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.
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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.
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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 2024. 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.
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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.
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