A smart city is a municipality that uses information and communication technologies in order to increase operational efficiency, share information with the public, and improve both the quality of government services and citizen welfare. The improvements in technology are being utilized for improving mass transportation in smart cities through the implementation of newer and more advanced projects.
Transportation for Smart Cities Market: Drivers and Restraints
The developments in IoT (internet of things) and other technological advances are expected to drive the transportation for smart cities market during the forecast period. Rapid advancements in the field of information and communications including the development in data communications, cloud, mobility, and sensors is anticipated to boost the transportation for smart cities market in the near future. The initiatives being taken by the governments of various nations in order to improve the infrastructure and transportation in smart cities are expected to fuel the transportation for smart cities market during the forecast period.
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The development of advanced transportation for smart cities is very difficult without the support of the government of that city since such projects involve a high capital investment.
The improvements in transportation for smart cities requires large-scale funding from the government and other transport organizations. This is likely to hinder the transportation for smart cities market to some extent during the forecast period.
Transportation for Smart Cities Market: Key Segments
The global transportation for smart cities market can be segmented based on type of transportation, technology, service, and region. In terms of type of transport, the transportation for smart cities market can be segmented into bus rapid transit system (BRTS), metro and monorail. The bus rapid transit system (BRTS) segment is expected to expand at a significant growth rate in the near future. This is ascribed to the avoidance of traffic congestion by the use of the BRTS system.
Based on technology, the transportation for smart cities market can be divided into data communications, cloud, mobility, and sensors. The cloud segment is anticipated to expand at a significant growth rate during the forecast period owing to the rapid technological advancements through the usage of cloud technology in order to improve transportation facilities and services. in terms of service, the transportation for smart cities market can be segregated into Software, and hardware.
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Based on geographical region, the transportation for smart cities market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to have the highest market share of the transportation for smart cities market owing to the high end projects being undertaken in the region. Europe is expected to be followed by Asia Pacific. This is ascribed to the large working population, developing technology hubs, highest deployment rate of cloud-based services, high investments in IT and telecommunications sector in the region and growing investments by governments of various countries of Asia Pacific in major projects in order to improve facilities of transportation in smart cities.
Transportation for Smart Cities Market: Key Players
Key players operating in the transportation for smart cities market include Huawei Holding Co., Ltd., Cisco Systems, IBM Corporation, Microsoft Corporation, Oracle Corporation, Schneider Electric, Siemens AG , Ericsson, Hitachi Ltd., and Toshiba Corporation.
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