According to the latest report by IMARC Group, titled “Global Iot In Transportation Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global IoT in transportation market reached a value of US$ 97.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 315.5 Billion by 2027, exhibiting a CAGR of 20.60% during 2022-2027.
IoT in transportation refers to the networking of vehicles, mechanical equipment, and objects via embedded sensors, actuators, and other devices. These IoT devices gather and transmit real-time data regarding various activities, such as traffic, road conditions, speeding alerts, vehicle diagnostics, driving behavior, and fuel usage. They also enable remote diagnosis and real-time monitoring to help enhance safety, customer experience and operation performance, optimize maintenance, reduce energy use, and minimize recurring complexities. As a result, IoT in transportation finds extensive applications across roadways, airways, railways, and maritime in traffic congestion control, automotive telematics, security and surveillance, reservation, and toll and ticketing systems.
|Base Year: 2021|
|Forecast Year: 2022-2027|
IoT In Transportation Market Trends and Drivers:
The global IoT in transportation market is primarily driven by the growing need for urban connectivity. Additionally, the introduction of smart railway systems equipped with IoT-enabled sensors and devices is another major growth-inducing factor.
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Along with this, several favorable initiatives undertaken by the government of various countries to develop smart cities have catalyzed the demand for IoT in transportation. Furthermore, the escalating demand for interconnected mobility solutions to reduce commute time and road traffic has accelerated the product adoption rate.
Other factors, including the expanding information and communications technology (ICT) sector, improved internet connectivity, rapid digitization, and technological advancements, are also anticipated to propel the market growth in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global IoT In Transportation Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Alcatel-Lucent Enterprise (China Huaxin Post and Telecom Technologies Co. Limited), AT&T Inc., Cisco Systems Inc., DENSO Corporation, Garmin Ltd, International Business Machines Corporation, Microsoft Corporation, Sierra Wireless Inc., Software Aktiengesellschaft, Thales Group, TomTom N.V. and Verizon Communications Inc.
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The report has segmented the market on the basis of region, type, mode of transport and application.
Breakup by Type:
Breakup by Mode of Transport:
Breakup by Application:
- Traffic Congestion Control Systems
- Automotive Telematics
- Reservation, Toll and Ticketing Systems
- Security and Surveillance Systems
- Remote Monitoring
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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