IoT in Transportation

How IoT Revolutionizing the Global Transportation Industry?

Business Market News Technology

Internet of Things (IoT) is the internetworking of physical devices and vehicles, providing solutions to various industry verticals such as, automotive, electronics, insurance, manufacturing, and retail. It controls or remotely senses the objects through interconnectivity of devices. It offers various services such as, traffic congestion control system, automotive telematics, and reservation, toll & ticketing systems, security and surveillance system, remote monitoring, and others. It is incorporated in various technologies such as smart homes, smart cities, smart grids, and virtual power plants. IoT is one of the major platforms, which provide applications such as, smart energy management system (SEMS) and smart city.

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The global IoT in transportation market has witnessed significant growth in the recent years, and is expected to continue this trend in the near future. Moreover, plummeting cost of connected devices, such as sensors & controllers, assist key players to increase their customer base in the global market. Furthermore, growth in wireless technologies, such as Insteon, Zigbee, and Z-wave, is expected to fuel the market growth. However, data piracy and poor internet infrastructure in the developing and the underdeveloped regions hinder the market growth.

IoT in Transportation

The global IoT in transportation market is segmented based on type, mode of transport, application, and geography. Based on type, it is categorized into hardware, software, and services. Based on mode of transport, it is divided into roadways, railways, airways, and maritime. Based on application, it is classified into traffic congestion control system; automotive telematics; reservation, toll, & ticketing systems; security & surveillance system; remote monitoring; and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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North America generated the highest revenue in the global market in 2016, owing to technologically backed infrastructure, high adoption of Internet of Things (IoT), and growth in demand for IoT in transportation tools. Moreover, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in demand for technological upgrade in the transportation sector for China, India, & the other developing countries in this region.

Growth in Information, Communication, & Technology (ICT):
As per the report published by World Bank, the minimum internet penetration rate is 15% in the least developed countries of South Asia and Sub-¬Saharan Africa. Further, technological innovation drives the development of Information & Communication Technology (ICT) infrastructure.

The key players operating in the global IoT in transportation market include:
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.

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