Published: June 30, 2016 | London, UK
According to the latest market study released by Technavio, the global IoT market in the transportation sector is expected to grow at a CAGR of close to 17% during the forecast period. This research report titled Global IoT Market in the Transportation Sector 2016-2020 provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global IoT market in the transportation sector is expected to reach USD 195 billion by 2020, should the market retain a CAGR of close to 17% during the forecast period. With increased investment in connected devices coupled with digitization in the transportation sector, the market is likely to grow at a tremendous rate over the next four years. As per Technavio’s evaluation, the number of connected devices in the industry verticals should reach 21 billion by 2020.
Smart sensors are embedded in electronic devices for wireless connectivity and communication between devices and systems. It has been estimated that the global smart sensor market will grow by 21% on YoY basis, in 2016.
The number of chips shipment for IoT applications is increasing rapidly. The semiconductor market offers significant opportunity due to the need for connectivity between electronic devices and IoT systems. Firms should minimize the cost of semiconductor chips and also included innovative features to increase sales and the use of semiconductor chips for IoT solutions.