The Internet of Vehicle (IoV) market, valued at $66,075 million in 2017, is forecasted to reach $208,107 million by 2024. The reason for this growth can be attributed to rising demands, improvements, and vast upgrades in the automotive industry, the increase in connected devices, and the introduction of Logistics 4.0. Here is the growing internet of the vehicle market.
IoV is somewhat synonymous with the automation of vehicles or implementing IoT technologies in vehicles.
The IoV ultimately allows vehicles to communicate with drivers, other vehicles, management systems, pedestrians, and infrastructure, all in real-time. The improved safety factors related to both drivers and pedestrians that stem from this technology is another reason for its popularity.
The IoV technology can be broken down by the communication channels.
The vehicle can communicate with itself first (intra-vehicle), which results in an internal performance review. The vehicle can also communicate with other vehicles (vehicle-to-vehicle) through