The global IoT in intelligent transportation systems market is anticipated to be driven by the rising focus of industry players on research and development, aimed at enhancing the integrated IoT software in order to minimize the cost of operation associated with these tools.
Furthermore, the increasing focus on data collection pertaining to tire wear and tear tracking, user driving behavior, vehicle efficiency, telematics feedback, and vehicle performance is likely to positively influence the development within the global IoT in intelligent transportation systems market in the coming years.
Some other notable driving factors bolstering the demand within the global IoT in the intelligent transportation systems market include rising demand from travel and tourism as well as the automotive industry and increasing focus of industry players on portfolio expansion through the inclusion of advanced technological solutions powered by IoT.
On the other hand, the rising concerns pertaining to data security as well as the high initial investment intended for technological set-up may hamper the growth within the global IoT in intelligent transportation systems (ITS) market in coming years. Few of the major end-users for the products and solutions offered by the players in the global IoT ITS market include railways, maritime, roadways, and airways. Applications for the solutions in the global IoT include infotainment, telematics, and advanced driver assistance system or ADAS.
The global IoT in intelligent transportation systems market is highly competitive owing to the rising efforts by topmost industry players to expand their user base around the world. Some of the major and leading corporate growth strategies adopted by the major players operating within the global IoT in intelligent transportation systems market include joint ventures, mergers and acquisitions, and strategic partnerships, among others.
Some of the leading incumbent players and vendors operational within the global IoT in intelligent transportation systems market are Garmin Ltd., Huawei Technologies Co. Ltd., Intel Corporation, Microsoft Corporation, Siemens AG, Thales Group, Cubic Transportation systems, Inc., Hitachi Transport System co. Ltd., IBM Corporation, Iteris, Inc., NEC Corporation, and sierra wireless, Inc., among others.
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