Global Internet of Things in Transportation Market

Global Internet of Things (IoT) in Transportation Market was valued US$ 135.6 Bn in 2016 and is estimated to reach US$ 380.40 Bn by 2024 at a CAGR of about 17.78 % during a forecast period.

Global Internet of Things (IoT) in Transportation market is segmented by type, mode of transport, application, and Geography. Based on the type, Global Internet of Things (IoT) in Transportation market is divided primarily in Hardware, Software, and services. In terms of the mode of transport, Global Internet of Things (IoT) in Transportation market is categorized into Roadways, Railways, Airways, and Maritime. Application segment is categories in Automotive telematics, Reservation, toll, & ticketing systems, Security & surveillance system, Remote monitoring. Geographically, Global Internet of Things (IoT) in Transportation market is spread by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

Internet of things in transportation systems will optimize the movement of people and goods, improving economics, public safety, and the environment. Advanced transportation systems will automate our roadways, railways, and airways, transform passenger experiences, and restructure the way cargo and goods are tracked and delivered, and helps to create substantial business opportunities for system integrators.

Hardware segment accounted for the highest share in the global Internet of Things in the Transportation market. reducing the cost of connected hardware devices, such as sensors & controllers are assist to key players to increase their customer base in the global Internet of things (IoT) in transportation markets. Growth in wireless technologies, such as Insteon, Zigbee, and Z-wave, is expected to fuel market growth. However, software segment is expected to witness a high growth rate owing to the adoption of connected & smart technologies in transportation infrastructure and an increase in demand for integrated security & safety systems for civilizing public safety.