IoT in Intelligent Transportation Systems: Introduction
- IoT in Intelligent transportation systems enables easy access for the transport services with interconnected mobile devices enabling real-time data sharing and remote data access.
- IoT in intelligent transportation systems provides crucial information regarding driver activity monitoring, easy route management, analysis of fuel consumption, and several other important factors.
- IoT in intelligent transportation systems delivers a better user experience with its real-time data transfer for better management of user schedules and enhanced communication through internet connectivity which is anticipated to drive IoT in intelligent transportation systems market across the globe.
- IoT integration with vehicles to decrease cases of accidents is gaining traction in developed economies which represent promising growth opportunities for the IoT in intelligent transportation systems market.
Global IoT in Intelligent Transportation Systems Market: Dynamics
Global IoT in Intelligent Transportation Systems Market: Key Drivers
- Growing focus on data collection regarding vehicle performance, wear & tear tracking for tyres, telematics feedback, user driving behavior and vehicle efficiency can be used to apply analytics for better logistic operations further driving IoT in intelligent transportation systems market.
- Increasing focus on R&D to improve IoT integrated software and reduce the cost associate with its operation are the major factors contributing to the growth of IoT in intelligent transportation systems market over the forecast period.
- Rising demand for intelligent traffic control, enhanced transportation safety through IoT connected devices, and investment by market leading players for expanding the product portfolios with advanced IoT driven technology is anticipated to boost the market growth for IoT in intelligent transportation systems market in the coming years.
- End-user industries such as infrastructures, automotive and travel & tourism are understanding the future potential of the technology creating a strong demand for IoT in intelligent transportation systems market. For instance, in January 2019 Iteris, Inc. a software and solution provider for intelligent transportation and agricultures partnered with Cisco Systems Inc. enabling the organization to integrates IoT solutions provided by the Cisco system Inc. into its public transportation services in the U.S.
- However, increasing concern for data security and high initial investment for IoT setup are the major challenges hampering the growth of IoT in intelligent transportation systems market.
Impact of COVID-19 on the Global IoT in Intelligent Transportation Systems Market
- Covid-19 pandemic disrupted the transportation industry across the globe accounted for restrictions imposed by nations to prevent the spread of virus. Several manufacturers were facing supply deficiency to maintain the production flow with failure in import and export logistic in the midst of covid-19 pandemic. However, government initiatives across the globe to recover economic situation in the country has resulted into key focus on regional and global transportation. Organizations are investing in IoT integration to safeguard the transportation operations in future events which is projected to act as a catalyst for the growth of IoT in intelligent transportation systems market.
North America to Hold Major Share of the Global IoT in Intelligent Transportation Systems Market
- In terms of region, the global IoT in intelligent transportation systems market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global IoT in intelligent transportation systems market in 2020 owing to the investment by key market players operating in the region.
- U.S. accounted for largest market share in the region considering rapid integration of IoT technology by and growing concern for transportation safety in the country.
- Asia Pacific is expected to gain significant market share in IoT in intelligent transportation systems market over the forecast period accounted for government initiatives to promote safe transportation in the countries such as India and China.
Global IoT in Intelligent Transportation Systems Market: Competition Landscape
IoT in intelligent transportation systems market is highly competitive with leading players competing to gain larger market share and expand user based across the globe. Prominent market players are focusing on mergers, acquisitions, partnerships and joint ventures as key strategy to gain competitive advantage. For instance, in April 2021, Iteris, Inc. formed collaboration with Continental AG to developed innovative solutions for moderns interconnected mobility infrastructure.
Key players operating in the global IoT in Intelligent Transportation Systems market include:
- Cisco Systems, Inc.
- Cubic Transportation Systems, Inc.
- Garmin Ltd.
- Hitachi Transport System Ltd.
- Huawei Technologies Co. Ltd.
- IBM Corporation
- Intel Corporation
- Iteris, Inc.
- Microsoft Corporation
- NEC Corporation
- Siemens AG
- Sierra Wireless, Inc.
- Thales Group
Global IoT in Intelligent Transportation Systems Market: Research Scope
Global IoT in Intelligent Transportation Systems Market, by Component
- Wireless/cellular components
- Semiconductor components
Global IoT in Intelligent Transportation Systems Market, by Solution
Global IoT in Intelligent Transportation Systems Market, by Application
- Advanced driver assistance system (ADAS)
Global IoT in Intelligent Transportation Systems Market, by End-user
Global IoT in Intelligent Transportation Systems Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.