Internet of Things (IoT) technology is spreading its way in almost every industry, among which transportation plays an important role. By creating an intelligent transportation system (ITS), it is trying to optimize traffic management, fleet management, logistics, tracking and monitoring of goods and services, driver assistance, and so on. In fact, this technology helps in automating an entire automobile. Such benefits are the major drivers responsible to propel the growth in transportation sector, which signifies a positive scope for the investors for the IoT in intelligent transportation system market, worldwide.
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As the market seems to flourish owing to several advantages, the global IoT in intelligent transportation system market is foreseen to make huge progress in the forthcoming years. According to Transparency Market Research the market is likely to register a substantial expansion with a 19.8% CAGR within the forecast period from 2017 and 2025. The market is anticipated to grow around worth of US$249.84 bn by the end of 2025 from US$41.57 bn in 2015.
What are the major factors augmenting demand for IoT in intelligent transportation system market?
Rise in traffic on urban roads and increase in number of accidents that require smart transport management solutions incorporating communications, sensing, and data processing technologies are as it is catering to fuel the IoT in intelligent transportation market. Apart from that, IoT is utilized in traffic management solutions, smart parking solutions, passenger entertainment, security solutions, and fleet management and telematics solutions. In addition, costs of sensors are likely to be reduced in the upcoming years. This is another factor anticipated to earn the revenue.
The global IoT in intelligent transportation system market is segmented on the basis of various parameters. On the basis of component, such as, the global market is divided into services, hardware, and software. Currently, the hardware segment lead as far as revenue is considered. This is majorly owing to the sensors that are a kind of hardware which plays an important role in IoT solutions. Moreover, the networking hardware for example, RFID are also witnessing a notable growth in road vehicles.
Which region leads the global market, with highest number of share among all of them?
Based on geography, North America presently dominates the global market for IoT in intelligent transportation system with highest amount of share. This is due to the emergence of a large number of major organizations in the region. The report by TMR represents that the the market in North America is likely to sustain its leading share by flourishing at a 19.2% CAGR in the sapn of a few years in future. At this pace, it predicts the market to be valued of worth US$85.87 bn by the end of 2025.
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However, on the basis of growth rate, Europe is likely to emerge as the leading region in the global IoT in intelligent transportation system market. The market in the mentioned region is anticipated to register a CAGR of 21.2% within the forecast period from 2017 and 2025. The railway sector in region that has incorporated IoT is among the major reason behind the dominance of the region. Moreover, another leading region is Asia Pacific region, foreseen to grow at a significant , which has leveraged IoT, is at the forefront of powering its market. Asia Pacific is another key region which is expected to grow at a significant speed especially in the regions such as Japan, Australia, and China.
Which are the key players dominating the IoT in transportation system market?
Intel Corporation, Cisco Systems, Cubic Transportation Systems, Thales Group, Siemens AG, TomTom NV, Verizon Telematics, TransCore Holdings, Inc., Microsoft Corporation, NEC Corporation, Garmin Ltd, Watson Internet of Things (IBM), Hitachi Transport System Ltd., Huawei Technologies Co., Ltd., and Iteris Inc. are some of the major players dominating the global IoT in intelligent transportation system market.