According to a new report published by Allied Market Research, titled, “IoT in Transportation Market by Connectivity Technology, Mode of Transport, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global IoT in transportation market was valued at $135.35 billion in 2016, and is projected to reach $328.76 billion by 2023, growing at a CAGR of 13.7 percent from 2017 to 2023.
The software segment is anticipated to witness the highest growth rate during the forecast period.
North America was the highest revenue contributor to the global market in 2016, due to its advanced technical aspects and high adoption of IoT across industry verticals.
In addition, enhanced internet connectivity; decreased cost of powerful sensors and controllers; growth in information, communication and technology; and government initiatives in the several developed and the developing regions, including North America, Europe and Asia Pacific, drive the market growth.
Moreover, Asia-Pacific is anticipated to witness a significant growth rate during the forecast period, owing to growth in the emerging economies, such as China and India, rapid urbanization, and other factors.
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