Global Internet of Things (IoT) in Transportation Market size is expected to reach US$ XXBn. by 2026 from US$ XXBn. in 2019, at a CAGR of 10.16% during the forecast period.
IoT in Transportation:
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Global Internet of Things (IoT) in Transportation Market Overview
The Internet of Things a vast and ever-growing network of connected stuff is disrupting a growing number of industries, transportation included. And it goes far beyond ride-sharing services like of Uber, Lyft, and via.
IoT technology is used on railway systems to monitor train speed, automatically shift routes and avoid accidents. Toll systems employ it to alter pricing and facilitate real-time payment. It’s also a benefit to fleet management the scheduling, routing, monitoring, and performance of a company’s vehicles.
The global IoT market is forecast to exceed the US$1 trillion mark in 2026, and a recent survey suggests that 80% of companies expect to implement IoT technologies over the forecast period. The transportation industry, for its part, has been moving to join IoT technologies such as telematics hardware and software in trucks, with an expected spend of US$XX billion in 2020. North America is dominant in the adoption, with 42% of all owned commercial vehicles forecast, because the transportation providers’ customers want more speed, visibility, and customization, such as outfitting trucks with IoT sensors was the first step.
Companies are moving to create connected ecosystems. For instance, In November 2020, AT&T announced a collaboration with Nokia to deliver a Munich-based innovation studio to support the growing global adoption of current and next-generation Internet of Things (IoT) solutions. This partnership will enable AT&T to help solve business problems associated with IoT solutions such as asset tracking and help it capture the European ecosystem.
More and more businesses are expected to jump on the IoT trend and its wider adoption becomes an opportunity. As said by Gartner report, above 65% of enterprises technology expected to hold IoT products in different industries.
Not only manufacturing industry together with smart home and carriage monitoring will be some of the biggest spenders in IoT, but also other industries joining and investing heavily in the internet of things. For example, Airport facility automation, electric vehicle charging, and agricultural field monitoring expected to witness the fastest growth in investment in the future. For instance, in January 2020, Verizon announced that it has partnered with Audi America., to deliver advanced connectivity and embedded in-vehicle connectivity solutions. Reportedly, these solutions enable Audi’s connected vehicle service (launching in 2020) are expected to be initially featured in Audi A4 and A5 model lines.
Due to technological progress and current challenges, including high customer demands and the outbreak of COVID-19, the logistics and transportation industry experiences a fast renovation.
The outbreak of the coronavirus caused China, a leading industrial country, to shut down, thus throwing the global economy into a record crisis. Also, measures taken to battle the coronavirus, such as social distancing, have greatly challenged the viability of numerous companies.
To meet the new challenges and stay buoyant, the transportation industry tries to hold logistics innovations that provide more visibility across transportation processes, measure operational performances, reduce downtime, decrease operating costs, and optimize road traffic.
The report focuses on the Internet of Things (IoT) in Transportation market value at the top regions and countries of the world, which shows a regional development, including market size, share, revenue, and much more across the globe. The report has covered, capacity, production value, cost/profit, and supply/demand by statistical analysis. A brief analysis of drivers, restraints, opportunities, and challenges in the market is also covered with examples by region. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. It also has covered the analysis of key player’s growth strategies, micro and macro analysis of markets, key developments, and key trends in the market.
Global Internet of Things (IoT) in Transportation Market, Key Highlights:
• Global Internet of Things (IoT) in Transportation Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Internet of Things (IoT) in Transportation Market
• Global Internet of Things (IoT) in Transportation Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Internet of Things (IoT) in Transportation Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Internet of Things (IoT) in Transportation Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Internet of Things (IoT) in Transportation Market are also profiled.
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Global Internet of Things (IoT) in Transportation Market Scope: Inquire before buying
Global Internet of Things (IoT) in Transportation Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Global Internet of Things (IoT) in Transportation Market Key Players
• Garmin International
• Thales Group
• Tom-tom N.V.
• Nuance Communication
• Denso Corp.
• AT&T, Inc.
• Verizon Communications
• Sierra Wireless, Inc.
• IBM Corporation
• G.E. Transportation
• Miami International Airport
• Next Trucking
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