– Rise in internet penetration and lower costs of powerful sensors and controllers have boosted the growth of the global IoT in transportation market.
PORTLAND, Ore., March 22, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “IoT in Transportation Market by Type (Hardware, Software, and Services), Mode of Transport (Roadways, Railways, Airways, and Maritime), and Application (Traffic Congestion Control Systems; Automotive Telematics; Reservation, Toll, & Ticketing Systems; Security & Surveillance Systems; Remote Monitoring; and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global IoT in transportation industry was pegged at $83.25 billion in 2020, and is expected to reach $495.57 billion by 2030, growing at a CAGR of 19.9% from 2021 to 2030.
Major determinants of the market growth
Rise in internet penetration and lower costs of powerful sensors and controllers have boosted the growth of the global IoT in transportation market. In addition, increase in advances in information, communication, and technology (ICT) fuels the market growth. On the contrary, poor internet infrastructure in developing countries hinders the market growth. However, surge in adoption of cloud computing and analytics is projected to provide lucrative opportunities in the coming years.
Download Report Sample (250 Pages PDF with Insights) at:
Covid-19 scenario:
- The outbreak of Covid-19 affected the global IoT in transportation market due to the adoption of a work-from-home culture by many governments, public, and private entities.
- Prolonged lockdown to curb the spread of the virus severely impacted the market growth. Furthermore, automatic and contactless interaction which is now being explored as one of the most popular proposals for integrating IoT in the transportation sector was affected negatively during the pandemic.
- Furthermore, in response to rising concerns about truck parking, numerous transportation organizations have implemented automatic parking systems to keep trucks safe while also minimizing the spread of COVID-19.
Get detailed COVID-19 impact analysis on the IoT in transportation market:
The hardware segment dominated the market
Based on type, the hardware segment held the largest share in 2020, accounting for more than half of the global IoT in transportation market, due to rise in demand for IoT devices, low-cost hardware demands, and the requirement for multiple sensors and chips for smart devices. However, the software segment is estimated to register the highest CAGR of 24.7% during the forecast period, owing to rise in the Internet of Things market, prediction & analytical software, growth in cognitive intelligence applications, increase in use of the application in smart devices, and growing concern for system. The report also includes an analysis of services segments.
The rail segment to portray the highest CAGR through 2030
By mode of transportation, the rail segment is projected to manifest the highest CAGR of 25.3% from 2021 to 2030, owing to rise in improvements in operational efficiency, passenger experience, and the operators’ return on investments along with the need for advanced analytics for enhanced reliability and safety. However, the road segment held the largest share in 2020, contributing to nearly two-fifths of the global IoT in transportation industry, as it addresses problems such high maintenance costs, accidents, and loss of life. The report also includes an analysis of air and maritime segments.
North America held the lion’s share
By region, the global IoT in transportation market across North America dominated in 2020, accounting for nearly two-fifths of the market, due to large number of vendors and favorable government policies. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 22.6% during the forecast period, owing to large population base and hub for global goods transportation. The report also includes an analysis of Europe and LAMEA segments.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/2484
Major market players
- AT&T Inc.
- TomTom N.V.
- IBM Corp.
- Verizon Communications Inc.
- Alcatel-Lucent
- Garmin International Inc.
- Denso Corp.
- General Electric
- Cisco Systems, Inc.
- Thales Group
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:
hthttps://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Similar Reports:
5G Internet of Things Market Expected to Reach $285.28 Billion by 2030
IoT in Public Safety Market Expected to Reach $29.68 Billion by 2027
IoT Monetization Market Expected to Reach $1,361,395 Million by 2025
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter
Recommended for you
