Asia-Pacific Automotive IoT Segment to Witness Massive Growth

With rising IoT solutions and technological developments, Asia-Pacific will observe significant automotive market growth in the near future.

FREMONT, CA:The rising IoT solutions development for automotive sectors in the Asia-Pacific due to their smart features and added advantages, including fleet management, autonomous driving, and traffic navigation, among others, contribute to the IoT growth in the automotive industry. In addition, the availability of high-speed internet connectivity and rising cloud adoption with emerging 5G technology in the region fueled the expansion of the Asia-Pacific IoT in the automotive market.

 5G Networks and Increasing Cloud Penetration in the Asia-Pacific Region:With the 5G networks' launch, the interconnectivity of devices will increase, leading to better data transmission and receiving. The enhanced user experience for connected cars depends on wireless connectivity. Several telecom industry players are evolving 5G to increase connected cars’ efficiency and safety. The international 5G automotive association opined that with the upcoming 5G technology, around 68 per cent of accidents could be eliminated.

 Additionally, the growing cloud adoption and the new cloud data centre emergence are also expected to provide significant growth opportunities for expanding the data storage generated by the internet of things. The cloud provides better scalability with limited resources, boosting IoT adoption in the automotive industry in the near future.

Impact of Covid-19 on Asia-Pacific IoT on the Automotive Market:The pandemic has massively impacted the Asia-Pacific IoT in the automotive market. Many governments worldwide have imposed restrictions and lockdowns, hampering the market's growth. 

The IoT sensor supply chain was disrupted in every region of the world. IoT and sensors were paused due to a reduced workforce and slowdowns in hardware supply. In addition, production was scaled down in many manufacturing plants due to declining demand for IoT automotive solutions as a direct consequence of the pandemic and following restrictions. However, with the improving market circumstances in the post-pandemic era, the IoT growth in the automotive market is dynamically recovering.
 
The Asia-Pacific IoT in the automotive market segments within the regions and China will demonstrate the highest growth rate in the near future. Predominant industry players are taking vigorous steps to develop the market in the region and pave the way for higher new technology adoption in the region. 

Collaborations between suppliers to promote next-generation intelligent manufacturing developments have made China a profitable market for the IT industry. Moreover, China’s IoT market will grow at the highest rate. As one of the most dynamic regions in the world for urbanisation, the Asia-Pacific region is home to the most developing members undergoing rapid urbanisation. This change will create enormous business opportunities for the market in the coming years.