Global IoT In Transportation Market Size By Type (Hardware, Software), By Application (Traffic Congestion Control Systems, Automotive Telematics), By Geographic Scope And Forecast

IoT In Transportation Market Size And Forecast

IoT In Transportation Market size was valued at USD 120.28 Billion in 2022 and is projected to reach USD 524.12 Billion by 2030, growing at a CAGR of 20.2% from 2023 to 2030.

Significant product use in highway vehicles is having a positive effect on market growth due to the rising demand for connected mobility solutions that save commute times. The Global IoT In Transportation Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global IoT In Transportation Market Definition

The networking of physical tools and machines is known as the Internet of Things (IoT), and it has uses in the vehicle, electronics, insurance, business, and retail industries. To detect or control items remotely, it uses device connectivity. It provides a wide range of services, including remote monitoring, toll, and ticketing systems, vehicle telematics, security and surveillance systems, and traffic congestion control. Smart cities, smart homes, smart grids, and virtual power plants are just a few places where they can be found. The Internet of Things is one of the most important platforms for applications like smart energy management systems and smart cities (IoT).

IoT technology aids in providing customers with more accurate, up-to-date, and real-time data to aid in trip planning and improve communication. Additionally, the ability to measure things like train speeds, airplane part conditions, roadway temperatures, and the number of vehicles at an intersection due to IoT-enabled technologies can help to improve the safety of our global transit systems. Although there is a lot of promise for IoT in the transportation sector, it also greatly depends on how quickly businesses adopt new technologies. It would be possible to provide people, governments, and businesses with extraordinary quality experiences in addition to enhanced economic possibilities with such a speedy shift.

The requirement for intelligent traffic control is anticipated to increase in the future years, as will the safety of transportation due to IoT-connected devices and investments made by market leaders to diversify their product lines with cutting-edge IoT-driven technologies. The increased emphasis on R&D to improve IoT-integrated software as well as reduce the cost of its operation are the primary drivers of IoT growth in the market for intelligent transportation systems throughout the projected period.

Global IoT In Transportation Market Overview

A significant expansion of the railway network is being brought on by an increase in demand for urban connections, which is encouraging the outlook for the sector. IoT is commonly utilized in the railroad industry to manage schedules, maximize capacity, and perform preventative maintenance. As a result, the sector is able to increase operating efficiency and safety while reducing delays. Significant product use in highway vehicles is also having a positive effect on market growth due to the rising demand for connected mobility solutions that save commute times.

A positive outlook for the industry is being produced by the significant expansion of the railway network as a result of the growing need for urban connections worldwide. IoT is frequently utilized in the training industry to monitor passenger flow, manage timetables, maximize capacity, and perform preventative maintenance. A further aspect driving expansion is the advent of smart railway systems, which have IoT-enabled sensors and gadgets to monitor the performance of conveyances and environmental conditions.

Additionally, it can improve efficiency by optimizing performance while consuming the fewest resources possible. By incorporating IoT into freight planning, it is possible to achieve this difficult goal. One tactic for reducing resources in logistics and transportation is to increase multimodal visibility. Drivers can use IoT technology to get precise directions to avoid traffic, terrible weather, and expensive fuel.

Even better, if problems arise, IoT devices automatically update in real-time, enabling users to act right away. IoT also improves visibility while traveling and offers accurate information prior to delivery to increase productivity. As previously indicated, IoT significantly improves intermodal visibility, benefiting both consumers and businesspeople. Additionally, spending money on IoT provides your customers with trustworthy information about the condition of their products, boosting their whole experience.

Global IoT In Transportation MarketSegmentation Analysis

The Global IoT In Transportation Market is segmented on the basis of Type, Application, and Geography.

IoT In Transportation Market, By Type

• Services
• Hardware
• Software

Based on Type, the market is bifurcated into Hardware, Software, and Services. The hardware segment held the largest share in 2022, accounting for more than half of the Global IoT In Transportation Market, due to the rise in demand for IoT devices, low-cost hardware demands, as well as the requirement for multiple sensors and chips for smart devices.

IoT In Transportation Market, By Application

• Traffic Congestion Control Systems
• Automotive Telematics
• Reservation, Toll, & Ticketing Systems
• Others

Based on Application, the market is bifurcated into Traffic Congestion Control Systems, Automotive Telematics, Reservation, Toll, & Ticketing Systems, and Others. In 2022, the IoT In Transportation Market for road transportation systems led the industry and generated almost 29% of its total revenue. Real-time information about transportation vehicles is made possible by IoT solutions. To track a vehicle’s location, vendors are merging connected automobiles with IoT apps.

IoT In Transportation Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of a Regional Analysis, the Global IoT In Transportation Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America will hold the largest market share and a dominant position in the IoT In Transportation Market throughout the projection period. The IoT is expanding in the transportation industry as a result of the region’s robust industrial, logistical, and transportation sectors as well as its various technological advancements. Government programs and rules in a number of end-user industries are also projected to encourage market expansion in the region.

Key Developments

• In January 2020Verizon company partnered with Audi America., to deliver advanced connectivity and embedded in-vehicle connectivity solutions. Reportedly, these solutions enable Audi’s connected vehicle service (launching in 2020) are expected to be initially featured in Audi A4 and A5 model lines.

Key Players

The “Global IoT In Transportation Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Alcatel-Lucent, AT&T Inc., Garmin International Inc., IBM Corp., Denso Corp., Thales Group, General Electric, Verizon Communications Inc., Cisco Systems, Inc., TomTom N.V. and others are prominent hydro turbine manufacturers operating in the market. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global IoT In Transportation Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global IoT In Transportation Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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