Internet of Things (IoT) in Intelligent Transportation System Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global internet of things (I0T) in intelligent transportation system market is anticipated to grow at a CAGR of nearly 20.0% during the forecast period (2022-2028).The major factor expected to drive the market grow this the growing focus on data collection regarding vehicle performance, wear & tear tracking for tires, telematics feedback, user driving behavior, and vehicle efficiency. In addition, increasing focus on R&D to improve IoT integrated software and reduce the cost associated with its operation are some factors accelerating the demand for IoT in intelligent transportation system. The rising demand for intelligent traffic control, enhanced transportation safety through IoT connected devices, and investment by market-leading players on advanced IoT drove technology are further boosting the market growth. Further, the use of IoT enables easy access to transport services with interconnected mobile devices enabling real-time data sharing and remote data access along with it provides crucial information regarding driver activity monitoring, easy route management, analysis of fuel consumption, and several other important factors. This will further boost the global IoT in intelligent transportation system market during the forecast period.

Some major players in the market include Cubic Corp., Cisco Systems Inc., and NEC Corp., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. In May 2021, the Cubic transportation system a part of Cubic Corp. has awarded by Omaha Metro Transit US to deliver its’ Umo Pass Solution a pass solution that will empower Omaha Metro Transit riders to seamlessly plan and pay for transit journeys through a single fare payment system. Additionally, in January 2019, Iteris, Inc. entered into a partnership with Cisco Systems Inc. for enabling the organization to integrate IoT solutions provided by Cisco system Inc. in the public transportation services in the US.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Component
  • By Application
  • By End User
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

• Competitive Landscape-Cubic Corp., Cisco Systems Inc., and NEC Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Internet of Things (IoT) in Intelligent Transportation System Market Report by Segment

By Component

• Wireless/Cellular Components
• Semiconductor Components

By Application

• Telematics
• Infotainment
• Advanced Driver Assistance System (ADAS)

By End User

• Roadways
• Railways
• Airways
• Maritime