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.
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.
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