IoT (Internet of Things) 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.

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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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