Some of the prominent participants in the global market for Internet of Things (IoT) in intelligent transportation systems are Intel Corporation, Cisco Systems, Cubic Transportation Systems, Siemens AG, Thales Group, TomTom NV, TransCore Holdings, Inc., Verizon Telematics, Microsoft Corporation, Garmin Ltd., NEC Corporation, Watson Internet of Things (IBM), Huawei Technologies Co., Ltd., Hitachi Transport System Ltd., and Iteris Inc.
Most of them are investing heavily in developing such solutions. As a result, the market for IoT in intelligent transportation systems is slated to make significant progress in the years to come. A report by Transparency Market Research predicts the market to rise at a 19.8 percent CAGR during the period between 2017 and 2025. At this pace, the market will likely attain a value of US$249.84 billion by 2025 compared to $41.57 billion in 2015.
Based on components, the global market for IoT in intelligent transportation systems can be broadly divided into software, hardware and services. Among them, the segment of hardware accounted for the maximum share in revenue in 2016. Hardware such as RFID, sensors, etc. is installed in vehicles plying on the road. They help to monitor the speed of the vehicle, jumping of signals, and other things which serve to increase driver safety.