The connected tire market is experiencing a paradigm shift, which is expected to lead to a very strong CAGR of 45.5% during the forecast period of 2024 to 2032, driven by the integration of advanced technologies into traditional tire systems. This transformative trend is reshaping the automotive industry, enhancing safety, performance, and overall driving experience.
Cloud managed services market is set to reach US$ 41.92 Bn by 2026 up from US$ 22.87 Bn in 2017, growing with a CAGR of 7.0% during the forecast period from 2018 to 2026. In recent years, cloud managed services market has witnessed an accelerated growth due to advancements in big data, mobility services and cloud computing.
Digital technology is transforming the way organizations conduct business activities and interact with their customers. Growing integration of IoT technologies in business process is increasing the uptake of digital solutions and service across the globe. Also, increasing government spending on e-governance and introduction of digital initiatives in both developed and developing regions are expected boost growth of the digital transformation market over the forecast period. Further, implementation of mobility policies across enterprises is supporting the market growth. The global digital transformation market is projected to experience healthy CAGR of over 15% throughout the forecast period, 2021-2029. However, data privacy and security issue is likely to impede growth of the digital transformation market.
Being connected to the internet while simultaneously moving is connected mobility. This covers vehicle-to-vehicle communication and vehicle-to-other communication (V2X). In the connected mobility mode, automobiles can communicate with traffic lights and signs as well as other means of transportation, such as trains and aircraft. Rising levels of automation in transport vehicles necessitate precise knowledge of the vehicle's location for optimal operation. For autonomous vehicles, which are expected to hit the roads in the near future, network connectivity is crucial. The future of transportation is anticipated to rely only on the interchange of data between vehicles, which will likely prevent road accidents. Similarly, connected mobility can provide additional information, such as vehicle data that can be exploited for traffic management systems. Throughout the period between 2023 and 2031, the market for connected cars alone is anticipated to register at a CAGR of 18%.
The majority of consumers now connect their gadgets to the internet via Wi-Fi. The simplicity of communication, technical superiority, a more dependable network than Bluetooth, and the ability to establish a highly secure connection is driving the adoption of Wi-Fi technology. 5G technology enables data rates of up to 29 Gbps; it is ultra-reliable, offers a seamless transition time, and improves car safety by offering additional support for systems such as ADAS, blind spot monitoring, and lane departure control. Throughout the projected period, demand for 5G technology is anticipated to drive the connected mobility market. Substantial advancements in infrastructure and technologies, as well as an increase in the number of technology providers, are accelerating the global adoption of smart and electric vehicles.
Connected mobility enables the development and improvement of vehicles and mobility services, making mobility safer, more effective, and more convenient. By seamlessly linking people, vehicles, and services over the internet, drivers receive a more engaging experience and ultimately enjoy driving more. Acute Market Reports strives to offer comprehensive business research and strategic consulting solutions to companies operating in the connected mobility market. The futuristic perspective of Acute Market Reports empowers our clients to make well-considered business decisions at the appropriate moment. We work together with a long range of industry stakeholders to offer our clients all around the world the best-in-class strategic research solutions.
