Global Smart Transportation Market – Overview
Rapid automation and technical advancements in automotive industry have encouraged the manufacturers to integrate smart technology in their transportation system. Moreover, with the advent of industrialization, the developing economies are observing a shift of employees from rural areas to urban areas. These factors are attributing to the growth of Smart Transportation Market altogether. Smart transportation integrates infrastructure and vehicles with communication, control, sensing and detecting technologies to analyse the traffic in real-time thus, mitigating the risks involved in traffic safety. The adoption of smart transportation is also expected to result in reduced vehicle emissions thereby, increasing the efficiency of transportation systems. Over the past few years, countries have witnessed an increase in the traffic which is directly affecting the probability of road accidents. Smart transportation is expected to address all the aspects of transportation systems including smart parking, smart driving, pollution, and security system. These aspects are expected to result in higher efficiency of transport system, with reduced commute time, and less traffic accidents.
Rising demand of integrated security & safety for enhanced public safety is fuelling the market growth. Additionally, government initiatives to integrate smart technologies in existing transportation system is expected to fuel the market growth. However, the growth of the market owing to lack of infrastructure in developing economies and high costs incurred in the implementation of smart transportation systems
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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 Smart Transportation Market – Segmentation
- Segmentation by solution: traffic management solution, smart ticketing solution, parking management solution, integrated supervision solution, passenger information solution, insurance telematics solution, and others.
- Segmentation by services: consulting services, deployment and integration, and support & maintenance.
- Segmentation by region: North America, Europe, Asia-Pacific and rest of the world.
Global Smart Transportation Market – Regional Analysis
Transportation sector has been widely impacted by rapid advancement in artificial intelligence, and self-driving technologies. Smart transportation market is highly developed in Europe and the major factor contributing to the growth of this market is Europe being the hub of automotive manufacturing. Additionally, the smart transportation technology is backed up by European Union road safety initiatives. The union is working towards building Horizon 2020, an environment-friendly, efficient, and safer commute system. Germany, France, and the UK are among the leading countries that contributing to the growth of smart transportation market. Growth in autonomous vehicles, and self-driving vehicles is also attributing to the need for smart and safe transportation system.
On the other hand, North America is the second leading region in terms of revenue generation. North American countries such as the US, and Canada are already matured in terms of adopting smart transportation system. There is an integration of smart roads, and highways with intelligent transportation system. the government of the US and Canada are strict in implementing regulations. Among all the regions, Asia-Pacific is expected to grow with a highest CAGR. Japan and China have already started deploying autonomous vehicles for public transportation and subsequently a smarter transportation infrastructure.
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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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