A new research report has shown that the Internet of Things (IoT) in transportation market was expected to reach US $143.93 billion by 2020 at an estimated CAGR of 8.95 percent from 2014 to 2020. 
The report published by MarketsandMarkets said Africa was the leading region in the overall IoT in transportation market, followed by Asia-Pacific (APAC) and the Middle East. According to the report titled, ‘IoT in Transportation Market by Components (Semiconductor, Wireless, and Others), Products, Software & Services, Verticals (Road, Rail, Air, and Maritime), Solutions, Applications, and Geography – Analysis & Forecast to 2014 – 2020’, the IoT in transportation was a very dynamic market and entailed a great potential across many industry verticals. The advancements in technology due to the never ending R&D in this sector made it one of the prominent segments in the current IT industry scenario. The components, devices, and products had continuously developed from their traditional operations to meet the demands of the growing IoT technology. The highlighting features of IoT in transportation included higher efficiency, better properties to withstand rough environmental conditions, and a longer life that was best-suited for multiple transportation applications, said the report.
This global report gives a detailed view of the market across geographies The Americas, Europe, APAC, Middle East, and Africa. The Americas is the largest geography in terms of the IoT in transportation market value. APAC was identified as the fastest growing region. Europe was a “very promising market”, while the Middle East and Africa were also impetus to the growth. The major players in IoT in the transportation market include Garmin International, Ltd. (U.S.), Thales Group (France), TomTom N.V. (The Netherlands), Denso Corp. (Japan), Alcatel-Lucent (France), Sierra Wireless, Inc. (Canada), AT&T, Inc. (U.S.), Verizon Communications (U.S.), Intel Corp. (U.S.), among others.
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