The latest research study “IoT in Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global IoT in transportation market size reached a value of US$ 97.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 315.5 Billion by 2027, exhibiting a CAGR of 20.60% during 2022-2027.
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The Internet of Things (IoT) is a specialized technology utilized to connect mechanical equipment, objects, and vehicles to the web. It uses embedded sensors, actuators, and other devices to gather and transmit data regarding real-world activities, including road conditions, traffic, automobile diagnostics, fuel usage, driving behavior, speeding, etc. IoT in transportation aids in improving safety and customer experience, enhancing operation performance, and optimizing maintenance by minimizing recurring complexities and providing remote diagnosis and real-time monitoring. It is used for traffic congestion control systems, automotive telematics, security, surveillance, reservation, toll and ticketing systems, etc. As a result, the IoT finds widespread applications in airway, railway, maritime, and road systems across the globe.
COVID-19Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
IoT In Transportation Market Trends and Drivers:
The escalating demand for IoT in smart railway systems to monitor the conveyance performance and environmental conditions is among the primary factors driving the IoT in transportation market.
Besides this, the expanding information and communications technology (ICT) sector is further augmenting the market growth. Apart from this, the elevating requirement for IoT in transportation to check the flow of passengers, manage timetables, and optimize capacity is also catalyzing the global market.
Moreover, the growing need for this technology in roadway vehicles, particularly on account of the interconnected mobility solutions that reduce road traffic and commute time, is acting as another significant growth-inducing factor. Furthermore, the launch of favorable policies by the government bodies for the development of smart cities is expected to propel the IoT in transportation market in the coming years.
Global IoT In Transportation Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
IoT In Transportation Companies:
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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The report has segmented the market on the basis of region, 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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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