Global IoT in transportation market was valued at $135.35 billion in 2016 and is projected to reach $328.76 billion by 2023, growing at a CAGR of 13.7% from 2017 to 2023. The software segment is anticipated to witness the highest growth rate during the forecast period.
Internet of Things (IoT) is the internetworking of physical devices and vehicles, providing solutions to various industry verticals such as automotive, electronics, insurance, manufacturing, and retail. It controls or remotely senses the objects through the interconnectivity of devices. It offers various services such as traffic congestion control systems, automotive telematics, and reservation, toll & ticketing systems, security and surveillance system, remote monitoring, and others. It is incorporated in various technologies such as smart homes, smart cities, smart grids, and virtual power plants. IoT is one of the major platforms, which provide applications such as, smart energy management systems (SEMS) and smart cities.
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The global IoT in transportation market has witnessed significant growth in recent years and is expected to continue this trend in the near future. Moreover, the plummeting cost of connected devices, such as sensors & controllers, assist key players to increase their customer base in the global market. Furthermore, growth in wireless technologies, such as Insteon, Zigbee, and Z-wave, is expected to fuel market growth. However, data piracy and poor internet infrastructure in the developing and underdeveloped regions hinder the market growth.
The global IoT in transportation market is segmented based on type, mode of transport, application, and geography. Based on type, it is categorized into hardware, software, and services. Based on the mode of transport, it is divided into roadways, railways, airways, and maritime. Based on the application, it is classified into traffic congestion control system; automotive telematics; reservation, toll, & ticketing systems; security & surveillance system; remote monitoring; and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global IoT in transportation market include Alcatel-Lucent, AT&T Inc., Garmin International Inc., IBM Corp., Denso Corp., Thales Group, General Electric, Verizon Communications Inc., Cisco Systems, Inc., and TomTom N.V.
Key Findings of the IoT in the Transportation Market:
The hardware segment accounted for the highest share in the global market in 2016, growing at a CAGR of 13.1% from 2017 to 2023.
The software segment is projected to grow at a CAGR of 14% during the forecast period.
North America generated the highest revenue of $46.75 billion in 2016.
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KEY MARKET SEGMENTS
BY MODE OF TRANSPORT
- Traffic Congestion Control System
- Automotive Telematics
- Reservation, Toll, & Ticketing Systems
- Security & Surveillance System
- Remote Monitoring
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