IoT in Transport – rise of the connected transport market

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IoT in Transport – rise of the connected transport market

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IoT in Transport – rise of the connected transport market
The Internet of Things is set to transform the transport industry by driving real-time connectivity between vehicles and transport infrastructure.
In Australia, the transport IoT market is forecast to generate about A$5bn in revenue in the next five years. 
The Internet of Things (IoT) aims to connect devices and provide integration of services and platforms to a wide range of adjacent sectors. While moving vehicles is at its core, the transportation industry has historically been at the forefront of innovation, having adopted satellite and sensing technology which are now critical components and features for both consumer and commercial vehicles. As such, we expect the transportation sector to be one of the first to adopt IoT on a mass commercial scale as IoT solutions become critical components of the industry with relatively seamless integration and transition. IoT will enable capabilities such as driverless vehicles, data collection and analysis, and efficient fleet and traffic management, ultimately improving the overall travelling experience for travellers through connectivity and information sharing. In this report we look at the various applications of IoT in transportation, as well as the business cases one may need to consider when integrating IoT solutions into a vehicle or transportation endeavour. We will also describe the challenges to the implementation of IoT for transport, outlining the causes and effects of major considerations and their potential solutions.