Smart Transportation Market – Overview
Transportation is a developing sector currently both in terms of volume and also the level of application of cutting edge technology. Market Research Future which concentrates on market reports related to the healthcare sector amongst others lately published a report on this industry. The market for smart transportation is estimated to develop to USD 273 Billion by 2022 while growing at a 24% of CAGR in the forecast period.
Intensive use of information technology has been crucial to the expansion of this sector to a great extent. Smart transportation demand curve has experienced a significant upswing in the past few years, due to increased integration of IT in various sectors. Necessity of smart traffic management solutions and lesser availability of manpower to regulate traffic efficiently. Increased rate of investments in the IoT sector have been instrumental to the further development of the sector.
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Smart Transport Market Segmentation
The Smart Transport Market has been segmented on the basis of Solution and service. On basis of Solution the Smart Transport consists of Traffic management, smart ticketing, Parking management, integrated supervision, passenger information, and Insurance telematics solution. The study indicates that smart ticketing solution segment would grow at a highest rate in the smart transportation market by the forecast period. The increasing penetration of mobile devices and demand for digital payment are expected to drive the smart ticketing solution market. Whereas based on service segment of smart transportation system the largest market share would be grabbed by deployment and integration services segment.
The prominent players in the Smart Transportation Market are – Cisco Systems, Inc. (U.S.), General Electric Company (U.S.), Alstom SA (France), Cubic Corporation (U.S.), Kapsch (Austria), IBM Corporation (U.S.), Thales Group (France), Siemens AG (Germany), AECOM (U.S.), Accenture Plc (Ireland), LG CNS Co. Ltd. (Korea), TomTom International B.V. (Netherlands) among others.
Global Competitive Analysis
The positive outlook of the market is driving the market to a significant levels of development. Varied products in the market are increasing the demand levels of the industry which will ensure speedy growth in the market. The industry is maintaining the development potential of the industry through unceasing strategy formulation and ensuring financial flexibility to invest in the best strategies when they become available. Owing to the productive potential of this market, the challengers in the market are trying to develop their market portion to a by the usage of major assets to allow growth transformations which will be good for the long run transformation of the sector. The prominent players in the Smart Transportation Market are General Electric Company (U.S.), Cisco Systems, Inc. (U.S.), Thales Group (France),Alstom SA (France), Kapsch (Austria), IBM Corporation (U.S.) and Cubic Corporation (U.S.) are some of the competitors in the market.
Market Research Analysis:
Market Research Future Analysis shows that new adoptions of cloud computing, big data, evolution of wireless network, Machine to Machine (M2M) and Internet of things (IoT) would result in sudden hike in Smart Transport market. It has been observed that developments in smart city concept result in significant growth of Smart Transport market. The major benefits of Smart Transport are improved safety, higher productivity and efficiency, more environmental friendliness and others. These factors would definitely increase the Smart Transport market very soon.
Regional analysis for Smart Transport market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. The study reveals that European region would evolve as a leader in Smart Transport market. The study indicates large investments by European government towards is smart transportation would result in rapid growth of Smart Transport market by the forecast period. The study reveals that North America region followed by Europe would lead the Smart Transport market by the forecast period. Developing economic countries from Asia-Pacific regions as China, Japan, and India would also show a great progress in the smart transportation market.
Jan 2018 Didi Chuxing which is a mobile transportation platform has entered into a collaboration with Chinese traffic management authorities. The joint initiative has subsequently launched combined solution for traffic management in a smart city set up. The initiative has been the nicknamed the “DiDi Smart Transportation Brain.” The initiative has thus been implemented by more than 20 Chinese cities and is led by three principal feature. The solution readily facilitates real-time data leveraging cloud computing and AI-based technologies to offer cities with a variety of transportation infrastructure developments.
Jan 2018 Cubic Corporation announced recently the Cubic Transportation Systems (CTS) business division will display their innovations and technologies for smart city transportation planning in an upcoming exhibition. Cubic will exhibit their open-payment platforms and account-based ticketing, novel mobile technologies and additional strategies for growing competencies for the convenience and accessibility for travelers and transportation operators.
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- Public transportation authorities
- Networking and Communication Service Providers (CSPs)
- Cloud service providers
- Smart cities stakeholders
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- Transport agencies
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