Brooklyn, NY — (SBWIRE) — 09/27/2017 — For an accurate and exact evaluation of the global IoT in transportation market the analysts have used primary and secondary research methodologies. The growing rate of traffic in cities across the globe has created an urgent need for its smart management. Thus, traffic regulation authorities are resorting to adopting IoT in transportation market for intelligent solutions. In light of this emerging trend, the global IoT in transportation market is slated to grow at a healthy CAGR till 2022, predicts the research report.
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The global IoT in transportation market is poised to witness a soaring growth rate as governments and private sectors are realizing the need for smart transportation systems, which form the backbone of national economies. The rising uptake of IoT devices has had a tremendous influence on the global market in the past few years. It has radically transformed the transportation landscape by offering intelligent support to aspect of the transportation business such as tracking of fleet, goods, traffic management, and automation. The rising awareness of using IoT in transportation has led its usage in airways, roadways, and waterways. Amongst the end users, the railways segment is anticipated to lead the pack. The ability of understanding consumers experience through tracking, transportation, and delivery has also prompted several online retailers to incorporate IoT in transportation in their delivery systems.
IoT in transportation is being used for smart parking solutions, passenger entertainment, traffic management solutions, security solutions, and fleet management and telematics solutions. IoT is also applied in traveler information systems, advanced transportation management system (ATMS), vehicle control systems. Applications such as advanced transportation management systems ensure efficient electronic toll collection, traffic control, and management of networking solutions. The growing number of vehicles in metropolitan areas is projected to be yet another key growth driver for the global market in the coming years.
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From a geographic point of view, the global IoT in transportation market is could be segmented into Europe, Asia pacific, North America, the Middle East and Africa, and South America. Analysts anticipate North America market to set an example for the others in terms of growth. The progress of the regional market will be attributable to the high adoption of technology. On the other hand, Europe is estimated to do exceptionally well due to well-established railway networks that are looking for overhauls. Furthermore, the growing usage of IoT solutions in railways is anticipated to play a pivotal part in growth of the Europe market.
The report also estimates that Asia Pacific will show excellent growth rate in the near future. Emerging economies of China, India, Japan, and Australia have been identified as the key players in the global IoT in transportation market of Asia Pacific. Of all the countries, China especially is projected to have dominant role in ensuring the regional market’s growth.
Some of the leading players operating in the global IoT transportation market are Alcatel-Lucent, AT&T Inc., IBM Corp, Garmin International, Denso Corp., Cisco Systems, General Electric, Verizon Communications, TomTom N.V., and Thales Group. The research report profiles these players and provides a definitive understanding of the competitive landscape. Furthermore, the publication also offers a thorough evaluation of the research and development activities of these players, analysis of their business and marketing strategies, and their financial outlooks. The research report also assesses the threat from new players and the bargaining power of suppliers and buyers. The publication also offers valuable insights into the key market trends through expert comments and recommendations.
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