions that allow customers across industries to design and make anything. I look forward to working with the team to build on Autodesk’s strong financial foundation to drive continued growth, profitability and free cash flow to ultimately deliver sustainable stockholder value.”

ABOUT AUTODESK

The world’s designers, engineers, builders, and creators trust Autodesk to help them design and make anything. From the buildings we live and work in, to the cars we drive and the bridges we drive over. From the products we use and rely on, to the movies and games that inspire us. Autodesk’s Design and Make Platform unlocks the power of data to accelerate insights and automate processes, empowering our customers with the technology to create the world around us and deliver better outcomes for their business and the planet. For more information, visit autodesk.com or follow @autodesk. #MakeAnything

Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements regarding our strategies, performance, results, growth, profitability and free cash flow, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, and extreme weather events; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia and the current conflict between Israel and Hamas; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers’ offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

 

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SOURCE Autodesk, Inc.

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Accuray Incorporated Reports Inducement Award Under NASDAQ Listing Rules

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MADISON, Wis., Nov. 26, 2024 /PRNewswire/ — Accuray Incorporated (NASDAQ: ARAY) today reported, as required by NASDAQ Listing Rules, equity inducement awards to Mike Murphy, the company’s new Vice President, Corporate Controller. As a material inducement to Mr. Murphy joining the company, and in accordance with NASDAQ Listing Rule 5635(c)(4), the Compensation Committee approved granting Mr. Murphy an award of 150,000 restricted stock units covering shares of the company’s common stock effective as of November 29, 2024 (collectively, the “Inducement Awards”). The Inducement Awards were made outside of the company’s current equity plan, but are subject to terms and conditions generally consistent with those in the company’s 2016 Equity Incentive Plan.

Twenty-five percent of the restricted stock units subject to the restricted stock unit award will vest on each yearly anniversary of October 31, 2024, subject to Mr. Murphy’s continued service through each applicable vesting date.

About Accuray
Accuray is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions that are designed to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Sunnyvale, California, with facilities worldwide. To learn more, visit www.accuray.com or follow us on Facebook, LinkedIn, X, and YouTube.

Media Contact
Beth Kaplan
Public Relations Director, Accuray
+1 (408) 789-4426
bkaplan@accuray.com 

 

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SOURCE Accuray Incorporated

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