Jay Clemens
MarketsandMarkets has forecast in a new report that the Internet of Things within the transportation market will reach $143.93 billion worth by 2020 as the sector’s research and development programs continue to expand.
MarketsandMarkets said Monday that the IoT software plays a large role in the transportation sector due to the properties’ resistance to environmental conditions and the longer life cycle of connected devices.
The report sets the market’s compound annual growth rate at 8.95 percent from 2014 through 2020.
MarketsandMarkets lists Garmin International, Thales Group, TomTom N.V., Denso Corp., Alcatel-Lucent, Sierra Wireless, AT&T, Verizon Communications and Intel as among the tier-one market players.
The report also noted a growth in collaboration between the tier-one market players and the value and supply chain.
MarketsandMarkets also identifies the Asia-Pacific region as the market’s fastest growing region.
