IOT in Transportation Market to Reach USD 495.57 Billion by 2030: Growth opportunities, Trends, Industry Analysis, and Forecast

Allied Market Research recently published a report, titled, "IoT in Transportation Market by Type (Hardware, Software, and Services), Mode of Transport (Roadways, Railways, Airways, and Maritime), and Application (Traffic Congestion Control Systems; Automotive Telematics; Reservation, Toll, & Ticketing Systems; Security & Surveillance Systems; Remote Monitoring; and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global IoT in transportation industry was pegged at $83.25 billion in 2020, and is expected to reach $495.57 billion by 2030, growing at a CAGR of 19.9% from 2021 to 2030.

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Covid-19 scenario:

➢ The outbreak of Covid-19 affected the global IoT in transportation market due to the adoption of a work-from-home culture by many governments, public, and private entities.

➢ Prolonged lockdown to curb the spread of the virus severely impacted the market growth. Furthermore, automatic and contactless interaction which is now being explored as one of the most popular proposals for integrating IoT in the transportation sector was affected negatively during the pandemic.

➢ Furthermore, in response to rising concerns about truck parking, numerous transportation organizations have implemented automatic parking systems to keep trucks safe while also minimizing the spread of COVID-19.

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By region, the global IoT in transportation market across North America dominated in 2020, accounting for nearly two-fifths of the market, due to large number of vendors and favorable government policies. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 22.6% during the forecast period, owing to large population base and hub for global goods transportation. The report also includes an analysis of Europe and LAMEA segments.

By mode of transportation, the rail segment is projected to manifest the highest CAGR of 25.3% from 2021 to 2030, owing to rise in improvements in operational efficiency, passenger experience, and the operators' return on investments along with the need for advanced analytics for enhanced reliability and safety. However, the road segment held the largest share in 2020, contributing to nearly two-fifths of the global IoT in transportation industry, as it addresses problems such high maintenance costs, accidents, and loss of life. The report also includes an analysis of air and maritime segments.

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Rise in internet penetration and lower costs of powerful sensors and controllers have boosted the growth of the global IoT in transportation market. In addition, increase in advances in information, communication, and technology (ICT) fuels the market growth. On the contrary, poor internet infrastructure in developing countries hinders the market growth. However, surge in adoption of cloud computing and analytics is projected to provide lucrative opportunities in the coming years.

The report presents in-depth insights into each of the leading Iot in transportation end user verticals along with annual forecasts for 2030. The report provides revenue forecast with sales, and sales growth rate of the global Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.

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Leading Market Players:

➢ AT&T Inc.

➢ TomTom N.V.

➢ IBM Corp.

➢ Verizon Communications Inc.

➢ Alcatel-Lucent

➢ Garmin International Inc.

➢ Denso Corp.

➢ General Electric

➢ Cisco Systems, Inc.

➢ Thales Group

These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Current and future iot in transportation market trends are outlined to determine the overall attractiveness of the market.

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