IoT in the Global Transportation Market Trends and Forecast
The future of IoT in the transportation market looks promising with opportunities in traffic congestion control systems, automotive telematics, reservation, toll and ticketing systems, security and surveillance systems, and remote monitoring. The IoT in global transportation market is expected to grow with a CAGR of 19% to 21% from 2023 to 2028. The major drivers for this market are enhanced internet penetration, decreased cost of powerful sensors and controllers, and rising adoption of cloud computing and analytics.
Emerging Trends in the IoT in the Global Transportation Market
Emerging trends, which have a direct impact on the dynamics of the industry, include rise in need for advanced technological solutions, such as robots, drones, and self-driving vehicles, and rising spending capacities of consumers.
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IoT in the Global Transportation Market by Segments
The study includes trends and forecast for IoT in the global transportation market by component, mode of transport, application, and region, as follows:
IoT in Transportation Market by Component [Value ($B) Shipment Analysis from 2017 to 2028]:
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Hardware
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Software
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Services
IoT in Transportation Market by Mode of Transport [Value ($B) Shipment Analysis from 2017 to 2028]:
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Roadways
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Railways
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Airways
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Maritime
IoT in Transportation Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
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Traffic Congestion Control Systems
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Automotive Telematics
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Reservation, Toll, and Ticketing Systems
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Security and Surveillance Systems
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Remote Monitoring
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Others
IoT in Transportation Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
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North America
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Europe
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Asia Pacific
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The Rest of the World
List of IoT in the Global Transportation Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, IoT in transportation companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the IoT in transportation companies profiled in this report include-
IoT in the Global Transportation Market Insights
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Lucintel forecasts that hardware will remain the largest segment over the forecast period due to the growing demand for IoT devices, rising demand for low-cost hardware, and increasing requirement of multiple sensors and chips for smart devices.
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Railways are expected to remain the largest segment due to the rise in improvements in operational efficiency, enhanced reliability and safety and growing need for urban connectivity.
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North America will remain the largest region due to the presence of key vendors, favorable government policies, and growing concern for transportation safety in the region.
Features of the IoT in Transportation Market
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Market Size Estimates: IoT in transportation market size estimation in terms of value ($B)
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Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
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Segmentation Analysis: IoT in transportation market size by various segments, such as component, mode of transport, and application
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Regional Analysis: IoT in transportation market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
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Growth Opportunities: Analysis on growth opportunities in different components, modes of transport, applications, and regions for the IoT in transportation market.
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Strategic Analysis: This includes M&A, new product development, and competitive landscape for the IoT in transportation market.
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Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the IoT in transportation market size?
Answer: The IoT in global transportation market is expected to reach an estimated $xx billion by 2028.
Q2. What is the growth forecast for IoT in transportation market?
Answer: The IoT in global transportation market is expected to grow with a CAGR of 19% to 21% from 2023 to 2028.
Q3. What are the major drivers influencing the growth of the IoT in transportation market?
Answer: The major drivers for this market are enhanced internet penetration, decreased cost of powerful sensors and controllers, and rising adoption of cloud computing and analytics.
Q4. What are the major segments for IoT in transportation market?
Answer: The future of the IoT in transportation market looks promising with opportunities in the traffic congestion control systems, automotive telematics, reservation, toll and ticketing systems, security and surveillance systems, remote monitoring, and other markets
Q5. What are the emerging trends in IoT in transportation market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include rise in need for advanced technological solutions such as robots, drones, and self-driving vehicles and rising spending capacities of consumers.
Q6. Who are the key IoT in transportation companies?
Answer: Some of the key IoT in transportation companies are as follows:
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Alcatel-Lucent
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AT&T Inc.
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Garmin International Inc
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IBM Corp.
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Denso Corp.
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Thales Group
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General Electric
Q7. Which IoT in transportation segment will be the largest in future?
Answer: Lucintel forecasts that hardware will remain the largest segment over the forecast period due to the growing demand for IoT devices, rising demand for low-cost hardware, and increasing requirement of multiple sensors and chips for smart devices.
Q8. In IoT in transportation market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region due to the presence of key vendors, favorable government policies, and growing concern for transportation safety in the region.
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1. What are some of the most promising, high-growth opportunities for the IoT in transportation market by component (hardware, software, and services), mode of transport (roadways, railways, airways, and maritime), application (traffic congestion control systems, automotive telematics, reservation, toll and ticketing systems, security and surveillance systems, remote monitoring, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity did occur in the last five years and what has been the impact on the industry?
For any questions related to IoT in the global transportation market or related to IoT in the global transportation companies, IoT in the global transportation market size, IoT in the global transportation market share, IoT in the global transportation analysis, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.