May 05, 2020
According to the research report titled ‘Global IoT Market in Intelligent Transportation Systems market Size study, by Component (Semiconductor Components and Wireless/Cellular Components), by Products, Software & Services (Products, Software and Services), by Verticals (Roadways, Railways, Airways and Maritime), by Transportation Solutions (Traffic, Asset, Ticketing, Supervision Solutions, Operation Solutions, Passenger Information, Maintenance, Maintenance Scheduling Solutions, Predective Analytics and Logistics and Fleet Solution), by Application (Telematics, Infotainment and Advanced Driver Assistance System (ADAS)) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global IoT market in intelligent transportation systems was worth USD 121.1 billion in 2018 and is expected to record a y-o-y growth rate of 9% during 2019-2026.
For the record, IoT (Internet of Things) involves connecting physical devices through internet for developing universal mobile accessibility and smart systems. IoT in intelligent transportation system refers to the incorporation of information and communication processing systems in transport systems. ITS (Intelligent transportation system) is a process of connecting vehicles using IoT technology. This enables digitalization and automation in marine, roadways, airways and railways, further enhancing the consumer experience by providing real-time information about transportation, tracking and delivery of goods.
Flourishing automotive sector along with rising development of smart city are driving the growth of global IoT industry in intelligent transportation systems. Surging investments in R&D of short-range V2V communication systems and new IoT platforms are further expanding the market size. According to Statista, the IoT spending in consumer sector was USD 257 billion, in vertical specific business USD 567 billion and USD 115 billion in cross industry business in the year 2014 and is expected to reach USD 1494 billion, USD 863.6 billion and USD 567.6 billion respectively by the year 2020.
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Rising integration of advanced technologies have allowed for development of better solutions. In addition, growing demand for infotainment, traffic navigation systems and safety & security features in vehicles is also stimulating the industry outlook. However, inadequate advancements in battery related technologies along with Big Data related complexities may hinder the market growth.
Citing the regional scope, North America currently holds a majority share in global market, owing to robust advancements in IoT technology and surging sales of automobiles in the region. Meanwhile, Asia-Pacific market is projected to witness lucrative growth in the forthcoming years.
IBM Corp., Sierra Wireless, Verizon Communications Inc., AT&T Inc., Alcatel-Lucent S.A., Denso Corp., Nuance Communication, TomTom N.V., Thales Group and Garmin Ltd. are the major contenders in worldwide IoT market in intelligent transportation systems.