According to the latest report by IMARC Group, titled "IoT in Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global IoT in transportation market reached a value of US$ 97.1 Billion in 2021. The Internet of Things (IoT) consists of communication hardware, processors and sensors that aid in delivering services to industrial and corporate sectors with minimal human intervention. It is a system of objects, digital and mechanical machines, animals or people, and interrelated computing devices that are provided with unique identifiers (UIDs) that enable data transferring. It includes an infrastructure that facilitates users to interact with the global information network. IoT in transportation aids in automating various processes and delivering insights for controlling traffic and monitoring vehicles remotely. Apart from this, it assists in improving operation performance by minimizing the chances of recurring complexities and offering real-time surveillance and remote diagnosis.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global IoT in Transportation Market Trends:
The global market is primarily driven by continual technological advancements in the transportation sector. With rapid digitization across the sector, there has been a considerable increase in the adoption of smart parking meters, traffic congestion structures, and security and surveillance systems, which is creating a positive market outlook. Besides this, the rising requirement for vehicle health maintenance and improved fleet management is also providing a boost to the demand for IoT in transportation. Additionally, the increasing funding by private and public agencies in the development of smart railway systems across several developing economies is considered to be a major growth-inducing factor. Moreover, continual technological advancements, such as the widespread integration of analytics with IoT systems for analyzing the public performance measure (PPM), are expected to boost the market growth. Other factors, including several initiatives for smart cities development, continual improvements in information technology (IT), and extensive research and development (R&D) activities conducted by key players, are further favorably influencing the demand for IoT in the transportation sector. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 315.5 Billion by 2027, exhibiting a CAGR of 20.60% during 2022-2027.
- On the basis of the type, the market has been segmented into hardware, software and services.
- Based on the mode of transport, the market has been categorized into roadways, railways, airways and maritime.
- On the basis of the application, the market has been classified into traffic congestion control systems, automotive telematics, reservation, toll and ticketing systems, security and surveillance systems, remote monitoring, and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of these players include Alcatel-Lucent Enterprise (China Huaxin Post and Telecom Technologies Co. Limited), AT&T Inc., Cisco Systems Inc., DENSO Corporation, Garmin Ltd, International Business Machines Corporation, Microsoft Corporation, Sierra Wireless Inc., Software Aktiengesellschaft, Thales Group, TomTom N.V. and Verizon Communications Inc.
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