Some of the prominent participants in the global market for Internet of Things (IoT) in intelligent transportation system are Intel Corporation, Cisco Systems, Cubic Transportation Systems, Siemens AG, Thales Group, TomTom NV, TransCore Holdings, Inc., Verizon Telematics, Microsoft Corporation, Garmin Ltd., NEC Corporation, Watson Internet of Things (IBM), Huawei Technologies Co., Ltd., Hitachi Transport System Ltd., and Iteris Inc.
Most of them are investing heavily in developing such solutions. As a result, the market for IoT in intelligent transportation system is slated to make gigantic progress in the years to come. A report by Transparency Market Research predicts the market to rise at a 19.8% CAGR during the period between 2017 and 2025. At this pace, the market will likely attain a value of US$249.84 bn by 2025-end from US$41.57 bn in 2015.
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Based on component, the global market for IoT in intelligent transportation system can be broadly divided into software, hardware, and services. Among them, the segment of hardware accounted for maximum share in revenue in 2016. Hardware such as RFID, sensors, etc. is installed in vehicles plying on the road. They help to monitor the speed of the vehicle, jumping of signals, and other things which serve to up the safety of drivers.
Geographically, the key segments of the global market for IoT in intelligent transportation system are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among them, North America at present dominates the market with maximum share in revenue. In the years ahead too, the region is expected to hold on to its leading position to become worth US$85.87 bn by 2025. North America’s dominance is the result of the presence of numerous key players in the region.
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Intelligent Transportation System Generated by IoT Boosts Market
“IoT is transforming the transportation sector with the generation of intelligent transportation system (ITS) that helps to optimize logistics and fleet management, goods and services, traffic management driver assistance, etc. ITS helps in automating railways, roadways, airways and marine vessels. It also helps in tracking and delivery of goods,” explains the lead analyst of the TMR report. On account of so many unique perceived benefits, the global market for IoT in intelligent transportation system is expected to rise at a solid pace.
Wide Array of Applications Promote Uptake
IoT in intelligent transportation system is being leveraged for smart parking solutions, traffic management solutions, passenger entertainment, fleet management and telematics solutions, and security solutions. In addition, they aid in advanced transportation management system that includes traffic control, electronic toll collection, and management of networking solutions. IoT in advanced transportation management system uses communications, sensing, and data-processing technologies to reduce traffic problems and sudden incidents.