Menu

IoT FEATURE NEWS

IoT Solutions for Micromobility Market to Reach $26.26B

By

In nearly any heavily trafficked areas – urban settings, university campuses, corporate properties, and many other locations – shared, connected scooters and bikes can be seen.  They are a convenient and clean alternative to sitting in traffic.  Thgese alternatives to cars and traditoinal public transportation are making their way into a growing number of use cases.

IoT companies and micromobility vehicle manufacturers, collaborating to upgrade micromobility vehicles with IoT hardware and software, are seeing a rise in the IoT solutions for micromobility market. BIS Research's premium market intelligence study revealed that the IoT solutions for micromobility market is projected to reach $26.26 billion in terms of revenue by 2031, at a compound annual growth rate of 17.39%. 

Micromobility is viewed as an innovative transportation strategy that has demonstrated potential for congestion mitigation.  Americans lose 99 hours a year, on average, due to traffic congestion. Population growth and urbanization are continuing to increase, and governments and consumers are switching to micromobility vehicles – such as e-bikes, e-scooters and e-mopeds – from conventional vehicles, as micromobility startups emerge as an alternative for reducing traffic congestion. 

" IoT, has provided opportunities for manufacturers to leverage connectivity with other essential benefits,” said Dhrubajyoti Narayan, lead analyst, BIS Research. “The world is experiencing a vast uprising by IoT success due to its scalability, security and sustainability, resulting in the successful adoption of IoT solutions by different clients around the globe. With the increasing popularity of micromobility vehicles, the global market for IoT solutions for micromobility is also witnessing a boom."

Investment from manufacturers in research and development activities in IoT solutions for micromobility is expected to push the market further.

Explore the disruption and opportunity IoT and its related technologies are creating at IoT Evolution Expo and 5G Expo, both taking place in Ft. Lauderdale, Florida, June 21-24, 2022, part of the #TECHSUPERSHOW experience. Plus, discover advances in edge computing, machine learning and AI; and understand the role these technologies play in ushering in the new age of digital transformation. Participate in more than 100 business and technology conference sessions, workshops and keynotes, meet key suppliers in the exhibit hall, and network with prospective partners and customers during the many networking and other special events during the week.




Edited by Erik Linask
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

IoTevolutionworld Editor

SHARE THIS ARTICLE
Related Articles

Minnesota Vikings Turn to Zebra for Player Performance Analysis

By: Greg Tavarez    9/21/2023

The Zebra MotionWorks Sport system RFID tracking technology captures player and ball data for each of the Minnesota Vikings' practice sessions this se…

Read More

Agenda Announced for 5G Expo at IoT Evolution, Fort Lauderdale, February 13-15, 2024

By: TMCnet News    9/20/2023

Driving Enterprise Adoption, Exploring New Connectivity Solutions and Fostering Partnerships

Read More

Technology for Good: ALE and Nokia Partner to Support Grand Paris Express

By: Alex Passett    9/19/2023

Alcatel-Lucent Enterprise and Nokia have partnered to support the Grand Paris Express, one of Europe's largest metro rail projects.

Read More

Quasar and PTC Establish a Data-Driven Partnership for IoT

By: Alex Passett    9/19/2023

Quasar is partnering with PTC to bolster TSDB and industrial connectivity capabilities.

Read More

Treon, Ready to Triumph: 5.5M Euros Series A Funding with Ventech to Power New US Expansion

By: Alex Passett    9/18/2023

Massive IoT company Treon successfully closed a new funding round to boost its international growth.

Read More