Albany, NY -- (SBWIRE) -- 07/23/2018 -- Based on component, the global market for IoT in intelligent transportation system can be broadly divided into software, hardware, and services. Among them, the segment of hardware accounted for 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 up the safety of drivers.

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"IoT is transforming the transportation sector with the generation of intelligent transportation system (ITS) that helps to optimize logistics and fleet management, goods and services, traffic management driver assistance, etc.

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ITS helps in automating railways, roadways, airways and marine vessels. It also helps in tracking and delivery of goods," explains the lead analyst of the TMR report. On account of so many unique perceived benefits, the global market for IoT in intelligent transportation system is expected to rise at a solid pace.

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Wide Array of Applications Promote Uptake

IoT in intelligent transportation system is being leveraged for smart parking solutions, traffic management solutions, passenger entertainment, fleet management and telematics solutions, and security solutions. In addition, they aid in advanced transportation management system that includes traffic control, electronic toll collection, and management of networking solutions. IoT in advanced transportation management system uses communications, sensing, and data-processing technologies to reduce traffic problems and sudden incidents.