IoT in Mobility Market is projected to reach the value of $17.56 billion by 2030

In 2022, the Global IoT in Mobility Market was valued at $4.8 billion, and is projected to reach a market size of $17.56 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 17.6%.

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The IoT in Mobility Market is a rapidly growing market that has been gaining traction in recent years. The increasing demand for smart transportation solutions is a long-term market driver for IoT in Mobility. IoT technology is being used to revolutionize transportation by improving the efficiency, safety, and sustainability of transportation systems. The IoT technology helps in real-time data collection, analysis, and communication between various elements of transportation systems. The global population, increasing urbanization, and the rising demand for transportation have created a need for smart transportation solutions.

However, the COVID-19 pandemic has adversely affected the growth of the IoT in Mobility market. The global lockdowns and restrictions on travel and transportation have resulted in reduced transportation demand, which in turn, has affected the adoption of IoT technology in the transportation industry. The pandemic has forced the industry players to shift their focus on ensuring safety and sanitization measures, rather than investing in IoT technology.

The increasing demand for Electric Vehicles (EVs) is a short-term market driver for IoT in Mobility. The IoT technology is being used to enhance the efficiency and performance of EVs. IoT-enabled EVs come with features like real-time vehicle monitoring, remote diagnostics, and over-the-air software updates, which improves the overall driving experience of consumers.

The opportunity in the IoT in Mobility market lies in the development of Smart Cities. The concept of Smart Cities is gaining momentum around the world to improve the quality of life for citizens by integrating technology into the urban infrastructure. IoT technology plays a pivotal role in the development of Smart Cities by providing smart lighting, smart parking, and smart transportation solutions.

One emerging trend in the IoT in Mobility market is the integration of Connected Autonomous Vehicles (CAVs) into transportation systems. CAVs are vehicles equipped with IoT sensors, Artificial Intelligence (AI), and Machine Learning (ML) algorithms that enable them to communicate with each other and with the transportation infrastructure. The integration of CAVs into transportation systems is expected to revolutionize the transportation industry by improving safety, reducing traffic congestion, and enhancing the passenger experience.

Segmentation Analysis:
The global IoT in Mobility Market segmentation includes:

By Components:
• Hardware
• Services
• Software

Hardware holds the largest share in this segment, owing to the increasing adoption of IoT sensors and devices in vehicles. IoT-enabled hardware provides real-time data collection and analysis, leading to better safety, efficiency, and sustainability in transportation systems. The hardware segment is expected to maintain its dominance during the forecast period. The services segment is the fastest-growing segment in this industry, thanks to the growing demand for IoT analytics, consulting, integration, and support services.

By Vehicle Type:
• E-Bike
• E-Scooter
• Cars
• Trucks
• Others

The trucks segment holds the largest share in this segment, due to the increasing demand for IoT-enabled telematics solutions for fleet management. The trucks segment is expected to continue its dominance during the forecast period. E-bikes are the fastest-growing segment in this industry, thanks to the growing demand for eco-friendly personal transportation solutions. E-bikes equipped with IoT-enabled sensors offer features like real-time tracking, battery monitoring, and remote locking/unlocking, enhancing the overall riding experience.

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By Features:
• Rider and operator Management
• Asset Monitoring & Management
• Telematics
• Safety & Security
• Analytics
• Others

Asset monitoring and management holds the largest share in this segment, owing to the growing demand for IoT-enabled logistics and supply chain solutions. IoT technology allows better asset tracking, inventory management, and alerts in case of theft and tampering. Safety and security are the fastest-growing segments in this industry, thanks to the increasing demand for IoT-enabled safety and security solutions in transportation systems. IoT-enabled safety and security devices offer features like real-time collision detection, emergency alerts, and remote immobilization.

By Deployment Model:
• On-Premise
• On Cloud
• Hybrid

The on-cloud segment holds the largest share in this segment, owing to the growing popularity of cloud-based software-as-a-service (SaaS) models. Cloud-based IoT platforms offer several advantages, including agility, scalability, flexibility, and cost-effectiveness. The on-cloud segment is expected to maintain its dominance during the forecast period. Hybrid deployment mode is the fastest-growing segment in this industry, thanks to the increasing demand for a mix of on-premise and cloud-based solutions. Hybrid models allow organizations to balance their needs for customization, security, and scalability.

Regional Analysis:
North America dominates the IoT in Mobility market, with the largest market share in this segment. The early adoption of IoT technologies in this region, the presence of several key players, and high demand for connected vehicle solutions have contributed to the region's market dominance. The adoption of intelligent transportation systems (ITS) in North America is also driving the growth of the IoT in Mobility market. ITS refers to the integration of advanced technologies into transportation infrastructure for enhancing safety, reducing congestion, and improving efficiency.

Europe is another significant market for IoT in Mobility, with several countries investing heavily in smart transportation initiatives. The European Union (EU) has launched several initiatives, including the European Commission's Intelligent Transport Systems Action Plan, which aims to promote the deployment of ITS in the EU. The high demand for intelligent mobility solutions, including public transport systems and ride-sharing services, is also contributing to the growth of IoT in Mobility in Europe.

Asia-Pacific is the fastest-growing region in the IoT in Mobility market, with a high growth rate projected during the forecast period. Several factors are driving the growth of IoT in Mobility in this region, including the high adoption rate of smartphones and the rapid development of smart cities. The Asia-Pacific region has a large population, high urbanization rate, and supportive government policies that promote the adoption of IoT technologies in transportation. The region's focus on smart city initiatives, including smart transportation systems, is also driving demand for IoT in Mobility.

The Rest of the World (RoW) segment includes regions such as the Middle East, Africa, and Latin America. The RoW market for IoT in Mobility is relatively small but is expected to grow during the forecast period, thanks to the increasing adoption of IoT technologies in transportation systems. The growth in this segment is driven by the development of smart cities and the increasing demand for connected vehicles.

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Latest Industry Developments:
• In April 2022, Ford and Google announced a strategic partnership to accelerate Ford's digital transformation and reinvent the connected vehicle experience. The partnership will leverage Google's cloud platform, artificial intelligence, machine learning, and data analytics capabilities to enhance Ford's customer experience, modernize operations, and power connected vehicle technologies.

• In March 2022, Bosch launched a new IoT-based solution for micromobility called Coup. Coup is a platform that connects e-scooters, e-bikes, and other electric vehicles with users via a smartphone app. Coup enables users to locate, book, unlock, and pay for their rides using their phones. Coup also provides fleet operators with data insights and predictive maintenance services.

• In February 2022, Verizon and HERE Technologies announced a collaboration to explore cutting-edge applications of Verizon's 5G Ultra Wideband network and HERE's location technology for connected mobility solutions. The collaboration will focus on co-innovation and co-commercialization of solutions for vehicle-to-everything (V2X) communication, HD mapping, real-time traffic management, and autonomous driving.

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This release was published on openPR.