Explaining the Internet of Vehicles: How It Works and Why Is It Important?

The Concept of IoV

The embodiment of the IoT paradigm in transport systems has led to the evolution of networks in the framework of the IoV concept: the car is now considered a smart object equipped with various devices that exchange data with each other, with other devices, and with any other objects, including roadside infrastructure.

The Internet of Vehicles is basically the result of the expansion of the possibilities for connecting smart vehicles to the Internet of Things. IoV is a promising paradigm that is stimulating the automotive markets and promoting the use of associated innovations (like 5G/6G solutions). IoV includes a number of vehicles that are equipped with many devices with virtualization of network functions, using the advantages of 5G connection. 

It is the basis for creating smart transport and for starting a digital transformation in logistics. Since IoV applications differ, many developers consider this market to be a large battlefield, rich in development and investment opportunities.

The Prospects of IoV technology 

Further development and benefits of the IoV can potentially bring new opportunities to any area of the automotive industry: from production to customer service. IoV has promising potential to form a cohort of service providers who will offer new services such as real-time traffic information, parking lot location, location-based services that will be very beneficial to both vehicle owners and telematics. IoV provides many advantages, including:

  • dynamic information services 
  • intelligent vehicle management
  • applications aimed at reducing insurance tariffs
  • improving efficiency due to traffic reductions.

IoV can find application in the supply logistics, heavy cargo transportation, transportation of waste and taxi transport. IoV-based systems can also be used to control heavy machinery. For example, operators can remotely control the heavy equipment running in tunnels, which helps to reduce the total costs of its repair and maintenance. In military applications such as tanks or other combat vehicles, machines can work as centers for communication and control of rapidly changing, dynamic battle scripts.

IoT is not a new technology for logistics, as there are already 20 billion network devices in use in the world today. According to experts, this is only the initial stage of distribution. A new generation of wireless technology and equipment will shape a fully interconnected world and conduct a large-scale digital transformation in logistics industry. Predictability, autonomy and transparency of transportation processes come to the fore.

Logistics and Supply Chain Software

Today, transport logistics is unthinkable without the Internet. An intensive exchange of information ensures the accuracy and speed of goods turnover. The most important part of delivery for shippers and consignees is the ability to obtain information about the location and status of the cargo at any time.

Electronic identification and issuance of an electronic passport allow tracking the movement of goods along the entire route and providing information in real-time at the user’s request. Both virtual calculations and identification systems allow not only to reduce the time of calculating transport components, but also to have a real idea of ​​the location of a consignment of goods, and therefore to more accurately plan the turnover of commodity and money.

In addition to automated systems for calculating and accounting for rolling stock, Internet logistics is reflected in the creation of transport portals built on the principle of bulletin boards. One of the main conditions for the successful prosperity of the company has become the availability of information about available vehicles or cargo at a given time in a certain city. 

IoT-based transport portals began to emerge to meet the growing needs for information. They were created for the rapid exchange of information on operational demand and supply in the transport market. It is one of the most important uses of IoT in logistics. Because there’s a lot of data to be transferred and processed, supply chain software is indispensable for this industry.

Combining novel technological solutions with field expertise, FPT provides Co-Innovation services for numerous industry-specific projects, including Connected Car. We have one goal in mind – to turn our clients’ ideas into a working product. Thus, we initiate our International Standard Renovation lab’s proficient means to operate closely with clients while launching their projects in our Renovation Lab.

FPT’s IoV solution has the following benefits:

  • Integration: our IoV platform is fully compatible and can be integrated with different devices and 3rd-party external systems.
  • Value-added service: our IoV-based Digital Automotive Intelligent Platform provides a variety of services: Analytics, Operational Support and Business support to allow and facilitate vehicle connectivity, enhance the customer experience.
  • Flexible and extensible solutions: independent infrastructure for seamless connection to multiple cloud-based platforms, that provides customers with endless opportunities to balance their needs.

Final Word

Efficient technologies are becoming more and more available, and we are expected to actively and massively use the Internet of Things in logistics. IoT can become an integral part of supply chains. The introduction of intelligent transport networks will significantly increase road safety and contribute to environmental monitoring and to finding solutions for environmental problems. FPT Software is always at your service when you need deep knowledge and advanced service in the development of logistics solutions.