According to a research report released by Technavio, the global connected car market is expected to reach USD 144.95 billion by 2020 and growing at a CAGR of more than 32%.
The demand for in-vehicle connectivity and telematics has led to technological improvements, which aim at enhancing the overall in-vehicle experience of both the passengers and drivers. Siyata Mobile Inc. (TSX-V:SIM | OTCQB: SYATF)‘s Uniden® UV350 4G/LTE is the world’s first and only in-vehicle connected cellular device with Push-to-Talk over Cellular (“PoC”) compatible on “Band 14”, and strongly positions Siyata to be a leading candidate for in-vehicle PoC solutions for first responder vehicles migrating to the FirstNet Network.
The report also indicates that smartphone penetration across the world has increased significantly in the recent years, as more emerging markets are now adopting to new technologies. As a result, the need for integrating smartphones with the vehicle systems is expected to grow further. It is estimated that the global smartphone penetration was about 25% in 2015 and it is expected to reach 38% by 2020.