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The integration of the IoT in the automotive industry enables manufacturers to execute in-demand innovations that can ultimately transform vehicles with a wide range of opportunities. The use of IoT in automotive industry can reduce operating costs, improve equipment reliability, and enables predictive maintenance. These benefits are enormous for the automotive sector as they can result in high revenue and ROI.
The possibilities that the internet of things brings for the automotive sector industry are really immense. Nowadays, buyers seek a futuristic vehicle with which they can connect and interact. In such scenarios, IoT is one such disruptive technology that is helping the automotive sector to create next-generation vehicles. From connected cars to automated transport systems, IoT has opened new avenues in the automotive industry.
Read on to learn more about the role of IoT in automotive industry and it is transforming this sector.
Even though IoT in the automotive industry is still in its initial phase, it is gaining momentum gradually with the increased adoption of smart devices. IoT can evaluate engine performance, control air temperature, measure physical indicators, and many more functions are possible in the automotive industry
Vehicle functions are gradually transforming through the rapid development of connectivity. Automotive companies are using sensor data to predict routine maintenance and schedule appointments automatically. If you combine IoT with a digital twin, there is a potential of improving vehicle aid and optimization of
designs for future vehicles. Furthermore, IoT is also beneficial for vehicle insurance as insurers can track the driving behavior of users and their journey to calculate accurate policies, regulate the flow of traffic, or even alert drivers of dangerous situations.
IoT is one of the key technology driving digital transformation in Industries, and automotive is no exception
According to Statista, the automotive industry is expected to generate almost 23.6 billion U.S. dollars by 2025.
Market size of the automotive Internet of Things (IoT) in 2021, with a forecast through 2026
Usually, there are two approaches to the maintenance of vehicles- preventive and predictive. For instance, when users know that oil or bearings will soon wear out, they inspect and replace the required parts known as preventative maintenance. On the contrary, IoT enables predictive maintenance for automotive services. IoT analytics solutions allow systems to monitor the status of various parameters of vehicles in real time. The onboard system notifies the driver when service is required based on data fetched and analyzed by IoT analytics.
A perfect example would be the level and purity of engine oil. IoT enables the capturing of the real-time condition of oil levels with its sensors. As a result, the user can calculate the date of the oil change with real-time indicators.
IoT drives purposeful communication between vehicles, also known as V2V interaction. It is a part of smart infrastructure technology.
The main advantage of V2V interaction is to prevent accidents. Vehicles can share data about the speed, location, and route via a single network. The way the logic of the system is arranged, either the driver can get a warning about a potential emergency situation, or the system will take preventative actions by slowing down the car, which can prevent a collision. V2V technology gradually becomes an important part of the smart transport system. It has the potential to broaden the use of driverless vehicles on the roads in the future.
The usage of IoT in automotive industry also impacts the overall infrastructure and interconnected facilities. IoT allows automotive companies to meet the increasing market needs without changing traditional business goals. IoT has the biggest role in various components of the automotive business as design ideas, the number of services a company can provide, and income from the product life cycle.
IoT can be efficiently utilized in various areas of the automotive sector. The high availability of IoT application solutions is not a surprise as it allows more real-time insight into vehicle function which users can even receive on their smartphone.
Here are the most frequently used applications for smartphones that are connected to the IoT network.
A digital twin in the automotive industry refers to the virtual replica of an entire vehicle which involves its, software, mechanics, electrics, and overall physical behavior. The digital twin provides real-time performance data and inspection data, as well as service history, configuration changes, parts replacement, and warranty data.
Organizations with IoT added to products, processes, and people can leverage the digital twin to its full potential. The real-time data from IoT sensors serve as a gateway to future advanced use cases, as it’s a useful input for physics-based simulation, artificial intelligence, and computer vision applications.
The IoT digital twin framework for the automotive domain is helpful in the following ways:
The IoT data from cars gained from sensors also gives information about driving style. The analysis of data can predict the actions of the driver to offer additional protection while driving. Moreover, such information is useful for insurance companies as they can recalculate the individual cost of insurance.
In the situation of theft of the vehicle, RFID tags can help that what equipment was stolen and when it happened. IoT can track the location of equipment in real-time. The quick detection of vehicles allows companies to keep track of the equipment on the balance sheet, check for its presence, search, and in case of theft, even find the person who committed the theft.
IoT also plays an important role in insurance operations. As sensors can accurately track the condition of the car, the owner’s driving style, and many other aspects, it comes across as the main value for the insurance company. This data helps insurance companies to more accurately charge for insurance. In case an accident happens, insurance agents can properly assess the damages and the cause of them.
For instance, with sensors in the car, if an accident happens, insurance companies can gather data about the car, such as those showing the time gap between engine service.
The implementation of IoT technology in vehicle insurance company business models involves the development of market segments and optimizing the analysis of each insured event.
With the introduction of IoT, the automotive industry is going through some game-changing benefits. IoT is transforming the way we interact with our vehicles. IoT after integrating with more advanced technology has made vehicles smarter, safer, and entirely interconnected. It saves time and money and enhances the driving experience and carries out maintenance efficiently.
Solution Analysts is a leading IoT application development company, with a huge huge team of experts who are well-versed in the latest Internet of Things technologies and its application. Our dedicated engineers can develop your idea with an innovative solution and make an impactful contribution to IoT in automotive industry. We feel pride in receiving recognition from reputed rating agencies. Recently, we are recognized as a Top App Design & Development Company on DesignRush.
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