Internet of things is transforming every technological market and is the most influential factor within several technologies at present. The application of IoT in intelligent transport system (ITS) would bring effective measures as a solution to the transportation problems. Improved safety, higher reliability, and more convenience are key features of IoT in intelligent transportation system. Automation and predictive maintenance of the vehicles are most influencing factors for the IoT in intelligent transportation system. Further, big data analytics is expected to improve its overall efficiency in coming years. For instance, CRON Systems is helping to secure Indian borders with the help of IoT based autonomous trucks and is predicting the potential threat using big data analytics.
Improved transportation solutions and better supply chain management are factors boosting the growth of IoT in intelligent transportation market. Further Capital investment in IoT based software and effective solution to traffic congestion would also fuel the market in coming years. According to news from International Data Corporation, supply chain providers are expected to spend over $200 billion over IoT technology in 2017. High installation cost and increased complexity due to big data analytics might hinder the growth of market. Increasing R&D over predictive maintenance is expected to offer lucrative opportunities for the IoT in ITS market.
Geographically, global market is segmented as North America, Europe, Asia-Pacific, and Rest of the world. Maritime transportation carries over 80% of trade by volume and 70% by value of the global trade. The increased need for route optimization and cargo tracking would propel the market in future. Software has a major role to play in this market owing to longer life cycles of the devices and cost effective matrix.
The market can be identified by presence of large number of small and medium size players. The market is estimated to witness the entry of few new players. Merger and acquisition is the most significant strategy of the market and adopted by several market leaders to gain a competitive edge over other vendors. For instance, Cisco Systems, Inc. acquired Jasper, an industry-leading cloud-based Internet of Things (IoT) service platform, in March 2016.
IoT in Intelligent Transportation Market Segmentation
By Revenue Source
Hardware Market By Component
â¢ Display Hardware
â¢ Positioning Hardware
â¢ Network Equipment (Routers, Antennas, NFC, Hub, RFID)
â¢ Other Hardware
Software Market By Application
â¢ Operation Management
o Passenger Management
o Revenue Management
o Workforce Management
â¢ Logistics and Fleet Solutions
o Management Solutions
o Tracking Solutions
â¢ Ticketing Software
â¢ Traffic Solutions
o Signaling System
o Traffic Analytics
o Communication Solutions
o The incident detection
â¢ Passenger Management Solutions
o On-Board System
o Location-based information
o Infotainment Solutions
â¢ Advance Driver Assistance (ADAS)
â¢ Installation and Integration Services
â¢ Maintenance and Management Service
By Industry Vertical