Microsoft, Volvo team up to develop autonomous car technology

Automaker Volvo and Microsoft have announced they will work together to help develop autonomous car technology, with collected data aimed at delivering "meaningful services."

"Technology will transform when it comes to autonomous cars, connectivity and the car buying process," said Bjorn Annwall, senior VP of marketing at Volvo, in a statement to CNBC. "We believe this will happen it's naturally the tech and automotive industry comes closer to explore this together. We are exploring a number of different collaborations."

Specifics related to how the two companies will work together were not released - but the idea of machine learning and finding a way to promote Volvo vehicles using HoloLens are two likely solutions. Consumers can expect to begin seeing "mixed reality" solutions starting sometime in 2016.

Deals between automakers and Silicon Valley are becoming more prevalent as software, powered by the Internet of Things (IoT), continues to become even more important. There are a number of different opportunities available with a closer synergy between tech companies and automakers packing connected options in vehicles.