The global market is in its growth phase and is expected to grow at a CAGR of 13.7% during the forecast period, owing to high demand for connectivity solutions, enhanced internet connectivity, decreased cost of smart sensors & controllers, and other factors.
According to a new report published by Allied Market Research, titled, IoT in Transportation Market by Connectivity Technology, Mode of Transport, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global IoT in transportation market was valued at $135.35 billion in 2016, and is projected to reach $328.76 billion by 2023, growing at a CAGR of 13.7% from 2017 to 2023. The software segment is anticipated to witness the highest growth rate during the forecast period.
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North America was the highest revenue contributor to the global market in 2016, due to its advanced technical aspects and high adoption of IoT across industry verticals. In addition, enhanced internet connectivity; decreased cost of powerful sensors & controllers; growth in information, communication, & technology; and government initiatives in the several developed and the developing regions, including North America, Europe, and Asia Pacific, drive the market growth.
Moreover, Asia-Pacific is anticipated to witness significant growth rate during the forecast period, owing to growth in the emerging economies, such as China and India, rapid urbanization, and other factors.
In 2016, the hardware segment accounted for the highest share in the global market, while the software segment is anticipated to witness the highest growth rate from 2017 to 2023, owing to adoption of connected & smart technologies in transportation infrastructure and increase in demand for integrated security & safety systems for improving public safety.
The key players profiled in the global market study are 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 competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the market growth.
Key Findings of the IoT in Transportation Market:
- The hardware segment accounted for the highest share in the global market in 2016, growing at a CAGR of 13.1% from 2017 to 2023.
- The software segment is projected to grow at a CAGR of 14% during the forecast period.
- North America generated the highest revenue of $46.75 billion in 2016.
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