Seeing it as the future of the automobile industry, several large corporations are aggressively investing in the research and development of new products and technologies related to automotive IoT. This encouragement benefits the global Automotive Internet of Things market significantly. Other factors driving the market include an increase in the number of telematics mandates issued by various governments, an increase in the demand for assisted and automated driving to reduce accidents, and an exponential increase in smartphone usage. However, because this technology is still in its early stages, it is not cost-effective, which is slowing the market's growth rate.
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