Big Data Analytics to Propel the Growth of the Global IoT in Transportation Market Over the Forecast period

IoT in Transportation Market Scenario

Internet of things (IoT) is transforming everything in one way or other, bringing a major change in every technological market. The application of IoT in transport systems would bring effective solutions to all the transportation problems. Improved safety, higher dependability, and more suitability are some of the major features of the overall market. Furthermore, automation and predictive maintenance of the vehicles are some of the other factors which have played a major role in driving the growth of the market. The penetration of big data analytics in the transportation industry, along with IoT, is expected to improve its efficiency over the forecast period. For example, CRON Systems has collaborated with the Indian Armed Forces, in order to secure the Indian borders with the help of IoT-based autonomous trucks. This technology has helped in predicting the potential threat to the Indian borders, using big data analytics.

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IoT in transportation is one of the latest trends in business intelligence and analytics, attributable to the growing importance of this adoption and expanding utilization rate over the globe. Besides, the high expenses related with the implementation of this system crosswise over enterprises is expected to restrain the growth of the market during the forecast period. Moreover, the legislative bodies of several well-established and developing nations has invested and supported the usage of IoT in regions of Asia-Pacific, North America, and Europe.

High Adoption of IoT in Transportation Industry to Drive the Growth of the Market

The adoption of IoT in the transportation industry has led to the integration of various tools and services that will help in the better management of transport by means of traffic control system, toll & ticketing system, remote monitoring, automotive telematics, security and surveillance systems, and reservation among others. Besides, some of the major functions in this industry are omnichannel commerce solutions, manufacturing & supply chain optimization, system software development & integration, inventory & operations planning, fleet reliability analysis, and big data & edge data analytics.

Moreover, the adoption of IoT in transportation industry helps in the better material management, traffic planning, operation & control, staff & passenger information management, energy management, data analytics, etc. It also offers sensory inputs, cloud application development services, unscheduled aircraft maintenance, reliable & secure communications, and tail allocation.

Decrease in the Cost of Sensors & Controllers to Drive Market Growth

The increasing proliferation of internet, growing demand for automation and analytics, and infrastructural development are some of the factors that help in reducing the cost of powerful sensors and controllers that are used in the transportation sector. Moreover, some of the important tools and software provided by the key market players are used to optimize devices that help in reducing the cost of the sensors and manages the connectivity of devices effectively.

High Demand from the Emerging Economies

On the basis of geographical analysis, the market for IoT in transportation can be segmented into North America, Europe, APAC, and LAMEA. Among these, in 2016, North America was the highest revenue contributor to the market, owing to its advanced technological aspects and high penetration of IoT across various industry verticals. Moreover, the high growth in information, communication and technology; decreased cost of sensors, controllers and other devices; enhanced internet connectivity; and various government initiatives in several regions such as North America, APAC, and Europe is expected to drive the growth of the market during the forecast period. Asia pacific, on the other hand, is anticipated to witness a substantial growth rate over the forecast period, attributable to the growth in the emerging economies of India and China, rapid urbanization, etc.

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This release was published on openPR.