DUBLIN, May 6, 2016 /PRNewswire/ --
Car manufacturers continue to invest and partner with technology companies as the demand for cloud-based services and connected cars increases. Today, Ford announced an investment of $182.2 million in Pivotal Software. As part of the deal, Ford and Pivotal engineers will work together in labs in the United States and Europe.
The investment in Pivotal, a cloud-software company which provides tools for developers, will boost Ford's development of connected cars. The increased consumer demand for wireless connectivity and mobile internet, and the high level of penetration of mobile devices, has made connected cars a priority for many car manufacturers. The market was valued at $27.86 billion in 2014 and is estimated to reach 97.75 billion by 2020, growing at a rate of 22.84%.
Pivotal doesn't specialize in self-driving technology, but Ford said it expects the partnership to benefits all of its development teams. Ford's deal with Pivotal comes on the same week Google announced a deal with car manufacturer Fiat Chrysler to develop a fleet of 100 self-driving prototypes. In March, General Motors spent $1 billion on self-driving tech company Cruise Automation.
Autonomous technology is creating opportunities for automakers in several related applications. For example, fully autonomous and semi-autonomous vehicles are driving the demand for automotive sensors and voice controlled devices.
A Ford spokesman said the company is on course for a fleet of 30 autonomous cars by the end of 2016.
About Research and Markets
Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets
Laura Wood,Senior Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
SOURCE Research and Markets