Smart Transportation Market Overview:
Global smart transportation market size was valued at $63,667 million in 2015, and is projected to reach $237,701 million by 2022, growing at a CAGR of 18.6% from 2016 to 2022. 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 also enables various users to be more coordinated, better informed, and make safer and smarter use of transport networks. Smart transportation is applicable in parking management & guidance, passenger information, and traffic management.
The smart transportation market growth is driven by the time-and fuel-saving ability of this infrastructure. Supportive government initiatives, such as the EU Directive on ITS, passed on July 7, 2010, to manage road traffic efficiently, play a major role in promoting the growth of Global Smart Transportation market. In addition, smart transportation systems can provide better safety and security by integrating intelligent communication systems in the infrastructure, thus, supplementing the market growth. ITS also encourages the development and promotion of substitute green fuels such as natural gas and biodiesel. However, the need for high capital investment, owing to the complete restoration of the existing transport system, and large database requirement of road network, which may not be possible in developing nations, restrain this market growth.
Top Factors Impacting the Global Smart Transportation Market
Introduction of Advanced Parking Management System
Rise in use of vehicles results in increase in parking issues worldwide, which can be overcome with the introduction of advanced parking management system (APMS), a type of smart transportation system. APMS assists people to find parking spots quickly, thereby enhancing the visitor’s experience. These systems include elements from traditional traveler information systems, as well as specialized parking management applications.
Rise in Demand for Efficient Transportation Networks Worldwide
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. Rise in traffic congestions owing to increase in number of vehicles further gives rise to growth in demand for smart transportation. Furthermore, demand for smart cities is another major factor that is responsible for this increasing demand.
Top Impacting Factors
Top Winning Strategies
Product launches, agreements, acquisitions & mergers, expansions, and partnerships are the prominent strategies adopted by key players in this industry to remain competitive in the market. Almost 29% of the top strategies were new service and product launches. Expansions, agreements & partnerships, and acquisitions & mergers accounted for 22%, 23%, and 26% of the overall key strategies, respectively.
The leading market players focus to expand their business operations in emerging countries. These companies have consistently introduced innovative solutions to enhance their product portfolio. The major players profiled in this report include Accenture Plc, Siemens, IBM, Cisco Systems, GE Transportation, Xerox Corporation, Cubic Corporation, Thales S.A., Kapsch AG, and Alstom SA.
Other players in value chain include LG CNS Corporation, Indra Sistema S.A., Iteris Inc., TomTom NV, Garmin International Inc., and Q-Free ASA.
- The study provides an in-depth analysis of the global smart transportation market, with current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- The report provides historical figures for 2014 and 2015 and year-on-year forecasts from 2016 to 2022, considering 2015 as base.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
Smart Transportation Market Key Segments
- Hybrid Ticketing Management System
- Parking Management & Guidance System
- Integrated Supervision System
- Traffic Management System
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Market Players in Value Chain
- Accenture Plc
- Cisco Systems
- GE Transportation
- Xerox Corporation
- Cubic Corporation
- Thales S.A.
- Kapsch AG
- Alstom SA
- LG CNS Corporation
- Indra Sistema S.A.
- Iteris Inc.
- TomTom NV
- Garmin International Inc.
- Q-Free ASA