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IoT in Transportation Market 2020: Key Factors behind Market's Rapid Growth

02-05-2020 06:32 PM CET | IT, New Media & Software

Press release from: Allied Market Research

IoT in Transportation Market 2020: Key Factors behind Market's

Reduced cost of powerful sensor & controllers, extended and enhanced internet connectivity, rise in growth of information, communication, and technology industry, along with the surge in government initiatives for smart cities are the major factors that drive the growth of the global IoT in transformation market. However, threat for data security & privacy and poor transport infrastructure in the emerging and underdeveloped countries hamper the market growth. On the contrary, growth of cloud-based transport infrastructure service providers is expected to create lucrative opportunities in the near future.

Global IoT in transportation market was pegged at $135.35 billion in 2016 and is projected to garner $328.76 billion by 2023, registering a CAGR of 13.7% from 2017 to 2023.

Access Full Summary: https://www.alliedmarketresearch.com/IoT-in-transportation-market

The global IoT in transportation market is categorized on the basis of type, mode of transport, application, and geography. Based on type, the market is segmented into hardware, software, and services. The hardware segment held the largest share in 2016 and is expected to continue its trends throughout the study period. However, the software segment is expected to register the fastest CAGR of 14% during the forecast period, owing to rise in adoption of connected & smart technologies in transportation infrastructure and surge in demand for integrated security & safety systems for enhancing public safety.

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Based on the mode of transport, the market is divided into roadways, railways, airways, and maritime. The market is analyzed across various regions including North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2016, owing to advanced technical aspects and high adoption of IoT across various industry verticals. However, the market across Asia-Pacific region is projected to manifest the fastest CAGR during the forecast period, due to rise in growth of emerging economies such as India and China, and rapid urbanization in the region.

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The global IoT in transportation market report includes in-depth analysis of the major market players such as AT&T Inc., Alcatel-Lucent, IBM Corp., Denso Corp., Garmin International Inc., General Electric, Thales Group, Cisco Systems, Inc., Verizon Communications Inc., and TomTom N.V.

KEY FINDINGS OF IOT IN TRANSPORTATION MARKET STUDY

o The hardware segment accounted for the highest share in the global market in 2016, growing at a CAGR of 13.1% from 2017 to 2023.

o The software segment is projected to grow at a CAGR of 14% during the forecast period.

o North America generated the highest revenue of $46.75 billion in 2016.

Key questions answered in IoT in Transportation research study:

o What is the market growth rate of IoT in Transportation Market from 2017-2023?

o What will be the global market size of the market from 2017 to 2023?

o Who are the leading global manufacturing companies in the IoT in Transportation Market?

o What are the current trends and predicted trends?

o What are the challenges faced in the IoT in Transportation Market?

o Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?

o Which will be the anticipated growth rates for your own IoT in Transportation economy altogether and also for every segment inside?

o Which will be the IoT in Transportation application and types and forecast accompanied closely by producers?

o What are the conclusions of the IoT in Transportation Market report?

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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