Connected cars, the Internet of Things (IoT), autonomous technologies, the impact of smartphones on in-vehicle experience, and intensifying regulatory and safety mandates leave the automotive industry facing unprecedented disruption, according to a new report from Frost & Sullivan.

Original equipment manufacturers (OEMs) and Tier 1 suppliers are fast realizing that software investments must be a priority, the firm said. The report, “Digital Transformation of the Automotive Industry,” finds that digitalization spending will transform the component hardware-driven automotive industry into one focused on software and solutions, which will increase to a $82.01 billion market by 2020.

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