Are We Ready for Connected Cars?

Reportstack released its newest market research publication entitled Connected Car M2M Connections & Services Market in the US 2014-2018. The report dealt with the key market trend such as Launch of LTE-based Connected Cars and other trends. But what does this really mean to consumers?

We all know that everything is getting smart, from smartphones to smart homes, to smart cities even. This of course includes smart automobiles. The concept of connected cars actually covers a diverse number of applications dealing with car engine management, remote monitoring and other automation solutions for consumers. It refers to the automated remote information transmission between two cars. It may include communication between a car and OEMs, a car and a third-party provider or, a car and an enterprise, a car and an internet-capable device, or a car and an infrastructure. In fact, many of its applications include tracking and tracing stolen vehicles, automated calls for auto-accidents and emergency situations, video transmissions on the move, navigational systems as well as telematics. And M2M technology has made this concept possible, and further fueling the Internet of Things. Of course, there are but a few of the applications as of today and there are still some areas in car automation that has not been explored yet.

Today, automation has brought so much ease and efficiency into everything. Imagine how convenient it will be if your car can notify you how far you are from the edge or corner when you parking or notify you when you about the likelihood of you colliding with another vehicle. Or how safe it feels if your car has the ability to assume control of the vehicle in case you lose consciousness. Some automated cars are even capable of making emergency calls in the event of an accident. Surely, vehicle automation has several good things to offer. And it is no wonder that it has become a rapidly growing industry.

Analysts from the Reportstack forecast that Car M2M connections and services in the US market will grow at a CAGR of 16.92% over a period of five years, from 2013 to 2018. The report also revealed that the market will be divided into two segments: its application and vertical markets. This report has been based on in-depth market analysis as well as inputs from industry experts, covering the Car M2M Connections and Services business landscape and its prospect growth in the coming years. The report included a discussion of the key vendors in automobiles, namely BMW and General Motors, as well as key vendors for M2M communication and connected services.

Of course, the current car automation industry is not perfect and there may be some challenges at hand, such as the lifespan of computers and mobile devices and SIM card limitations. Manufacturers may need to look for ways to make computers or car automation hardware to last longer than most would, further extending the product life cycle to exceed ten years, and they may need to manufacture SIM cards that can withstand extreme heat, temperature and high humidity. However, the forecast only shows one thing – Despite these challenges, the industry is ready to tackle them head on, still with a foresight of providing better and bigger solutions to consumers. Surely, the general public, still has a lot of questions in their heads such as their safety and security and what other areas of automation will affect lives in general. Some of these innovations are already available, although some may still be in testing phase. The adoption is still in its early stages, so consumers can still prepare as it gradually unfolds.