Global IoT Market in Intelligent Transportation Systems is valued approximately at USD 121.1 billion in 2018 and is anticipated to grow with a growth rate of more than 9% over the forecast period 2019-2026. IoT Market in Intelligent Transportation System refers the integration of communication and information processing across transportation systems for real-time interaction. For instance, satellites-based navigation system which is known as Global Positioning system (GPS). Internet of Things (IoT) involves connecting physical objects to the Internet for developing smart systems and universal mobile accessibility with advanced technologies like Intelligent Transportation System (ITS). Intelligent Transportation System (ITS) is the process to communicate between vehicles using IoT which brings new era of communication in ITS. IoT based Intelligent Transportation System enhances automation in railways, airways, roadways and marine, that helps consumer to experience advanced transporting, tracking and delivering of their goods. Rapid expansion of automotive industries, along with increasing smart cities development as well as huge investments in the R&D of IoT related software and dedicated short-range communications for the V2V Communication are the few factors responsible for high CAGR of the market over the forecast period. For instance, as per Statista, the internet of things (IOT) spending was USD $ 257 billion in consumer sector, $ 115 billion in cross industry business and $ 567 billion in vertical specific business in 2014 and is anticipated to rise up to USD $ 1,494 billion in consumer sector, $ 567.6 billion in cross industry business and $ 863.6 billion in vertical specific business in 2020, throughout the world. Further, integration of technologies helps develop better solutions in transportation and rising on-demand infotainment and traffic navigation, along with safety and security features in automotive are likely to impel the demand for IoT Market in Intelligent Transportation System over the forecast period. However, big data increases complexity as well as improvements are required in battery related technologies is the major factor restricting the growth of global IoT Market in Intelligent Transportation Systems during the forecast period.
The regional analysis of global IoT Market in Intelligent Transportation Systems is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the wide advancements in IoT Market in Intelligent Transportation Systems along with rapid growth in automotive sector across the region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period of 2019-2026.
Major market player included in this report are:
Verizon Communications Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Products, Software & Services:
By Transportation Solutions:
Maintenance Scheduling Solutions
Logistics and Fleet Solution
Advanced Driver Assistance System (ADAS)
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global IoT Market in Intelligent Transportation Systems in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers