Smart Transportation Market to surge
at 17.23% CAGR, rising technological innovations to enhance customer experience
expected to boost the market growth, says Industry and Research
Industry and Research has released a report labeled “Smart Transportation
Market – Analysis of Market Size, Share & Trends for 2016-2019 and
Forecasts to 2030” which is anticipated to reach USD 226,440 million by 2030.
According to a study by Industry and Research, the market is estimated to
portray a CAGR of 17.23% during the forecast period i.e. 2020-2030. As per the
report, rising technological innovations to enhance customer experience is
likely to drive the market for smart transportation in the coming years.
The growth of the smart transportation market is pushed by the
time-and-fuel-saving capability of this infrastructure. Encouraging government
schemes, like EU Directive on ITS, to operate road traffic proficiently, has a
key role in stimulating the development of worldwide smart transportation
market. Furthermore, smart transportation systems can deliver improved safety
and security by incorporating intelligent communication programs in the set-up,
thus, enhancing the market growth. ITS also supports the growth and advancement
of substitute green fuels like natural gas and biodiesel. Nevertheless, the
need for high capital investment, owing to the complete renovation of the
current transport system, and huge database requisite of road network, which
may not be achievable in developing regions, restrain market size.
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The market report on global smart
transportation market comprises of the following in-depth analysis:
• The estimated value of the market in 2019 was USD 88,418 million.
• Based on transportation mode, the railways segment emerged out as a key
segment in the smart transportation market across the globe.
• On the basis of solution, the passenger information system segment was the
leading segment of the market across the globe.
• Based on deployment mode, the on-premises segment came out to be the key
segment in the market.
• Region-wise, the market in Europe emerged as the leading segment in the
market for smart transportation.
• Key players are likely to focus on product innovations and expansion through
merger to retain their positions in developed markets.
“High-performance interacting
technologies are consistently augmenting the skills of solutions and
applications, like rail and road traffic management systems, rail operations
management systems, incident management systems, travel assistance systems, and
toll collection systems. Moreover, advancements in IoT technology are
anticipated to push the growth of the smart transportation market”, said a lead
analyst at Industry and Research.
Smart transportation is contemplated as the direct application of IoT
proficiencies, and hence signifies the combined application of advanced
technologies and management policies in the transportation networks. These
technologies are intended at proposing advanced services associated with
various means of transport and traffic management. It assists the users in
being better briefed and make safer and better use of transport systems. Smart
transportation is an advanced methodology to propose and design roadways, which
will offer better and safe transport solutions as compared to traditional
transport network. Presently, most of the cities round the globe are tackling
many transportation systems issues, like unproductive traffic management
system, parking issues, poor road conditions, and others. Smart transportation
system is assisting to knock down these issues, owing to its characteristics
like synchronization between vehicle and roadside definite locations which will
offer data regarding road condition, traffic details and parking proficiency
data. Furthermore, smart transportation system offers added aids, like dropped
fuel utilization, accident alleviation, and proficient management of emergency
services.
The global smart transportation market is segmented by transportation mode into
roadways, railways, airways and maritime. Among these, the railways segment
emerged as the key segment, holding a market share of xx% in 2019. On the basis
of solution, the market for smart transportation is divided into software
(telematics, parking management, smart ticketing solution, ticket management,
traffic management, security & surveillance, passenger information system)
and services (business services, professional services, cloud services, training
& consulting services, integrated services, support & maintenance
services). Among these, the passenger information system segment was observed
to be the leading segment, holding xx% of the total market share in 2019. Based
on deployment mode, the market is divided into on-premises, cloud and hybrid.
Among these, the on-premises emerged as the key segment of the market, holding
xx% of the total market share in the year 2019. Region-wise, the market is
segmented into North America, Latin America, Europe, Middle East & Africa
and Asia Pacific. Among these, the market in Europe is witnessed to be the key
segment of the global smart transportation market, acquiring xx% of the total
market share in 2019.
Key Players in the Market :
Some of the key players in global smart transportation market are Huawei
Technologies Co. Ltd., Harris, Corporation, IBM, Cubic Corporation, Accenture,
Toshiba, Amadeus IT Group, Bombardier Inc., Cisco Systems and Siemens AG.
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Get Valuable Insights into Smart
Transformation Market :
In the new report, Industry and Research thrives to present an unbiased
analysis of the global smart transportation market that covers the historical
demand data as well as forecast figures for the period i.e. 2020-2030. The
study includes compelling insights into growth that is witnessed in the market.
The global smart transportation market is segmented by product type into
advanced transportation management systems, advanced transportation pricing
systems and advanced public transportation systems. The market is segmented on
the basis of transportation mode into roadways, railways, airways and maritime.
The market is divided by solution into software (telematics. Parking
management, smart ticketing solution, ticket management, traffic management,
security & surveillance, passenger information system) and services
(business services, professional services, cloud services, training &
consulting services, integrated services, support & maintenance services).
On the basis of deployment mode, the market for smart transportation is
segmented into on-premises, cloud and hybrid. Region-wise, the market is
segmented into North America, Latin America, Europe, Middle East & Africa
and Asia Pacific.
About Industry and Research
Industry and Research is a leading management consulting, advisory and market
research organization that serves its clients globally by its team of experts
and industry veterans that have years of expertise for management consulting,
advisory and market research analysis. The organization functions across
business consulting, strategy consulting, market research, operations
consulting, financial advisory, human resources, risk & compliance,
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others, and aim to aid businesses with bold decisions that help them embrace
change for their sustainable growth.
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