IoT in Transportation Market

Market Overview:

The global IoT in transportation market size reached US$ 119.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 372.7 Billion by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028.

The Internet of Things (IoT) refers to a technological solution that is used for connecting mechanical equipment, vehicles, and objects to the internet. It utilizes actuators, embedded sensors, and other devices to gather and transmit data regarding real-world activities, such as road conditions, traffic, vehicle diagnostics, driving behavior, fuel usage, and alerts for speeding. It is widely used for remote monitoring, traffic congestion control system, automotive telematics, security and surveillance system, reservation, and toll and ticketing systems. IoT in transportation assists in improving safety, enhancing operation performance, customer experience, and optimizing maintenance by reducing recurring complexities and providing remote diagnosis and real-time monitoring. As a result, it is widely used in airways, railways, maritime, and roadways.

IoT in Transportation Market Trends:

Significant growth in the railway system due to the increasing need for urban connectivity across the globe is creating a positive outlook for the market. IoT in railways is commonly used to check the flow of passengers, timetable management, capacity optimization, and predictive maintenance. In line with this, the introduction of smart railway systems that is equipped with IoT enabled sensors and devices to monitor conveyance performance and environmental conditions is acting as another growth-inducing factor. This, in turn, is aiding the sector in improving operational efficiency and safety, while reducing delays. Additionally, the widespread product adoption in roadway vehicles due to the increasing need for interconnected mobility solutions that reduce commute time and road traffic is positively impacting the market growth. Other factors, including the rising spending capacities of consumers, particularly in emerging economies, enhanced internet connectivity, significant expansion in the information and communications technology (ICT) sector, and the implementation of various government initiatives for the development of smart cities, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global IoT in transportation market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, mode of transport and application.

Breakup by Type:

• Hardware
• Software
• Services
   

Breakup by Mode of Transport:

• Roadways
• Railways
• Airways
• Maritime
   

Breakup by Application:

• Traffic Congestion Control Systems
• Automotive Telematics
• Reservation, Toll and Ticketing Systems
• Security and Surveillance Systems
• Remote Monitoring
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Report Coverage: