According to the recent study the IoT in the Global Transportation Market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 19% to 21% from 2023 to 2028. Growth in this market is primarily driven by enhanced internet penetration, decreased cost of powerful sensors and controllers, and rising adoption of cloud computing and analytics.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in IoT in the global transportation market by component (hardware, software, and services), mode of transport (roadways, railways, airways, and maritime), application (traffic congestion control systems, automotive telematics, reservation, toll and ticketing systems, security and surveillance systems, remote monitoring, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Hardware market is expected to remain the largest segment during the forecast period.”
Based on component, the IoT in the global transportation market is segmented into hardware, software, and services. Lucintel forecasts that the hardware market is expected to remain the largest segment due to the growing demand for IoT devices, rising demand for low-cost hardware, and increasing requirement of multiple sensors and chips for smart devices.
“Within the IoT in the global transportation market, the railways segment is expected to remain the largest mode of transport”
Based on mode of transport the railways segment is expected to witness the highest growth over the forecast period due to the rise in improvements in operational efficiency, enhanced reliability and safety and growing need for urban connectivity.
“North America will dominate the IoT in the global transportation market in near future”
North America will remain the largest region due to the presence of key vendors, favorable government policies, and growing concern for transportation safety in the region.
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Major players of IoT in the global transportation market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Alcatel-Lucent, AT&T Inc., Garmin International Inc, IBM Corp., Denso Corp., Thales Group, and General Electric are among the major IoT in the global transportation providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/iot-in-the-global-transportation-market.aspx or [email protected]