TECHNOLOGY
The automotive sector is set to undergo a transformation every bit as dramatic as the telecom industry following the birth of the smartphone
50
The global automotive sector is on the verge of its biggest transformation since the replacement horses with the internal combustion engine . As the world - in the face of soaring emissions - moves further away from fossil fuels , towards battery-powered electric vehicles , the fundamental nature of our cars is changing . At the same time , the revolutionary effects of Industry 4.0 - from the mass-adoption of artificial intelligence ( AI ) and the cloud , to the expanding IoT networks - is set to completely reshape the ways that cars interact with one another and the outside world . This digitalisation of the automotive industry means that cars today are more interconnected than ever before . According to a recent report by Allied Market Research , the global connected car market was worth US $ 63.03bn in 2019 . By 2027 , that figure is expected to exceed $ 255.1bn .
It ’ s an exciting , yet precarious time for auto manufacturers . As vehicles increasingly become platforms for technology , connected to the internet , and even progress towards becoming driverless , the nature of the companies that design , make and
NOVEMBER 2020