The whole world is evolving at the lightening speed due to technological advancement. Most of the business sectors have opted for one or other technological solutions for operating their business smoothly and also for earning huge profits. The advent of advanced technologies like the Internet of Things (IoT), Artificial Intelligence(AI), blockchain, and many more have opened new opportunities for all business sectors. Using this modern technology businesses can easily accelerate their business productivity and profitability.Â
Business sectors can opt for the best technological solution for their business as this designed solution can help them to manage all their business operations more smoothly and effectively than ever before. By opting for the right IoT solution for their business they can easily connect to most of the devices with the centralized cloud network. It also facilitates them to capture and share their crucial data and also offers real-time visibility for all their business operations
Why the Internet of Things(IoT) is Important for the Transportation Industry?
According to a Statista report, the global IoT market is increased a lot from 2009 to 2014, the global IoT market was around 485.6 billion U.S. dollars in 2013 and is expected to reach around 1.7 trillion U.S. dollars by 2019, the number is jumping high due to the increasing number of connected devices all over the globe, it is expected that the number of connecting device will jump and will reach to 20.35 billion in the same year. The travel and transportation sector has invested high on IoT, it was found that this sector has invested around 0.6% of their total revenue on IoT which is assumed to be around 28.87 million U.S. dollars.
By implementing IoT in the transportation sector we can gain numerous benefits that are offered by this advanced technology. It helps you enhance people's safety, allow you to track vehicle and also offers the best ever traveling experience to the drivers. Some of the big business giants have realized the importance of implementing IoT technology and has implemented it to some extent. Let's list out some of the major developments which have completely changed the face of the transportation industry.Â
Self-driving cars are one of the great boons of IoT to mankind. IoT allows devices connectivity with the internet and self-driving cars will utilize the connectivity of IoT to update the algorithms before driving to a particular destination. It requires numerous data to run on the rods that are only available with the help of IoT technology. With the help of IoT, a self-driving car can get all the information regarding the road.
