IoT in Intelligent Transportation System Market – Witness Global Need 2028 | TransCore Holdings, Inc., Garmin Ltd.
Global IoT in Intelligent Transportation Market: Snapshot
With the concept of smart cities taking off, smart transportation which is IoT in intelligent transportation has become highly popular. Leveraging sensors, Bluetooth and Wi-Fi, and data analytics – it comprises IoT in intelligent transportation – road safety can be improved, traffic congestion can be eased, accidents can be averted, fares collection can be effective, and useful insights can be gained about commuters’ behavior and preferences.
The IoT in intelligent transportation serves to integrate communications and information processing across transportation systems for dynamic real-time interaction. Even though in its early stages, IoT in intelligent transportation can disrupt the way people commute big time.
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Take for example the Global Positioning System, popularly referred to as the GPS. Combined with the modern transformative IoT and cloud, it spells a whole new world of possibilities. At present, all combined can monitor route progress, apart from the basic of providing a direction. For instance, those can indicate when the traffic slows owing to road construction, accidents, and others.
Both startups and tech giants have jumped into the space, with a range of innovations. Take for example Apple and Google. Both have suggested telematics standards to enable mobile devices running on their operating systems to be controlled via the dashboard controls and displays on their vehicles.
Similarly, in the U.S., the National Highway Transportation Safety Administration is working wireless communications between vehicles in order to control accidents, reduce consumption of fuel, and make travel more efficient.
In fact, vehicle-to-vehicle technology is expected to pave the way for more futuristic auto safety improvements.
With efforts and initiatives such as these and plunging prices of sensors, the global IoT in intelligent transportation is expected to explode in the forthcoming years. This would also change the way we travel completely.
Global IoT in Intelligent Transportation System Market: Overview
Internet of Things (IoT) is changing the way almost anything and everything functions. Transportation is one such area where it is set to have a far-reaching impact with intelligent transportation system (ITS). It serves to optimize the fleet management and logistics, traffic management, and driver assistance systems. ITS has enabled automating of roadways, railways, marine vessels, and airways. Such benefits are expected to result in exponential growth in the global IoT in intelligent transportation system market in the next couple of years, predicts a recent report by TMR Research.
Global IoT in Intelligent Transportation System Market: Drivers and Restraints
Numerous applications are promoting the global IoT in intelligent transportation market. Those include traffic management solutions, smart parking solutions, fleet management and telematics solutions, passenger entertainment, electronic toll collection, and security solutions. Additionally, IoT in advanced transportation management system leverages Wi-Fi or Bluetooth, sensors, and data-processing technologies to tackle traffic congestion and accidents.
IoT in intelligent transportation system market is also being boosted by the increasing freight services globally. Such sophisticated solutions enable managing commercial vehicles by tracking them and also help reducing consumption of fuel.
Additionally, plunging prices of sensors and more innovative and effective ones being developed is also projected to have a positive impact on the global IoT intelligent transportation market.
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Global IoT in Intelligent Transportation System Market: Trends and Opportunities
The global IoT in intelligent transportation system market is comprised of hardware, software, and service. Hardware, among those, contributes the most to the revenue in the market. It typically includes sensors, RFID, and others outfitted in vehicles. Those enable monitoring speed of a vehicle and road discipline such as following of signals, among others.
The IoT intelligent transportation system consists of semiconductors and wireless components. The semiconductor components again consist of digital signal processing (DSP), microcontroller (MCU), memory protection unit (MPU), field programmable gate array (FFGA), application specific integrated circuit (ASIC), and application specific standard product (AASP).
Currently, the air travel and maritime industries spell maximum opportunities in the global IoT in intelligent transportation system market.
Global IoT in Intelligent Transportation System Market: Regional Analysis
Geographically, the global IoT in intelligent transportation system market is spread across Asia Pacific, Europe, the Middle East and Africa, and North America. Among them, North America accounts for maximum revenue share in the market at present. Going forward as well the North America IoT in intelligent transportation system market will likely hold on to its leading position on the back of several savvy companies in the field being domiciled in the region. Their constant thrust on product development, a developed traffic and internet infrastructure, and early uptake of latest technologies to make life smoother are other factors serving to stoke the North America IoT in intelligent transportation system market.
Asia Pacific is also expected to emerge as an attractive IoT in intelligent transportation system market. This is because of the presence of large and developing economies of China, Malaysia, Indonesia, and Thailand in the region that are increasingly shifting towards smart transportation.
Global IoT in Intelligent Transportation System Market: Competitive Landscape
Key players in the global IoT in intelligent transportation system market include Intel Corporation, Cubic Transportation Systems, Cisco Systems, Siemens AG, Thales Group, Microsoft Corporation, TomTom NV, Verizon Telematics, TransCore Holdings, Inc., Garmin Ltd., Watson Internet of Things (IBM), Huawei Technologies Co., Ltd., and Hitachi Transport System Ltd. Such deep-pocketed players are seen pouring money to come up with more ultra-sophisticated solutions. This is set to have a major positive impact on the global IoT in intelligent transportation system market.
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