This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.
The first wave of connected cars saw infotainment and environmental information services. As we enter the year 2016, the concept of connected car will branch further out to multiple areas of consumer convenience, such as seamless urban mobility, assisted driving, driverless cars, and car-sharing, to revolutionise the driving experience. Industry analysts expect investments in the connected car market to exceed US$40 billion globally by 2025. This second wave of connected car will see businesses leverage technology to address issues of urbanisation-road congestion, pollution and safer mobility.
Man to machine is passe
Modern vehicles are fast evolving into moving machines with sensors, software, processors, applications and networks. More than ever before, organisations require a deep understanding of multiple technologies to build the new capabilities needed-a convergence of digital, telematics, mobility, social media, analytics and Internet of Things (IoT).
Machine to Machine (M2M)-the automatic exchange of information between machines and devices without human intervention-a concept closely related to IoT, cloud and analytics is able to exchange and evaluate data and create added value to daily lives. For instance, it is possible to avoid congested routes with a combination of M2M technology, real-time traffic monitoring, and predictive analytics. Remote diagnostics leveraging M2M technology can also alert drivers as well as solution centers if they foresee in-vehicle issues. All in all, M2M is increasingly being used by automakers and Original Equipment Manufacturers (OEMs) to enhance safety and functionality in vehicles to eliminate waste and inefficiencies, while optimising resources.
Rolling out collaboration
M2M presents a significant opportunity for innovation across a range of industry sectors, including automotive. With such ideas in mind, businesses are engaging in multiple sectors to conceptualise, design and implement them. Partnerships and alliances with hardware and telecom providers are vital when pursuing the planned strategy of multiple dimensions of solutions and services, including consumer electronics and personal gadgets, customer applications and analytics, security and safety.
Increased collaboration between enterprises across the spectrum range -- technology providers, wireless service providers, digital security experts, energy companies, smart city solution OEMs, fleet operators, distribution companies and more -- is giving rise to a world of new mobility, new opportunities and new challenges.
Shifting gears with different business models
With car buyers increasingly expecting features of a connected car, differentiation amongst OEMs will come from their ability to provide complex feature sets, such as integration with lifestyle needs, based on demographics.
With the help of digital technologies, greater personalisation will be the next step for businesses to take so that they will stand out in the industry. In emerging markets, millennials with growing purchasing power do not view cars as mere means to go from point A to point B, consumers want to travel in the most efficient and entertaining way possible.
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