IoT in Intelligent Transportation Systems Market Growing Steadily with Improving Technology

IOT (internet of things) refers to the interconnection between physical devices to facilitate data transfer among varied devices. These interconnected devices are referred to as smart devices. Buildings and other physical devices are connected with the help of actuators, sensors, software and this embedded software system helps to exchange data among these physical devices. With the advent of IOT devices, there is greater utilization of IOT device management market and it is expected that the market will follow stable growth path during the forecast period. Internet of Things (IoT) is significantly transforming the transportation industry with the advent of next generation intelligent transportation systems that will help in optimizing the movement of goods, services and people thereby improving economic conditions, enhancing public safety, and the environment at large.

Intelligent systems for the transportation industry or smart transportation will help in automating roadways, railways, airways which enhances passenger experience and reshapes the merchandise and cargo are tracked, transported and delivered thereby improving business opportunities for service and solution providers. The opportunities of the global internet of things in intelligent transportation systems are abound across various industries and application segments such as, transport logistics applications, guidance and control systems, smart vehicle applications, security and surveillance systems, passenger entertainment and commerce applications and fleet telematics and management solutions among others.

Internet of things in intelligent transportation systems are applied in various applications such as, advanced transportation management systems, advanced traveler information systems, and advanced vehicle control systems among others. Advanced transportation management systems includes managing of network solutions, controlling of traffic light, collection of electronic toll, and prediction of road congestion among others. Advanced traveler information systems relates to the information provided to travelers pre-trip and during the course of the trip in the vehicle. Further, advanced vehicle control systems relate to the utilization of technologies that enhance a driver’s vehicle safety and control over the vehicle.

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Huge investments and research and development in internet of things, rise in need for decrease in travel time, improved safety and reliability, reduced expenditure, improvement in emergency response are some of the factors which are expected to boost the growth of the market during the forecast period. From the economic point of view, internet of things in intelligent transportation systems will lead to increase in productivity owing to improved freight service and will also ensure on time and real time delivery of goods and services. Reduction in air pollution, and savings of fuel are also expected to fuel the growth of the market and further drive the market’s growth trajectories.

The global internet of things market in intelligent transportation systems have been segmented based on product type, end-use industry, application and region.

Based on product type, the market has been further segmented into, sensors, telematics, connectivity modules and others. The intelligent transportation systems uses various sensors for traffic safety warning signals and advanced driver assistance systems. Telematics are defined as in-vehicle networking systems offering infotainment and safety services. Further connectivity modules such as Bluetooth and NFC-enabled devices helps in enabling advanced navigation systems, information sharing through social media and connecting the drivers’ smart phones, and smart screens with the vehicle thereby providing diversified vehicle information services.

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Based on end-use industry the market has been segmented into, roadways, railways, marine industry, and airways. Marine and airways are expected to hold considerable market share owing to increase in overseas trade and globalization between different economies across the globe.

Some of the key players operating in this market are, Siemens AG (Germany), Schneider Electric S.E. (France), Legrand SA (France), Honeywell International, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Tunstall Healthcare Ltd. (U.K.), Assisted Living Technologies, Inc. (U.S.), CareTech AB (Sweden), Vitaphone GmbH (Germany), and ABB Group (Switzerland) among others.

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