Startups are innovating with technology in more and more intriguing ways. An emerging trend revolves around the future of automotive design and engineering. What is the IoV, and what are ventures doing to change this burgeoning industry for the better?
What is the Internet of Vehicles?
Much in how the Internet of Things (IoT) connects objects together through technology and smart communication, the IoV offers the same to road vehicles. For example, autonomous and driverless cars will soon communicate with speed cameras and other road vehicles.
This means that IoV users can share data to improve traffic control and local road safety. It will also likely mean that our freeways and city connections become more efficient. Crucially, more and more cars will share data to ensure the roads are safe for everyone.
Further examples of IoV benefits may be that intelligent cars could help to prevent accidents. What’s more, innovations may help drivers to keep greater control of their emissions.
How are IoV Startups Taking Advantage?
There are several big players in the IoV at present. Of course, these include the likes of Google, Apple, and Cisco. However, starter ventures are pushing ahead with exciting innovations, too.
A great example of what smaller firms are doing to disrupt the industry is seen with Savari. Savari is a venture which innovates and produces short-range communication devices for vehicle manufacturers. This works on a basis known as V2X, which enables vehicles to communicate with almost all technology that is willing to be receptive.
Meanwhile, Upstream is working to solidify IoV security. Safety and security for autonomous cars and vehicle reporting is a must. Therefore, this young company works with big manufacturers to develop simple, driver-protective solutions.
The industry is growing, too. Ventures such as Five are moving away from designing and running autonomous cars instead focus on developing IoV tech. Recent fundraising of at least $41 million is likely to have helped influence this pivot.
How Will This All Benefit Society in the Long Run?
It’s clear why IoV ventures are driving more and more interest from VCs. It is an industry that is expected to boom by 2023. By this time, research suggests that around 76 million connected vehicles will be on the road. The market size for these vehicles is set to explode to more than $213 billion by 2027.
By this time, it is likely that the more prominent names in the automotive industry will already be rolling out driverless cars as standard. That is a technology that is already clear to see, albeit in the minority, on US roads.
Smart cars are already commonplace. Many already offer on-board music and video streaming. Big innovators such as Tesla, too, are aiming to expand vehicle capabilities very soon.
It will not be surprising for investors to find leading IoV startup companies through Startup databases such as Fundz. It’s more than just a passing trend. By 2030, if investment persists, many fledgling IoV startups will be critical partners with big automotive.