According to a new report published by Reports Monitor titled, “IoT in Intelligent Transportation System Market By Components, Applications and Vertical: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the IoT in Intelligent Transportation System Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America dominates the IoT in Intelligent Transportation System Market, and is expected to maintain this trend throughout the forecast period.
Intelligent Transportation System (ITS) is using the Internet of Things (IoT) platform which has three components; the sensor system, monitoring system and the display system. The sensor system has Global Positioning System (GPS), Near Field Communication (NFC), Temperature and Humidity sensors, are always connected with the internet via a GSM network. It functions as tracking the location, commuter and ambience inside the bus. The monitoring system is used to extract the raw data from the sensors database, convert it in to a meaningful context.
Transportation market is the world’s second largest consumer market and is entering a period of significant change, with new technologies, products and services. Growth in Information, Communication, & Technology, Heavy investment on IoT infrastructure and integration of technology in transportation systems are acting as a growth factors for IoT in intelligent transportation Market. Need of smart transport management solutions to ensure the safety on roads is also fuelling the advancements in transportations systems. Demand for automation and analytics are the factors that reduce the cost of powerful sensors and controllers required in IoT systems.
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Global IoT in intelligent transportation Market is segmented majorly on the basis of components (Hardware, Software & Services), Applications (Telematics, In-Vehicle, Vehicle-To-Vehicle, Vehicle-To-Infrastructure and Others) & Vertical (Airway, Maritime, Railway and Roadway).
North America is expected to be the largest market for IoT in Intelligent Transportation Systems. North America is technological advanced and developed region and has many global companies that are engaged in IoT platforms. Existence of Major players makes North America a dominating region for this market.
Key Question Answered:
• What will be the market size in 2025 and at what rate it will grow?
• What trends, barriers, challenges are influencing its growth?
• Who are the major key players in Global IoT in Intelligent Transportation System Market and what are their strategies?
• What segment and region will lead the market and why?
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The major companies profiled in the report include: Cisco Systems, Garmin Ltd, Hitachi Transport System, Intel Corporation, Microsoft Corporation, NEC Corporation, Siemens AG, Thales Group, Verizon Telematics, and IBM Corporation.
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