IoT in Intelligent Transportation System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global IoT in Intelligent Transportation Market: Snapshot
With the concept of smart cities taking off, smart transportation which is IoT in intelligent transportation has become highly popular. Leveraging sensors, Bluetooth and Wi-Fi, and data analytics – it comprises IoT in intelligent transportation – road safety can be improved, traffic congestion can be eased, accidents can be averted, fares collection can be effective, and useful insights can be gained about commuters’ behavior and preferences.
The IoT in intelligent transportation serves to integrate communications and information processing across transportation systems for dynamic real-time interaction. Even though in its early stages, IoT in intelligent transportation can disrupt the way people commute big time.
Take for example the Global Positioning System, popularly referred to as the GPS. Combined with the modern transformative IoT and cloud, it spells a whole new world of possibilities. At present, all combined can monitor route progress, apart from the basic of providing a direction. For instance, those can indicate when the traffic slows owing to road construction, accidents, and others.
Both startups and tech giants have jumped into the space, with a range of innovations. Take for example Apple and Google. Both have suggested telematics standards to enable mobile devices running on their operating systems to be controlled via the dashboard controls and displays on their vehicles.
Similarly, in the U.S., the National Highway Transportation Safety Administration is working wireless communications between vehicles in order to control accidents, reduce consumption of fuel, and make travel more efficient.
In fact, vehicle-to-vehicle technology is expected to pave the way for more futuristic auto safety improvements.
With efforts and initiatives such as these and plunging prices of sensors, the global IoT in intelligent transportation is expected to explode in the forthcoming years. This would also change the way we travel completely.
Global IoT in Intelligent Transportation System Market: Overview
Internet of Things (IoT) is changing the way almost anything and everything functions. Transportation is one such area where it is set to have a far-reaching impact with intelligent transportation system (ITS). It serves to optimize the fleet management and logistics, traffic management, and driver assistance systems. ITS has enabled automating of roadways, railways, marine vessels, and airways. Such benefits are expected to result in exponential growth in the global IoT in intelligent transportation system market in the next couple of years, predicts a recent report by TMR Research.
Global IoT in Intelligent Transportation System Market: Drivers and Restraints
Numerous applications are promoting the global IoT in intelligent transportation market. Those include traffic management solutions, smart parking solutions, fleet management and telematics solutions, passenger entertainment, electronic toll collection, and security solutions. Additionally, IoT in advanced transportation management system leverages Wi-Fi or Bluetooth, sensors, and data-processing technologies to tackle traffic congestion and accidents.
IoT in intelligent transportation system market is also being boosted by the increasing freight services globally. Such sophisticated solutions enable managing commercial vehicles by tracking them and also help reducing consumption of fuel.
Additionally, plunging prices of sensors and more innovative and effective ones being developed is also projected to have a positive impact on the global IoT intelligent transportation market.
Global IoT in Intelligent Transportation System Market: Trends and Opportunities
The global IoT in intelligent transportation system market is comprised of hardware, software, and service. Hardware, among those, contributes the most to the revenue in the market. It typically includes sensors, RFID, and others outfitted in vehicles. Those enable monitoring speed of a vehicle and road discipline such as following of signals, among others.
The IoT intelligent transportation system consists of semiconductors and wireless components. The semiconductor components again consist of digital signal processing (DSP), microcontroller (MCU), memory protection unit (MPU), field programmable gate array (FFGA), application specific integrated circuit (ASIC), and application specific standard product (AASP).
Currently, the air travel and maritime industries spell maximum opportunities in the global IoT in intelligent transportation system market.
Global IoT in Intelligent Transportation System Market: Regional Analysis
Geographically, the global IoT in intelligent transportation system market is spread across Asia Pacific, Europe, the Middle East and Africa, and North America. Among them, North America accounts for maximum revenue share in the market at present. Going forward as well the North America IoT in intelligent transportation system market will likely hold on to its leading position on the back of several savvy companies in the field being domiciled in the region. Their constant thrust on product development, a developed traffic and internet infrastructure, and early uptake of latest technologies to make life smoother are other factors serving to stoke the North America IoT in intelligent transportation system market.
Asia Pacific is also expected to emerge as an attractive IoT in intelligent transportation system market. This is because of the presence of large and developing economies of China, Malaysia, Indonesia, and Thailand in the region that are increasingly shifting towards smart transportation.
Global IoT in Intelligent Transportation System Market: Competitive Landscape
Key players in the global IoT in intelligent transportation system market include Intel Corporation, Cubic Transportation Systems, Cisco Systems, Siemens AG, Thales Group, Microsoft Corporation, TomTom NV, Verizon Telematics, TransCore Holdings, Inc., Garmin Ltd., Watson Internet of Things (IBM), Huawei Technologies Co., Ltd., and Hitachi Transport System Ltd. Such deep-pocketed players are seen pouring money to come up with more ultra-sophisticated solutions. This is set to have a major positive impact on the global IoT in intelligent transportation system market.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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