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With a Revenue Potential of $15-$20 Billion by 2025, the Creation of Software-defined Vehicles and Innovative Business Models is more Critical than Ever
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The COVID-19 pandemic has accelerated - rather than affected - growth prospects for the global connected cars market. Technology implementation has increased, and the post-pandemic situation appears to be a positive one for all stakeholders. The pandemic is a blessing in disguise as innovative features such as embedded connectivity, bio-based health monitoring, and non-touch-based haptics such as gesture recognition will be quickly implemented in vehicles due to the urgent need for protection and risk aversion. Start-ups and other mid-tier connected car technology firms are being pursued to support the implementation of these innovative vehicle features.The market is undergoing a transformation, and automakers are evolving into technology firms and appear to be on an equal footing with technology giants, with some of them opting for a collaborative approach to capture market share. Business transformations will occur when the core elements of next-generation platforms and business models are developed and available on vehicles. Technologies such as 5G, widescreen displays, high-performance computers (HPCs), data lakes, and cloud computing are some of the key requirements and related developments.Some of the topics covered in this Frost & Sullivan outlook are listed below:• The future of data-defined vehicles• Updates to technologies such as OTA, V2X, and cloud services• Operating systems (and how automakers build them)• The adoption of cloud and data management solutions• Connected car trends from CES 2021Author: Suhas Gurumurthy
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GROWTH OPPORTUNITIES IN ELECTRIC VEHICLES, BIG DATA ANALYTICS, BATTERIES, AND AUTONOMOUS VEHICLES
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