We live in an era of rapidly advancing technology and Big Data. The use of smart phones, tablets and other gadgets is reaching saturation in many markets. About half of the world’s population has access to the internet. The popularity of social networking is spreading; for instance, Facebook has nearly two billion monthly active users.
IDC forecasts that the worldwide IoT market will grow from $655.8 billion in 2014 to $1.7 trillion in 2020, with a compound annual growth rate of 16.9%. This growth will be dominated by the manufacture of devices, and investment in connectivity and IT services. IDC also predicts purpose-built platforms, application software, and as-a-service offerings will capture a larger percentage of the market by 2020. While the IoT managed services market is estimated to grow from USD 21.85 billion in 2016 to USD 79.60 billion by 2021, at a compound annual growth rate of 29.5% during the period 2016–2021, according to a research by MarketsandMarkets research firm.
Vehicle to everything technology (V2X) is one of the much watched for technologies in the current connected everything scenario and is expected to make driving simpler, easier, richer, safer, greener and more. V2X communications and related solutions will help communication possible between the vehicle and everything else – V2I (Vehicle-to-Infrastructure), V2V (Vehicle-to-vehicle), V2P (Vehicle-to-Pedestrian), V2D (Vehicle-to-device) and V2G (Vehicle-to-grid) et al. V2X is touted to increase road safety, better flow of traffic, save energy and disburse relevant location related information.