DUBLIN, Oct. 27, 2023 /PRNewswire/ -- The "IoT in Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to  ResearchAndMarkets.com's offering.

The global Internet of Things (IoT) in transportation market, which reached USD 119.3 billion in 2022, is poised for significant growth. Market analysts anticipate it will reach USD 372.7 billion by 2028, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period of 2023-2028.

Key Market Insights:

1. IoT in Transportation Defined: IoT in transportation refers to the technology solution used to connect mechanical equipment, vehicles, and objects to the internet. It utilizes actuators, embedded sensors, and other devices to collect and transmit data about real-world activities, including road conditions, traffic, vehicle diagnostics, driving behavior, fuel usage, and speeding alerts. This technology finds extensive application in remote monitoring, traffic congestion control, automotive telematics, security and surveillance, reservation, toll and ticketing systems, among others. IoT in transportation plays a pivotal role in improving safety, enhancing operational performance, enhancing customer experiences, and optimizing maintenance processes by reducing complexities and enabling remote diagnosis and real-time monitoring. It is widely adopted in airways, railways, maritime, and roadways.

2. Railway System Growth: The global railway system is witnessing significant growth, driven by the increasing demand for urban connectivity. IoT in railways is commonly used for passenger flow management, timetable optimization, capacity optimization, and predictive maintenance. Smart railway systems equipped with IoT-enabled sensors and devices are enhancing operational efficiency and safety while reducing delays.

3. Roadway Vehicle Adoption: IoT adoption in roadway vehicles is on the rise due to the growing need for interconnected mobility solutions that reduce commute times and alleviate road traffic. Factors such as rising consumer spending capacity, improved internet connectivity, substantial expansion in the information and communications technology (ICT) sector, and government initiatives for smart city development are contributing to market growth.

Market Segmentation:

The global IoT in transportation market is segmented based on type, mode of transport, and application.

By Type:

• Hardware

• Software

• Services

By Mode of Transport:

• Roadways

• Railways

• Airways

• Maritime

By Application:

• Traffic Congestion Control Systems

• Automotive Telematics

• Reservation, Toll, and Ticketing Systems

• Security and Surveillance Systems

• Remote Monitoring

• Others