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The Internet of Vehicle (IoV) field allows vehicles to communicate with drivers, other vehicles, management systems, pedestrians, other smart devices, and infrastructure, all in real-time. It is the implementation of IoT technologies in vehicles. 

Vehicles in IoV system are equipped with different sensors that collect different types of data and send it to computation unit for computation and analysis. There are improved safety factors related to both drivers and pedestrians that stem from this technology. However, cybersecurity in IoV becomes of major importance as any system failure directly affects user safety.

The IoV market, valued at $66,075 million in 2017, is forecasted to reach $208,107 million by 2024, according to readwrite.com. The reason for this growth can be attributed to rising demands, improvements, and vast upgrades in the automotive industry, the increase in connected devices, and the introduction of Logistics 4.0 – the use of machine-to-machine communication and IoT devices to create smart factories.

The IoV technology can be broken down by the communication channels. The vehicle can communicate with itself first (intra-vehicle), which results in an internal performance review. The vehicle can also communicate with other vehicles (vehicle-to-vehicle) through wireless communication, capturing information such as each vehicle’s speed and position.

The three structures are as follows:

  • Vehicle-to-infrastructure data supports communication between the vehicle and roadside units.
  • Vehicle-to-pedestrian systems gather and act on information such as people walking or cyclists near the vehicle.
  • Vehicle-to-cloud systems allow this information to be accessed through APIs.

Combined, these systems are referred to as Vehicle-to-Everything. Vehicle-to-everything (also known as vehicle-to-X, V2X) technology aids in decreasing traffic accidents caused by human error. Warning sensors, road hazard detections, and vehicle-to-pedestrian communication all make for a safer driving experience. 

Technologies such as smart parking help drivers get off the road faster, reducing the amount of CO2 emissions. Traffic and congestion will also be reduced thanks to V2X technology.

A somewhat exciting relationship has evolved in the IoV market, which is that between automakers and software providers. Each plays a vital role in the developing IoV market, but this balance of power may not always remain stable.

Security concerns are a potential growth restriction. Car hacking is a concern, and connected device security threats plague any provider in this space. Vehicle security breaches come with serious consequences in addition to the release of personal information.

Building technology that can guard against any breaches and explaining the security features to the consumer is a growing challenge.

Driverless technology is a game-changer in the automotive industry and opens up new avenues for revenue. The advancing technology and the consumer demand for more connected vehicles are two huge drivers of growth in the IoV market.