Smart Transportation Market 2020 Size, Business Statistics, Trends, Growth and Top Companies Detailed Analysis by Forecast to 2025
Global Smart Transportation Market is valued at USD 89.41 Billion in 2018 and expected to reach USD 356.38 Billion by 2025 with the CAGR of 21.84% over the forecast period.
The rising need to develop smart transport systems to improve passenger & road safety and manage traffic is driving the growth of Global Smart Transportation Market.
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Smart transport or intelligent transport system (ITS) is an advanced transportation infrastructure that aims to provide innovative services for traffic and transport management systems. This transport allows various users to be more synchronized, better informed, and make safer and smarter use of transport networks. Smart transportation is applicable in parking management & guidance, passenger information, and traffic management. Smart transportation utilizes information technology and artificial intelligence to efficiently manage and coordinate transportation systems. The application of smart transportation network allows the traveling population to be aware of the traffic for better coordination and to ensure safety of the drivers. ITS technologies allow users make better use of the transportation network and also cover the way for the development of smarter infrastructure to meet future demands.
Global Smart Transportation Market Report covers prominent players are like,
Alstom SA, Cubic Corporation, Accenture Plc, IBM Corporation, Siemens AG, Cisco System Inc., General Electric Company (GE), Kapsch AG, LG CNS Co. Ltd., Tomtom International BV, WS Atkins PLC, Thales Group S.A., Other
Global smart transportation market report is segmented on the basis of solution, services, transportation mode and regional & country level. Based upon solution services, the market is classified into integrated supervision, ticketing management, passenger information, insurance telematics, parking management, and traffic management. Based upon services, smart transportation market is classified into cloud, business, professional & consulting, development & integration and support & maintenance. Based upon transportation mode, the market is classified into roadways and railways.
The regions covered in this Global smart transportation market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level market of smart transportation is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
The Rising Need to Develop Smart Systems to Improve Passenger & Road Safety and Manage Traffic is the Key Factor Driving the Market Growth.
The smart transportation market growth is driven by the growing need among to create smart systems to manage traffic and improve road & passenger safety. According to World health organization, the number of deaths on the world’s roads remains unacceptably high, with an estimated 1.35 million people dying annually. According to World health organization, Over 90% of the world’s road traffic mortalities occur in low- and middle-income countries, although these countries have only about half the world’s vehicles. The smart transportation systems combine several information and communication technologies such as Global Positioning Systems (GPS), Internet of Things (IoT), and fiber optics to enhance the transportation infrastructure. Data Centers and Colocation Services stated that Over 80% of industrial manufacturing companies are using or getting to use IoT Devices. However, high initial cost for constructing smart transportation routes and long downtime may hinder growth of the global smart transportation market. In spite of that, increasing infrastructural activities like development of smart cities in developing countries may provide growth opportunities for the smart transportation market in upcoming year.
Global Smart Transportation Market Segmentation:–
By Solutions: Integrated Supervision, Ticketing Management, Passenger Information, Insurance Telematics, Parking Management, Traffic Management
By Services: Cloud, Business, Professional & Consulting, Development & Integration, Support & Maintenance
North America is Expected to Dominate the Global Smart Transportation Market
North America is expected to dominate the global smart transportation market due to increasing investments in smart city projects in this region. The smart building energy efficiency application specified that North America is that the world leader within the Smart Home/Building market with 40% of put in base. Main innovations are currently coming from the US and services are firstly deployed in the country. In a 2018 report completed by the Eden Strategy Institute, 12 of the globe’s 20 smartest cities were located in the USA. Additionally, Asia Pacific smart transportation market is predicted to witness significant growth in upcoming years, due to the increasing government initiatives for developing smart solutions for smooth and safe transportation. The growth of smart transportation solutions is relatively higher in India, China, and Japan within the region. Additionally, Europe is also projected to witness a strong growth in the smart transportation market owing to the rise in demand for efficient transportation networks in Europe.
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