The major drivers fuelling the smart transport market demand include worldwide government initiatives for the smart city development and the growing number of IoT platforms. Smart transport, a key IoT application, encompasses a huge range of systems and applications including citywide traffic monitoring, smart electric vehicle charging, real-time traveller information, and centralized fleet management. The demand for Intelligent Transport Systems (ITS) is rapidly growing in both developing and developed countries as each sees ITS as a cost-effective way to improve the existing transportation infrastructure.
The government institutions around the globe are also aiding the development of smart transport systems. These institutions are implementing advanced technologies, such as IoT and AI, to enhance the transportation systems and to improve the city services. For instance, in April 2016, the U.S. Department of Energy (DOE) and the U.S. Department of Transportation (DOT) collaborated to support smart transport systems and alternative fuel technologies.
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Railways are expected to show the highest growth with a CAGR of 28.7% from 2018 to 2024. The increasing use of intelligent mobility solutions and the rapid implementation of sensors and on-board diagnostic systems for the early detection of faults related to the engine components are driving the market growth.
Traffic management will hold the largest share with 23.8% in 2024. The deployment of software for real-time monitoring of traffic and journey data is expected to boost the smart transport market growth. As various cities around the world are struggling with the traffic and lack of parking space, the demand for smart traffic management solutions increases. These solutions facilitate the vehicle-to-vehicle (V2V) communication, track goods, monitor traffic, and locate the available parking.
The hybrid cloud deployment model is estimated to show a significant growth rate of 24.3% during the forecast timeline. The widespread adoption of cloud technology to store and process the big data generated from real-time applications, such as remote surveillance, infotainment services, and video capture services, is accelerating the demand for hybrid cloud solutions.
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North America held the largest share of 38% in 2017. The market size is attributable to the factors such as advanced IT infrastructure and the growing demand for connected cars due to the emergence of an IoT platform. Also, the presence of the huge data center market is also contributing to the growth of the smart transport market. Data centers help in capturing and managing the data from heterogenous sources and making it available for users to take informed decisions.
The Asia Pacific smart transportation market is projected to witness the highest growth rate of 30.2% between 2018 and 2024. Increasing adoption of connected devices and investment in advanced technologies, such as AI and cloud computing, are driving the market growth. The Asian government is also providing support for the development of the transportation infrastructure in the region.
Some of the key players of the global smart transport market are Accenture PLC, Cisco Systems, Cubic Corp., General Electric, IBM Corp., Siemens, Thales Group, Kapsch TrafficCom, TomTom International, WS Atkins PLC, Q-Free ASA, Swarco AG, Iteris, Inc., and Efkon AG.
Buy this industry insights spread across 370 pages with 214 market data tables & 24 figures & charts from the report, “Smart Transportation Market Size By Mode of Transportation (Roadways, Railways, Airways), By Component (Software [Telematics, Parking Management, Ticket Management, Traffic Management, Security and Surveillance, Passenger Information System], Services [Training and Consulting Service, Integration Service, Support and Maintenance Service]), By Deployment Model (On-Premise, Cloud, Hybrid), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Switzerland, Netherlands, China, Japan, Australia & New Zealand (ANZ), South Korea, India, South East Asia, Brazil, Mexico, Argentina, Chile, South Africa, UAE, Saudi Arabia, Qatar), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 4. Competitive Landscape
4.2. Market leaders, 2017
4.2.1. Cubic Corporation
4.2.4. Siemens AG
4.2.5. Thales Group
4.3. Innovation leaders, 2017
4.3.1. Avail Technologies, Inc.
4.3.2. Clever Devices Ltd.
4.3.3. ETA Transit Systems
4.3.4. GMV Innovating Solutions
4.3.5. Trapeze Software
4.4. Other prominent vendors
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