COVID-19 Impact & Recovery Analysis | In-vehicle Payment Services Market 2020-2024 | Rise in Adoption of Cloud Technologies and IoT to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Aug 5, 2020--
The in-vehicle payment services market is expected to grow by 8,212.81 K units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200805005790/en/
Technavio has announced its latest market research report titled Global In-vehicle Payment Services Market 2020-2024 (Graphic: Business Wire)
Request challenges and opportunities influenced by COVID-19 pandemic -Request a free sample report of the in-vehicle payment services market
Organizations across the world are increasingly shifting to cloud-based M2M platforms to reduce capital expenditure and the time-to-market for products or services. This enables companies to assemble, manage, and develop various services. In addition, cloud-based platforms allow telecommunication service providers to integrate, develop, and support M2M connectivity and cloud services across segments such as retail and automotive. For instance, Axeda and Jasper Wireless jointly developed M2M cloud-based services to help multinational organizations efficiently manage the services offered to their customers to maximize revenue. These solutions can also be used specifically for the collaborative development of new autonomous vehicle development platform (AVDP) ecosystem components. Many such developments are expected to have a positive impact on the growth of the global in-vehicle payment services market.
To learn more about the global trends impacting the future of market research, download a free sample:https://www.technavio.com/talk-to-us?report=IRTNTR43893
As per Technavio, the rising demand for smartphone integration will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
In-vehicle Payment Services Market: Rising Demand for Smartphone Integration
In recent years, there has been a significant increase in the time spent by consumers on personal mobile devices. With the evolution of in-vehicle connected systems, consumers are now able to connect their smartphones and tablets to their vehicle’s infotainment systems. However, lack of certain features such as web-based services, navigation systems, internet connectivity, and social networking applications have restricted the growth of the existing automobile infotainment systems. With changing consumer demands, automotive OEMs are collaborating with smartphone and tablet manufacturers to offer in-vehicle products and services. For instance, Microsoft is partnering with Harman to launch an infotainment system that will mirror windows devices on a car infotainment system. The company is also planning to launch Office on the car infotainment system. Thus, the demand for smartphone integration will have a positive impact on the growth of the market.
“High correlation between consumer electronics and connected car solutions and rising OEM partnerships with hardware, software, insurance, telecom, and other service aggregators will further boost market growth during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
In-vehicle Payment Services Market: Segmentation Analysis
This market research report segments the in-vehicle payment services market by product (Car and Van) and geography (Europe, North America, APAC, South America, and MEA).
The European region led the in-vehicle payment services market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the increased adoption of ADAS systems in new vehicles in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200805005790/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: PROFESSIONAL SERVICES AUTOMOTIVE TECHNOLOGY OTHER AUTOMOTIVE MOBILE/WIRELESS FINANCE
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 08/05/2020 08:30 PM/DISC: 08/05/2020 08:30 PM