Smart Transportation Market
Smart Transportation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Press Release :
Growing demand for traffic management system and improved transportation infrastructure for passenger safety are driving demand for smart transportation system. The smart transportation systems are equipped with various information and communication technologies such fiber optics, global positioning system (GPS), and Internet of Things (IoT). Combination of these technologies enables connection of vehicle in remote locations through real time navigations. This, further, aids in preventing traffic congestions and collisions.
For example, intelligent traffic control systems collect live traffic data. Further, the data helps regulatory authorities in avoiding traffic congestion and divert it in less busy area. Hence, risk of collision could also be minimized.
Considering several advantages offered by smart transportation system, it is being implemented in various cities. Moreover, government bodies are investing in smart cities projects. Subsequently, smart transportation system will also be adopted. Thus, smart transpiration market will also be boosted.
For example, in February 2016, the UK government invested US $ 25.8 million in smart transportation. The investment aimed at strengthening the smart mobility infrastructure of the U.K. across globe.
Railways segment is witnessing high adoption rate of smart transportation system. Globalization and urbanization have emerged as key demand driving factors for smart railway software. Implementation of smart transportation software provides operational efficiency, safety, and reliable services to passengers.
Rising number of rail accidents has been fuelling implementation of smart sensor technologies in railways. These facilities facilitate easy detection of defects in railway tracks, bearings, and wheels. This, further, minimizes risk of accidents.
In addition, government bodies in various countries are taking up initiatives for development of smart railway systems. Hence, smart transportation market is anticipated to grow subsequently.
Some of the key players operating in the global smart transportation market are General Electric Company, IBM Corporation Inc., WS Atkins, Cisco Systems, Accenture PLC, Cubic Corporation, Thales Group, and Siemens AG.
The global smart transportation market has been valued at USD 45.10 billion in 2014, growing at a CAGR of 18.5% from 2015 to 2021. The smart transportation market finds their application in developing smart networks for better coordination of traffic. In addition, the concept of smart transportation is majorly applicable in smart cities. They ensure better traffic management, safety of the commuters and smart parking of vehicles.
The global smart transportation market is segmented by regions into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). The market is primarily being driven due to increasing demand for smart networks. In addition, the rising awareness of traffic congestion is also aiding to the growth of the market.
In 2015, Europe lead the market of smart transportation and the region will be dominating during the forecast period. The application of smart transportation for better coordination of traffic is acting as a driver for the market. North America follows Europe accounting for more than 25% of the global market share. However, Asia Pacific is the fastest growing region due to the presence of major economies such as China, Japan and India. Rest of the world is expected to maintain steady growth due of the developing regions as the application of smart transportation involves high initial investment.
The global smart transportation market by solutions is categorized into ticketing management systems, parking management systems, integrated supervisory systems and traffic management systems. The traffic management system has the highest market share in 2015 and is expected to dominate the market during the forecast period. The growth is attributed to the demand for better traffic management by using innovative toll systems.
On the basis on services, the smart transportation market can be segmented into: cloud services, business services and professional services. Cloud services have dominance in the market with its market share accounting to more than 40% of the global market. Business services follow the cloud services. Cloud services are becoming increasing popular across various organization due absence of physical devices. Moreover, the application cloud services enables the users to access their data remotely. Thus, cloud services are very helpful in efficient management of traffic.
Smart transportation uses information technology and artificial intelligence to efficiently manage and coordinate transportation systems. The application of smart transportation network allows the travelling population to have better knowledge of the traffic for better coordination. In addition, the use of smart transportation also ensures safety for the drivers. The market is experiencing growth due to their increasing demand across all geographic locations.
The global smart transportation market is expected to grow significantly during the forecast period. The market is primarily being driven due to the rising demand for efficient transportation networks across the globe. In addition, the growth in sale of automobiles is resulting in traffic congestion. This in return is creating the demand for smart transportation market. Furthermore, the application of smart transportation systems ensures safety of the drivers. The rising awareness for safety is ensuring the need for better road safety standards which fuelling the need for smart transportation systems. Various governments such as the UK government have shown their interest to implement smart transportation networks across their countries. Moreover, the emerging idea of building smart cities is also creating an opportunity for the smart transportation market. In addition, the application of smart transportation also ensures better parking management by coordinating with the drivers and helping them to easily locate the parking spaces.
However, the high installation cost is acting as a restraint for the market. Moreover the use of smart transportation requires a large database of road networks which may not be available with the developing nations. This is acting as a restraint for the market. Currently, Europe has the largest market share in the smart transportation market and Asia Pacific is expected to be fastest growing region during the forecast period. By solutions, traffic management is expected to dominate the market during the forecast period. The reason is attributed to the growing traffic congestion which is aiding to demand for smart tolling systems and freight management services. By services, the cloud based services will be dominating the market during the forecast period.
The global smart transportation market report has been analyzed and estimated in terms of revenue (USD Billion) from 2015 to 2021. In addition, we have covered the drivers and the restrains effecting smart transportation market and its impact over the forecast period. Furthermore, the future opportunities affecting the market have also been discussed.
The region segmentation for the smart transportation market has been done by North America, Europe, Asia Pacific and Rest of the World (RoW), and these have been estimated in terms of revenue (USD billion). In addition, the report segments the market based on the solutions, which include ticketing management systems, parking management systems, integrated supervisory systems and traffic management systems. The smart transportation system can also be segmented by services. It segments the market on the basis of services as cloud services, business services and professional services. All these segments have also been estimated on the basis of geography in terms of revenue (USD billion).
For better understanding of the smart transportation market, we have provided with a key trend analysis for the segments. In addition, the market attractiveness has also been provided to give a better understanding of the various segments globally. Furthermore, the global market share of the key industry players has also been discussed for a better study of the current trends in the market.
Furthermore, the report also provides the profiles of the leading players on the basis of their company overview, financial overview, key developments, historical roadmap and business strategies adopted by the players in the smart transportation market. The major players profiled in the report include: Accenture Plc, Seimens, IBM, Cubic Corporation, GE Transportation and LG CNS among others.
Smart Transportation Market: By geography
- North America
- Asia Pacific
- Rest of the World
Smart Transportation Market: By Solutions
- Ticketing management system
- Parking management system
- Integrated supervisory system
- Traffic management system
Proximity and displacement sensors Market: By Services
- Cloud services
- Business services
- Professional services
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific (APAC)
- Rest of the World (RoW)