The global in-vehicle payment services market is expected to grow at an impressive CAGR of more than 195% during the period 2017-2021, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global in-vehicle payment services market 2017-2021 under their automotive library. (Graphic: Business Wire)
The report determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rising demand for smartphone integration
The increasing demand for in-vehicle connectivity and telematics-based systems has led to technological enrichment that enhances the overall in-vehicle experience for both passengers and drivers. The average time spent by consumers on their personal mobile devices has gradually increased over the years. A similar trend is expected from the in-vehicle entertainment and infotainment systems, particularly with respect to user interface. The evolution of the in-vehicle connected system has resulted in consumers connecting their smartphones and tablets to their vehicles' infotainment systems for entertainment and information.
According to Ganesh Subramanian, a lead analyst at Technavio forautomotive services research, “Apple's car integration CarPlay and Android Auto are widely used by automobile OEMs. They allow drivers to connect their smartphones to the car infotainment system. Nevertheless, most of the features available in the infotainment systems such as access to media file content, web-based services, navigation systems, Internet connectivity, and social networking applications are available on mobile devices. Therefore, to tap the changing demands of consumers, OEMs are collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services.”
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Market trend: increasing demand for mobile device-based payment services
Smartphones have evolved from being texting machines to mini-computers, personal assistants, and virtual shopping carts. Owing to the rapid advance of technologies, smartphones have become an essential part of how people lead their lives. Technologies such as mobile wallets, on-demand apps, digital assistants, and enhanced connectivity through Bluetooth and near-field communications have transformed the way consumers interact and rely on their smartphones. The increasing dependence on smartphones and their vital role in the connected car technology will have a positive effect on the global in-vehicle payment services market. The in-vehicle payment is the next step in the development of mobile wallets as the smartphone integration with the car's infotainment system is on the rise.
Market challenge: design complexity and technological challenges
Vendors and suppliers are facing challenges in terms of designing a user interface that is affordable, less distracting, simple, and accessible. As connectivity solutions become more and more integrated into the vehicles, the complexity of the system required to manage these features has also increased. Technological advances, an immense range of features, and diverse connectivity options have made telematics and infotainment systems highly sophisticated.
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Key vendors in the market
- Jaguar Land Rover + Royal Dutch Shell
- Honda Motor + Visa + IPS Group + Gilbarco Veeder-Root
- GM + MasterCard + IBM
The global in-vehicle payment services market is characterized by rapid innovation and is still in the innovation stage of the product lifecycle. Companies are investing heavily in IoT, and investor companies are particularly interested in connected cars. OEMs have noticed a growing trend and a significant business opportunity for connecting their cars. Furthermore, the integration of smartphones with vehicles enhances the in-vehicle experience of both the passengers and the driver.
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