The market is estimated to reach a CAGR of 19 % by 2023 during the forecast period.
The connected mobility solutions have been assessed to amplify the market in the future years. The rise in demand for cloud-based connected solutions in the automotive sector and connected self-governed automobiles are accelerating the Connected Mobility Solutions Market. The widespread implementation of the Internet of Things (IoT) in connected mobility solutions and the development of smart infrastructure projects across the globe will drive the share value of the market. The increased requirement for digitization, the stipulation of smart technology solutions such as crash detection of passenger vehicles with the help of sensor devices is setting huge opportunities for the Connected Mobility Solutions Market, making mobility safer, more efficient, and convenient.
The market's growth factors, such as the proliferation of the concept of connected automobiles, guarantee high growth and the market to reach its estimated value in the future years. The increasing demand for cloud-based connected mobility solutions in the automobile service industry plays a crucial role in safeguarding the complete process. The increase in demand for connected and autonomous vehicles is even propelling the market's growth.
The COVID 19 outbreak has badly affected the global economy and almost every business sector. The Connected Mobility Solutions Market is opting for more technically advanced and real-time solutions in this situation. It aims to take up cost-effective measures and generate the required demand. The increase in digital transformation, autonomous solutions, smart infrastructure applications, cloud-based technical upgrades, and recovery solutions in the business and technology sector boost the will Connected Mobility Solutions Market.
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The Connected Mobility Solutions Market is fragmented into connectivity and technology, application, and region. In the technology segment, the market is fragmented into Bluetooth, wireless (WiFi), 4G (LTE), and 5G data connections. It is the dominating segment of the connected mobility solutions market. The application segment of the market consists of telematics along with navigation. Navigation includes monitoring vehicles and roads, and it captures and manages real-time data. Meanwhile, the connectivity segment is divided into integrated, tethered, and embedded connectivity.
The Connected Mobility Solutions Market covers Asia Pacific, North America, Europe, and the Rest of the World. North America has been estimated to hold the largest market share, and it is expected to grow immensely at a significant rate during the forecast period. The increase in IoT adoption in this region is accelerating its regional market. Also, prominent automobile companies in the United States and Canada are implementing new technologies to prevent accidents that may occur and provide a secure and safe experience.
The European market is even showing growth consistency due to the increased requirement for connected mobility solutions in the automotive sector. Asia Pacific countries, including China, Japan, and India, among others, the market are growing in a rapid mode as well, due to the increase in acceptance of smart and electric vehicles among the public. China is considered the leading region for registering significant growth in the market.
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The adoption of connected mobility solutions is expected to reach the considerable demand of the market, which is witnessing currently. Integrating the Internet of Things (IoT) in connected mobility solutions is even accelerating market growth.
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