According to the report, global IoT in transportation industry 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 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 transformation market.
However, threats to 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.
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.
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However, the software segment is expected to register the fastest CAGR of 14% during the forecast period, owing to a rise in the adoption of connected & smart technologies in transportation infrastructure and a 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 the Asia-Pacific region is projected to manifest the fastest CAGR during the forecast period, due to the rise in growth of emerging economies such as India and China, and rapid urbanization in the region.
The global IoT in transportation market report includes in-depth analysis of the major market players such as AT&T Inc., Alcatel-Lucent, IBM Corp., Denso Corp., Garmin International Inc., General Electric, Thales Group, Cisco Systems, Inc., Verizon Communications Inc., and TomTom N.V.
KEY FINDINGS OF IOT IN TRANSPORTATION MARKET STUDY
1. 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.
2. The software segment is projected to grow at a CAGR of 14% during the forecast period.
3. North America generated the highest revenue of $46.75 billion in 2016.
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