Technology-led innovations are driving change at an unprecedented pace and are the basis of competition among industries globally. The auto industry is at the forefront of this revolution and is expected to see a rapid rise in digitalization and investment in next-gen technologies — topping $82 billion by 2020. Cars are no longer just utilities to get people from point A to point B. They now serve as an integrated means of frictionless movement while providing a differentiated experience along the journey and creating opportunities to harvest data in the process.
Manufacturers have already started integrating new technologies in their cars to make them stand out in a market where autonomous features, ecosystem connectivity and other innovations have become an industry norm. In fact, IHS Markit predicted that by 2023, more than 70 million connected cars will be in operation and on the road.