IMARC Group, a leading market research company, has recently releases report titled “IoT in Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global IoT in transportation industry share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the IoT in Transportation Market?
The global IoT in transportation market size reached US$ 119.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 372.7 Billion by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028.
What is IoT in Transportation?
The Internet of Things (IoT) is a specialized technology utilized to connect mechanical equipment, objects, and vehicles to the web. It uses embedded sensors, actuators, and other devices to gather and transmit data regarding real-world activities, including road conditions, traffic, automobile diagnostics, fuel usage, driving behavior, speeding, etc. IoT in transportation aids in improving safety and customer experience, enhancing operation performance, and optimizing maintenance by minimizing recurring complexities and providing remote diagnosis and real-time monitoring. It is used for traffic congestion control systems, automotive telematics, security, surveillance, reservation, toll and ticketing systems, etc. As a result, the IoT finds widespread applications in airway, railway, maritime, and road systems across the globe.
Request for a free sample copy of this report: https://www.imarcgroup.com/iot-in-transportation-market/requestsample
What are the growth prospects and trends in the IoT in Transportation Industry?
The escalating demand for IoT in smart railway systems to monitor the conveyance performance and environmental conditions is among the primary factors driving the IoT in transportation market.
Besides this, the expanding information and communications technology (ICT) sector is further augmenting the market growth. Apart from this, the elevating requirement for IoT in transportation to check the flow of passengers, manage timetables, and optimize capacity is also catalyzing the global market.
Moreover, the growing need for this technology in roadway vehicles, particularly on account of the interconnected mobility solutions that reduce road traffic and commute time, is acting as another significant growth-inducing factor. Furthermore, the launch of favorable policies by the government bodies for the development of smart cities is expected to propel the IoT in transportation market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Hardware
Software
Services
Breakup by Mode of Transport:
Roadways
Railways
Airways
Maritime
Breakup by Application:
Traffic Congestion Control Systems
Automotive Telematics
Reservation, Toll and Ticketing Systems
Security and Surveillance Systems
Remote Monitoring
Others
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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=5059&flag=C
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/