TransWiseway, a Beijing-based IT consultancy for the transportation sector, has launched an innovation center for Internet of Vehicles (IoV) with IBM, People's Daily Online reported on Wednesday.

The center aims to provide a group of services including operation, management and satellite position monitoring for transportation enterprises. It will also help government departments to enhance supervision.

"We will take advantage of IBM's superior technology and rich experience in mobile internet industry. Meanwhile, we will build a support platform for mobile service and develop China's largest IoV service system," said Zhang Tong, general manager of TransWiseway.

"IBM China Development Center has made great efforts to promote innovation with its Chinese partners in 2014. This time's cooperation with TransWiseway is another important step towards joint innovation," Wang Yang, global vice president of IBM and general manager of IBM China Development Center.

The two companies' efforts will greatly improve the innovation ability and competitiveness of China's IoV industry.

IoV, as the most important part of the Internet of Things, covers various fields such as automakers, chip manufacturers, software providers, solution providers and network suppliers. In five years, China's IoV industry is expected to be worth 10 trillion yuan ($1.6 trillion). As its industry chain gradually improves, IoV is bound to witness explosive development.