IMARC Group, a leading market research company, has recently releases report titled “IoT in Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global IoT in transportation market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the IoT in Transportation Market?
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.
What is IoT in Transportation?
The Internet of Things (IoT) is a technology-based approach connecting physical devices, vehicles, and objects to the internet. It relies on sensors, actuators, and other connected devices to collect and transmit data about real-world activities such as road conditions, traffic patterns, driving habits, fuel consumption, and speed alerts. It has a variety of applications in transportation, including remote monitoring, traffic management, automotive telematics, security systems, reservation systems, and toll and ticketing systems. It can help improve safety, optimize operations, enhance the customer experience, and streamline maintenance processes by providing real-time monitoring and remote diagnosis. As a result, IoT in transportation is gaining immense traction in airways, railways, maritime, and roadways across the globe.
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What are the growth prospects and trends in the IoT in transportation industry?
The global IoT in transportation market is primarily driven by the growing demand for urban transportation options. Moreover, there is a rise in the use of IoT in railway systems to manage timetables, check passenger flow, optimize capacity, and perform predictive maintenance.
In line with this, the development of smart railway systems, which incorporate IoT-enabled sensors and devices to monitor equipment performance and environmental conditions, is positively influencing the market growth. Additionally, the rising popularity of connected mobility solutions for roadway vehicles, which aim to reduce commute time and traffic congestion, is propelling the market growth.
Other factors, including improved internet connectivity, rapid growth in the information and communications technology (ICT) sector, and inflating consumer disposable incomes, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Market 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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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