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IoT Market in the Transportation Sector to Grow at CAGR of 16.9%
July 7, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global IoT Market in the Transportation Sector 2016-2020" report to their offering.
The global internet of things (IoT) market in the transportation sector to grow at a CAGR of 16.9% during the period 2016-2020.
Global Internet of Things (IoT) Market in the Transportation Sector 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The report covers the present scenario and the growth prospects of the global internet of things (IoT) market in the transportation sector for 2016-2020. To calculate the market size, we consider the global IoT spending on public, private, and commercial transportation systems. The IoT spending also includes revenue generated by vendors from the sales of software, hardware, cloud-based IoT solutions, smart devices and components used in the transportation sector to construct an IoT environment.
A trend influencing market growth is the emergence of M2M communication systems. M2M enables machines to connect and interact securely over a network. It also keeps track of safety and security measures by providing remote access, 24/7 monitoring, and automated emergency response. M2M is an important feature in the telecom and IT landscape as it helps connect remote sensing, monitoring, and actuating devices. M2M communications systems in the transportation sector is gaining prominence quickly in the market. These systems enable communication among smart devices over a wired or wireless networking infrastructure.
According to the report, a key growth driver is the need to automate transportation management systems. Automation of the transportation management system for advances in transportation system is a major factor behind the increased adoption of IoT solutions. Automated transport management solutions increase safety, security, and visibility, efficiency of tracking systems, as well as reduce transportation costs. IoT-enabled smart devices help manage logistics systems by monitoring and tracking real-time vehicle position in the supply chain management system.
Further, the report states that one challenge that could restrict market growth is the complexity associated with IoT integration.
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