IoT is currently in the nascent
stage and is being used to multiple advantages. As more developers, businesses,
and people become more familiar with its capabilities and it continues to
expand, there would be increased innovative tools and systems that can be put
to use.
IoT in transportation would
contribute to a rise in the economic opportunity. It is estimated that this
technology would be a multi-trillion dollar global opportunity over the next
decade. The growth in this market would be dramatic over the next quarter of
the century as more organizations and governments deploy the Internet-enabled
technology across transportation industries. The major economies that play
vital roles in the power electronics ecosystem include the Americas, Europe,
APAC, Middle East, and African nations.
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The Americas is the market leader
in the overall IoT in transportation market. This region is followed by Europe,
APAC, Middle East, and Africa respectively. The major reason for this growth is
the transportation system in the Americas, which is very strong. All the major
cities in this region are connected via road, rail, and airway. Developments of
components, products, software, and services are being carried out on a large
scale in this region. Additionally, Europe is the second best market leader in
the IoT in transportation market.
IoT in transportation has been
recognized as a major discipline in the industry and with the saturating trend
of technologies, it would have a tremendous impact on various applications it
is used for. IoT tends to be the high tech frontier in the overall IT domain.
The role of IoT would be very
important in future and versatile for the socio-economic development. The
components, devices, software, and services have merged together to create a complex
interdisciplinary technology, which would be an important element in multiple
applications associated with transportation.
It is observed from the graph
that 74% of companies are exploring IoT in transportation for external
applications, such as for operations and various complex processes that are not
easy in the day-to-day cycle.
Additionally, 76% of the companies
are exploring and implementing IoT in transportation for their products and
services, while 24% companies are yet to get well versed with IoT. Globally, it
is estimated that around 70% of the data would be generated from IoT in
transportation and moreover, the American transportation industry would have a
major role to play in the overall IoT in transportation market.
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