IoT in Transportation Market
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.
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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.
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.
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Based on type, the hardware segment dominated the IoT in transportation market size in 2020, and is expected to continue its dominance in the coming years, owing to rise in demand for IoT devices, low-cost hardware requirements, and need of numerous sensors and chips for smart devices. However, the software segment is expected to witness growth at the highest rate, owing to the rise in market of Internet of Things, growth in cognitive intelligence applications, prediction & analytical software, increase in use of application in smart devices.
Based on region, the IoT in transportation industry was dominated by North America in 2020, owing to growth in demand for real-time weather management and increase in demand for performance optimization. However, Asia-Pacific is expected to witness growth at the highest rate, owing to high population base and presence of catastrophe-prone regions in countries such as China, India, Japan, and Australia.
Internet of Things (IoT) is a network of physical equipment and vehicles that provides solutions to a variety of industries, including automotive, transportation, electronics, insurance, manufacturing, aerospace & military, and retail. It uses device interconnectivity to control or sense objects remotely. In transportation, IoT is employed in fields such as traffic congestion control, automobile telematics, and reservation, toll & ticketing systems, security and surveillance systems, and remote monitoring.
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Furthermore, key factor that drives the market size includes enhanced internet penetration and decreased cost of powerful sensors & controllers drive growth of the market. In addition, growth in information, communication, and technology (ICT) fuels growth of the market. However, poor internet infrastructure in developing nations is expected to impede the market growth. Furthermore, adoption of cloud computing and analytics is expected to provide lucrative opportunities for IoT in transportation market analysis.
Key players operating in the global IoT in transportation industry include 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 companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global IoT in transportation market.
Covid-19 scenario:
1. 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.
2. 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.
3. 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.
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