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IoT in Transportation Market to Reach $495.57 Bn, Globally, by 2030 at 19.9% CAGR: Allied Market Research
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.
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Based on type, the hardware segment held the largest share in 2020, accounting for more than half of the global IoT in transportation market, due to rise in demand for IoT devices, low-cost hardware demands, and the requirement for multiple sensors and chips for smart devices. However, the software segment is estimated to register the highest CAGR of 24.7% during the forecast period, owing to rise in the Internet of Things market, prediction & analytical software, growth in cognitive intelligence applications, increase in use of the application in smart devices, and growing concern for system. The report also includes an analysis of services 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.
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.
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