Global In-vehicle Payment Services Report 2017-2021 with Jaguar Land Rover, Royal Dutch Shell, Honda, Visa, IPS, Gilbarco Veeder-Root , GM, MasterCard & IBM Dominating

DUBLIN, Jan. 5, 2018 /PRNewswire/ --

The "Global In-vehicle Payment Services Market 2017-2021" report has been added to Research and Markets' offering.

The global in-vehicle payment services market to grow at a CAGR of 195.39% during the period 2017-2021.

Global In-vehicle Payment Services Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

One trend in the market is increasing demand for mobile device-based payment services. Smartphones have evolved from being just texting machines to mini-computers, personal assistants, and virtual shopping carts. With 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.

According to the report, one driver in the market is high correlation between consumer electronics and connected car solutions. Economies of scale play an important role in today's market to leverage the use of technology. For instance, the adoption rate of smartphones across the world increased significantly in the past 4-5 years owing to the decline in their price, and this was fueled by the advantage of economies of scale that the manufacturers gained by increasing the production.

Hardware cost remains a primary consideration for automotive OEMs, and by keeping a close eye on consumer electronics, they can adopt new technology in a cost-effective manner. Basically, when any technology is adapted in the consumer electronics segment, its volume grows and that results in the decline of prices in the market.

Further, the report states that one challenge in the market is Design complexity and technological challenges. Vendors and suppliers are facing a challenge 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.