Smart Transportation Market Size, Share, Growth, Trends, and Forecast 2032

Table Of Content

Methodology

Free Analysis

Smart transportation provides innovative services in a different mode of transportation and traffic management. It offers smart driving, smart parking, smart rapid transit, and security system. Smart transportation also offers the higher efficiency of the whole transport system, less commute time, less traffic accident, and better passenger experience. It plays an important role in improving the reliability of public transportation and provides visibility on arrivals, departures, and route information to travelers for a hassle-free journey.

Major factors fueling the smart transportation market growth are lack of quality & secure transportation and poor traffic management. According to the WHO, more than 1.25 million people die every year due to poor traffic management. Furthermore, rising urban population and government initiatives for smart cities are other factors propelling the demand of smart transportation market. However, privacy protection and high initial investment are posing challenges to the smart transportation market. Nonetheless, the emergence of new technologies such as IoT, GPS, sensing technologies, and wireless technologies will pave opportunities for the smart transportation market.

 
Smart transportation market is segmented on the basis of solutions, services, and region. Solutions segment includes parking management systems, traffic management systems, ticketing management systems, and integrated supervisory systems. Traffic management segment held the largest share in 2017 due to the rising road traffic crashes. With services, the smart transportation market is divided into cloud services, professional services, and business services. Among these services, the cloud services segment dominated the smart transportation market, as cloud services provide autonomy, decision support, mobility, and the standard development environment for traffic management strategies remotely. Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe held the largest share for smart transportation market in 2017 due to the early adoption of new technologies and several initiatives taken by the governments. For instance, Horizon 2020 is the biggest Europe research and innovation program, which has allocated USD 7,350.42 million for the period 2014-2020 for more efficient, secure, and efficient transport. North America is anticipated to witness significant growth over the forecast period due to government funding and increased safety on roads. The Asia Pacific is anticipated to witness robust growth especially in developing countries such as India, China, and South Korea. Moreover, the Indian Government has built a National Electric Mobility Mission Plan 2020 in order to incentivize adoption of green vehicles and increase the manufacturing capacity of the automotive sector domestically.

Key players profiled in the global smart transportation market include GE Transportation, Alstom AG, Thales Group, Kapsch TrafficCom AG, Siemens AG, LG CNS Co. Ltd., Indra Sistemas S.A., Accenture Plc., Cubic Corporations, IBM, WS Atkins, and Cisco Systems, among others