IoT in Intelligent Transportation Systems: Introduction
- IoT in Intelligent transportation systems enables easy access for the transport services with interconnected mobile devices enabling real-time data sharing and remote data access.
- IoT in intelligent transportation systems provides crucial information regarding driver activity monitoring, easy route management, analysis of fuel consumption, and several other important factors.
- IoT in intelligent transportation systems delivers a better user experience with its real-time data transfer for better management of user schedules and enhanced communication through internet connectivity which is anticipated to drive IoT in intelligent transportation systems market across the globe.
- IoT integration with vehicles to decrease cases of accidents is gaining traction in developed economies which represent promising growth opportunities for the IoT in intelligent transportation systems market.
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Global IoT in Intelligent Transportation Systems Market: Dynamics
Global IoT in Intelligent Transportation Systems Market: Key Drivers
- Growing focus on data collection regarding vehicle performance, wear & tear tracking for tyres, telematics feedback, user driving behavior and vehicle efficiency can be used to apply analytics for better logistic operations further driving IoT in intelligent transportation systems market.
- Increasing focus on R&D to improve IoT integrated software and reduce the cost associate with its operation are the major factors contributing to the growth of IoT in intelligent transportation systems market over the forecast period.
- Rising demand for intelligent traffic control, enhanced transportation safety through IoT connected devices, and investment by market leading players for expanding the product portfolios with advanced IoT driven technology is anticipated to boost the market growth for IoT in intelligent transportation systems market in the coming years.
- End-user industries such as infrastructures, automotive and travel & tourism are understanding the future potential of the technology creating a strong demand for IoT in intelligent transportation systems market. For instance, in January 2019 Iteris, Inc. a software and solution provider for intelligent transportation and agricultures partnered with Cisco Systems Inc. enabling the organization to integrates IoT solutions provided by the Cisco system Inc. into its public transportation services in the U.S.
- However, increasing concern for data security and high initial investment for IoT setup are the major challenges hampering the growth of IoT in intelligent transportation systems market.
Impact of COVID-19 on the Global IoT in Intelligent Transportation Systems Market
- Covid-19 pandemic disrupted the transportation industry across the globe accounted for restrictions imposed by nations to prevent the spread of virus. Several manufacturers were facing supply deficiency to maintain the production flow with failure in import and export logistic in the midst of covid-19 pandemic. However, government initiatives across the globe to recover economic situation in the country has resulted into key focus on regional and global transportation. Organizations are investing in IoT integration to safeguard the transportation operations in future events which is projected to act as a catalyst for the growth of IoT in intelligent transportation systems market.
North America to Hold Major Share of the Global IoT in Intelligent Transportation Systems Market
- In terms of region, the global IoT in intelligent transportation systems market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global IoT in intelligent transportation systems market in 2020 owing to the investment by key market players operating in the region.
- U.S. accounted for largest market share in the region considering rapid integration of IoT technology by and growing concern for transportation safety in the country.
- Asia Pacific is expected to gain significant market share in IoT in intelligent transportation systems market over the forecast period accounted for government initiatives to promote safe transportation in the countries such as India and China.
Global IoT in Intelligent Transportation Systems Market: Competition Landscape
IoT in intelligent transportation systems market is highly competitive with leading players competing to gain larger market share and expand user based across the globe. Prominent market players are focusing on mergers, acquisitions, partnerships and joint ventures as key strategy to gain competitive advantage. For instance, in April 2021, Iteris, Inc. formed collaboration with Continental AG to developed innovative solutions for moderns interconnected mobility infrastructure.
Key players operating in the global IoT in Intelligent Transportation Systems market include:
- Cisco Systems, Inc.
- Cubic Transportation Systems, Inc.
- Garmin Ltd.
- Hitachi Transport System Ltd.
- Huawei Technologies Co. Ltd.
- IBM Corporation
- Intel Corporation
- Iteris, Inc.
- Microsoft Corporation
- NEC Corporation
- Siemens AG
- Sierra Wireless, Inc.
- Thales Group
Global IoT in Intelligent Transportation Systems Market: Research Scope
Global IoT in Intelligent Transportation Systems Market, by Component
- Wireless/cellular components
- Semiconductor components
Global IoT in Intelligent Transportation Systems Market, by Solution
- Product
- Software
- Service
Global IoT in Intelligent Transportation Systems Market, by Application
- Telematics
- Infotainment
- Advanced driver assistance system (ADAS)
Global IoT in Intelligent Transportation Systems Market, by End-user
- Roadways
- Railways
- Airways
- Maritime
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