New York, April 05, 2023 (GLOBE NEWSWIRE) -- By 2032, it is expected that the global IoT in Intelligent Transport System Market would reach a value of US$ 377.0 billion. A consistent CAGR of about 7.9% is anticipated between 2023 and 2032. In 2022, the market had a value of around US$ 176.0 billion.
The networking of physical tools and equipment is known as the internet of things (IoT). The automotive, communications, healthcare, industrial, and retail industries are all affected.
It makes use of device connectivity to remotely detect or control objects. It offers a wide range of services, including traffic congestion control, car telematics, road tax and payment systems, remote monitoring, and others.
It can be found in a variety of settings, including digital energy plants, smart grids, smart households, and smart cities. One of the most crucial platforms for technologies such as connected cities and intelligent electrical systems is the internet of things (IoT).
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IoT technology makes it possible to give clients more precise, current, and real-time analytics to help with trip planning and enhance communication. It makes an effort to gauge variables including rail speeds, issues with aircraft parts, the state of roadways, and the variety of vehicles at intersections.
Use of IoT-enabled technologies has the potential to increase global transportation system security. The transportation industry holds enormous potential for IoT, but this potential also heavily depends on how rapidly enterprises adopt new technologies. With such a quick change, it would be able to provide users, governments, and enterprises with better customer service in addition to greater economic opportunities.
In the next ten years, it is projected that both the need for sophisticated traffic control and the level of transportation safety would rise. IoT-connected device usage is on the rise, and market leaders have invested in cutting-edge IoT-driven technologies to diversify their brand portfolios.
Another important element that would propel the market is increasing emphasis on research and development to enhance IoT integrated software. Numerous businesses are currently conducting research to lower operational expenses, which is expected to further expand demand for IoT in intelligent transportation systems.
Key Takeaways from IoT in Intelligent Transport System Market
- The global IoT in intelligent transport system market showcased considerable growth at a CAGR of 11.3% during the historical period.
- North America IoT in intelligent transport system market size was US$ 62.0 billion in 2021.
- The USA IoT in intelligent transport system market is expected to be worth US$ 115.3 billion by 2032.
- The United Kingdom IoT in intelligent transport system market showcased decent growth at a CAGR of 10.1% from 2017 to 2021.
- By component, the hardware segment is expected to boost at a CAGR of 7.8% from 2022 to 2032.
“In the railway sector, IoT is frequently used to manage schedules, maximize capacity, and carry out preventive maintenance. The industry is hence able to improve operational effectiveness and safety while decreasing delays.” – Says a lead analyst.
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Competitive Landscape: IoT in Intelligent Transport System Market
Important IoT in intelligent transport system market players are working to increase their global clientele. They mostly want to take part in mergers, acquisitions, joint ventures, and collaborations. A few other businesses are making investments in research & development initiatives to create new items.
For instance,
- In April 2022, The Ministry of Electronics and Information Technology introduced a Common SMart IoT Connectiv software, Bus Signal Priority System, and an Onboard Driver Assistance and Warning System. These were developed jointly with the Indian Institute of Technology Madras and the Center for Development of Advanced Computing. The government aims to enhance infrastructure of highways across India.
Get More Exclusive Insights into IoT in Intelligent Transport System Market Study
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the IoT in intelligent transport system market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2023 to 2032.
The study reveals extensive growth in the IoT in intelligent transport system in terms of
- Component (hardware, software, services),
- Vertical (roadways, railways, airways, maritime),
- Application (telematics, infotainment, advanced driver assistance system), and regions.
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