Internet of Things (IoT) in Transportation Market: Global Industry Analysis and Forecast (2023-2029)

Internet of Things (IoT) in Transportation Market size was valued at US$ 303.40 Bn. in 2022 and the total revenue is expected to grow at  14.4% through 2023 to 2029, reaching nearly US$ 778.04 Bn.
Internet of Things (IoT) in Transportation Market Overview:
The Internet of Things (IoT) is the interconnection of physical equipment and vehicles, with applications in industries such as automobiles, electronics, insurance, manufacturing, and retail. It uses device interconnectivity to control or sense objects remotely. It provides a number of services, including traffic congestion control, automobile telematics, and reservation, toll and ticketing systems, security and surveillance systems, remote monitoring, and more. It's found in smart homes, smart cities, smart grids, and virtual power plants, among other things. The Internet of Things (IoT) is one of the most important platforms for applications such as smart energy management systems (SEMS) and smart cities.To know about the Research Methodology :- Request Free Sample Report

2022 is considered as a base year to forecast the market from 2023 to 2029. 2023’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years trends are considered while forecasting the market through 2029. 2022 is a year of exception and analysed specially with the impact of lockdown by region.
Internet of Things (IoT) in Transportation Market Dynamics:
Reduced costs of sophisticated sensors and controllers, extended and improved internet connectivity, the growth of the information, communication, and technology industry, as well as a spike in government plans for smart cities, are all driving the global IoT transformation market forward. Also, as large transportation and logistics businesses increase their investments in integration solutions and systems to manage the flow of tonnes of products by rail, road, and sea, connected techniques have gained popularity in this market. The IoT market in the transportation sector is likely to increase as a result of this. Additionally, increasing adoption of intelligent transportation systems, fleet management, and asset management solutions by rail, road, and air transportation service providers is expected to drive the Internet of things market in the transport industry globally.

The smart railway system is the result of global trends such as digitalization, connection, sustainability, energy conservation, and IoT integration. By 2050, the world population is estimated to exceed 9.8 billion people, with 75 % of them living in cities. As a result, public entities must ensure that the transportation sector (particularly, the rail network) is equipped to handle the growing connectivity demands.

For example, DHL, one of the world's largest delivery companies, partnered with ALPS Electric Europe GmbH, a leading manufacturer of electromechanical devices, and Sigfox, a French-based IoT service provider, in June 2021 to use asset tracking structures and innovative computer networks sensors to optimize supply chain processes of DHL's German parcel network.

Prices of chips, sensors, and other components used in IoT devices may rise over time due to no manufacturing and depletion of stocks maintained by manufacturers in a few months on a short-term basis, but transportation and other industries may implement automation on a huge scale in the long term, which will negatively impact the IoT in the Transportation market. However, in emerging and developing countries, threats to data security and privacy, as well as insufficient transportation infrastructure, hinder industry growth. On the contrary, the significant growth of cloud-based transportation infrastructure service providers is likely to open up profitable opportunities during the forecast period.
Internet of Things (IoT) in Transportation Market Segment Analysis:
Based on the Component, the Internet of Things (IoT) in the Transportation market is sub-segmented into Hardware, Software, and Services. The Software segment held the largest market share of 62% in 2022. Due to an increase in the use of linked and smart technology in transportation infrastructure, as well as an increase in demand for integrated security and safety systems to improve public safety.

Based on the Mode of Transport, the Internet of Things (IoT) in the Transportation market is sub-segmented into Roadways, Railways, airways, and Maritime. The Railways segment held the largest market share of xx% in 2022. The deployment of IoT technologies in railway systems is driven by timetable management, capacity optimization, timely travel service, and predictive maintenance. In industrialized regions of the world, train network operators are investing heavily in the development of analytics systems. Cloud-based systems are popular right now. For example, Network Rail in the United Kingdom has teamed up with Deloitte to use railway signaling systems to achieve a 92.5 % public performance metric (PPM). However, there are numerous obstacles to connectivity while traveling by train. The network signal is considerably weakened by the train's metal body. Additionally, the use of numerous users limits the network's capacity and tunnels block signals.
Regional Insights:
North America held the largest market share of 35% in 2022. Due to the region's strong industrial, transportation, and logistics businesses, all of which have made significant technical advances In addition, government initiatives and regulations in a variety of end-user industries are likely to support regional market growth. Additionally, the region has always been a leader in technology adoption in practically every end-user industry and has been one of the most prolific places for IoT implementation across industries.

For example, NimbeLink, a provider of cellular Internet of Things (IoT) solutions and services, began offering its NimbeLink AT2 Asset Tracking Solution on the TELUS LTE-M network in Canada in March 2021. Asia Pacific is expected to grow at the highest CAGR of xx% in the global Internet of Things (IoT) in the Transportation market during the forecast period. This could be due to shifting consumer habits and the rapid urbanization of rising economies like India and China.

The objective of the report is to present a comprehensive analysis of the global Internet of Things (IoT) in Transportation Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Internet of Things (IoT) in Transportation Market dynamic, structure by analyzing the market segments and project the global Internet of Things (IoT) in Transportation Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Internet of Things (IoT) in Transportation Market make the report investor’s guide.
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Internet of Things (IoT) in Transportation Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2022-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 303.40 Bn.


Forecast Period 2023 to 2029 CAGR:
14.4 %
Market Size in 2029:
US $ 778.04 Bn.


 Segments Covered:
by Component
Hardware
Software
Services


by Mode of Transport
Roadways
Railways
Airway
Maritime


by Application
Automotive telematics
Reservation, Toll & ticketing Systems
Security & Surveillance System
Traffic Congestion Control Systems
Remote Monitoring



By Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Internet of Things (IoT) in Transportation Market Key Players
1. Garmin International
2. Thales Group
3. Tom-tom N.V.
4. Nuance Communication
5. Denso Corp.
6. Alcatel-Lucent
7. AT&T, Inc.
8. Verizon Communications
9. Sierra Wireless, Inc.
10.IBM Corporation
11.Veniam
12.Terbine
13.LimeBike
14.Borderless
15.Fybr
16.Concirrus
17.DashRoad
18.ParkENT
19.Inrix
20.MotoLingo
21.Chariot
22.Flashparking
23.G.E. Transportation
24.Maersk
25.Miami International Airport
26.Next Trucking
27.Shippabo

Frequently Asked Questions:

1. Which region has the largest share in Global Internet of Things (IoT) in Transportation Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Internet of Things (IoT) in Transportation Market?
Ans: The Global Internet of Things (IoT) in Transportation Market is growing at a CAGR of 14.4% during forecasting period 2023-2029.

3. What is scope of the Global Internet of Things (IoT) in Transportation market report?
Ans: Global Internet of Things (IoT) in Transportation Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Internet of Things (IoT) in Transportation market?
Ans: The important key players in the Global Internet of Things (IoT) in Transportation Market are – Garmin International, Thales Group, Tom-tom N.V., Nuance Communication, Denso Corp., Alcatel-Lucent, AT&T, Inc., Verizon Communications, Sierra Wireless, Inc., IBM Corporation, Veniam, Terbine, LimeBike, Borderless, Fybr, Concirrus, DashRoad, ParkENT, Inrix, MotoLingo, Chariot, Flashparking, G.E. Transportation, Maersk, Miami International Airport, Next Trucking, and Shippabo

5. What is the study period of this market?
Ans: The Global Internet of Things (IoT) in Transportation Market is studied from 2022 to 2029.