The global smart transportation market is projected to value over US$ 148 billion by the end of 2026 and record a CAGR of over 14% during the forecast period of 2019-2026.
Smart Transportation is one of the most promising technology and has been predicted to have great potential in the near future. ITS (Intelligent Transportation System) is integrated with these technologies. With the help of technology advancements, everything is wirelessly connected through the Internet of Things (IoT) vertical technology.
The global smart transportation market is predicted to exhibit stellar growth in the coming years. Developing as well as developed nations globally are constantly seeking sustainable solutions to traffic congestion and problems. The heavy flow of traffic causes numerous problems such as that of increased levels of air pollution, fuel wastage and thus spike in diseases due to the same. Poor infrastructure and traffic management and planning, increased vehicles along with low maintenance of roads have led to the absolute need for this market’s growth.
Smart transportation systems are potential solutions to the current traffic havoc. The systems have inbuilt technologies to update traffic details, ticketing while maintaining personal safety, parking issues and regulations and supervision.
The rising urbanisation and need for modernization in the transport sector is to positively impact the market. New developments in this sector, the U.K. government adopted a smart transportation system to improve driver safety and improved logistics. Planning of smart cities is also stoking the demand for the smart transportation system.
Smart Transportation Market: Restraints
+ High infrastructure cost
+ Lack of skilled labour
+ Lack of large databases
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Smart Transportation Market Segmentation:
By Transportation Mode
+ Airways
+ Maritime
+ Railways
+ Roadways
By Solution
+ Traffic Management System
+ Parking Management System
+ Ticketing Management System
+ Integrated Supervision System
Traffic management sector was the most troublesome factor for various countries and thus to provide a solution for the same, the global smart transportation. Thus the traffic management system is the highest profitable segment.
By Application
+ Shared Mobility
+ Public Transport
+ Autonomous/Driverless Vehicles
+ Route Information and Route Guidance
+ Transit Hubs
+ Video Management
+ Others
By Region:
+ Europe
+ North America
+ APAC
+ Latin America
+ Rest of World
North America accounted for a major share of global revenue. However, the Asia Pacific market is projected to record the fastest growth over the forecast period. Growth is relatively higher in countries such as China, India, South Korea, and Japan due to the development of smart cities, which is anticipated to create new avenues for industry players.
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Competitive Landscape:
+ Tier 1 players- established companies in the market with a major market share
+ Tier 2 players
+ Emerging players which are growing rapidly
+ New Entrants
The leading firms are Accenture Plc, Siemens, IBM, Cisco Systems, GE Transportation, Xerox Corporation, Cubic Corporation, Thales S.A., Kapsch AG, and Alstom SA.
In 2016, Cubic Corporation had announced the pilot trial of a new solution, NextAgent, with EssenerVerkehrs-AG (EVAG) in Germany. The system is a hybrid of a ticket vending machine with a video-linked call centre and virtual walk-up ticket office.
A year before that, Cubic Corporation had announced the opening of a mobility innovation centre in London with a focus on developing technology that could address the global transportation needs of the future.
FutureWise Takeaways
+ Growth prospects
+ SWOT analysis
+ Key trends
+ Key data points affecting market growth
Objectives of the Study:
+ To provide an exhaustive analysis on the Smart Transportation Market by Transportation Mode, by Solution, by Application, and by Region
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East.
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies

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