IoT in Transportation Market Outlook, An Impressive Projection of USD 495.57 Billion by 2030
Adopting cloud computing and analytics is expected to provide lucrative opportunities for market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, July 13, 2023/EINPresswire.com/ — According to the report, global IoT in transportation market was pegged at $135.35 billion in 2016 and is projected to garner $328.76 billion by 2023, registering a CAGR of 13.7% from 2017 to 2023.
Reduced cost of powerful sensor & controllers, extended and enhanced internet connectivity, rise in growth of the information, communication, and technology industry, along with the surge in government initiatives for smart cities are the major factors that drive the growth of the global IoT in the transformation market. However, threats for data security & privacy and poor transport infrastructure in emerging and underdeveloped countries hamper the market growth. On the contrary, the growth of cloud-based transport infrastructure service providers is expected to create lucrative opportunities in the near future.
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The global IoT in the transportation market is categorized on the basis of type, mode of transport, application, and geography. Based on type, the market is segmented into hardware, software, and services. The hardware segment held the largest share in 2016 and is expected to continue its trends throughout the study period. However, the software segment is expected to register the fastest CAGR of 14% during the forecast period, owing to rise in adoption of connected & smart technologies in transportation infrastructure and surge in demand for integrated security & safety systems for enhancing public safety.
Based on the mode of transport, the market is divided into roadways, railways, airways, and maritime. The market is analyzed across various regions including North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2016, owing to advanced technical aspects and high adoption of IoT across various industry verticals. However, the market across Asia-Pacific region is projected to manifest the fastest CAGR during the forecast period, due to rise in growth of emerging economies such as India and China, and rapid urbanization in the region.
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The report focuses on growth prospects, restraints, and trends of the IoT in transportation market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the IoT in transportation market share.
Region wise, the IoT in transportation industry was dominated by North America in 2020, owing to large number of vendors and favorable government policies. However, Asia-Pacific is expected to witness growth at the highest rate, owing to large population base and hub for global goods transportation.
The key players operating in the global IoT in the transportation industry includes 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Key Benefits For Stakeholders:
• The study provides an in-depth analysis of the IoT in transportation market forecast along with the current trends and future estimations to explain the imminent investment pockets.
• Information about key drivers, restraints, & opportunities and their impact analysis on the global IoT in transportation market trends is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the IoT in transportation market size from 2021 to 2030 is provided to determine the market potential.
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