IoT with its ability to ease functionalities has piqued the interest of many. In today’s age of the internet, the IoT adoption rate, tells tales of its potential and business value. Today, markets are flourishing with IoT devices, a few years back, IoT was just an abstract concept, but now its massive adoption has prompted many businesses to follow the IoT trend.
The transportation industry is also not behind, in fact, it is amongst the first, to implement IoT into vehicles. As per Allied Market Research, IoT in the global transportation market was valued at $135.35 billion in 2016 and is estimated to reach $328.76 billion by 2023, growing at a CAGR of 13.7% from 2017 to 2023. Further, as per Deloitte “IoT Innovation Report”, the Boston Consulting Group estimates that companies by 2020 will be spending around $310 billion annually on IoT, with a major chunk of these spending going to the manufacturing, energy and transportation industries. These figures clearly indicate that IoT is poised to transform the transportation industry. Further, as most of the cities are progressing towards the smart city concept, IoT will play a major role in solving the city’s transportation issues. Already, IoT sensors and other methods to gather data are in place, which assesses traffic congestions and preplans a way through the city, in the shortest amount of time. Further, IoT can help investigators to solve vehicle ownership disputes, on the spot.
Many IoT pilots are already in place, for example, the city of Portland, Oregon, in 2017 approved a plan to install traffic monitoring sensors. Similarly, the city of San Diego in 2018 announced an IoT pilot project to help improve traffic congestions, parking space problems, and streetlight efficiency. Additionally, IoT is also being increasingly utilized to develop self-driving cars using camera sensors and radar.