According to a study, this sector will go from representing a turnover of about 41,570 million dollars in 2015 to 249,000 million dollars in 2025.
Market research company Transparency Market Research has presented the findings of a report analyzing the Internet of Things (IoT) sector in the intelligent transportation system, according to which this market will move from about $ 41.57 billion in 2015 to 249 billion dollars in 2025. This means a compound annual growth rate of 19.8% up to that year.
According to this document, IoT is transforming the transportation sector with the generation of intelligent transport systems (ITS) that help optimize logistics and fleet management, goods and services, traffic management assistance, etc. It also helps in tracking and delivering goods. That is why, because of so many perceived benefits, the global IoT market in the smart transport system is expected to increase at a solid pace.
Based on components, this sector can be divided into software, hardware and services. Among them, the first represented the maximum revenue share in 2016. This section, which includes hardware such as RFID, sensors, etc., is installed in vehicles operating on the road; and this helps to monitor the speed of the vehicle, not skipping signals and other functions that serve to improve the safety of drivers.
Solutions included in this section include smart parking, traffic management, passenger training, fleet management, as well as telematics and security solutions. In addition, they assist in the advanced transportation management system that includes traffic control, electronic toll collection and network solution management. In addition, the demand for fleet management solutions to improve freight services is also strengthening the IoT in the market for intelligent transportation systems around the world. These solutions help in the management of commercial vehicles by monitoring, reducing fuel consumption and maintaining a token on drivers.
Finally, and geographically speaking, it stands out North America, which dominates the market with a maximum participation in the income. In the years to come, the region is also expected to maintain its leadership position at $ 85.87 billion by 2025.