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A00287 | Pages: 175 | Charts: 57 | Tables: 141 |
Furthermore, the emergence of cloud-based technologies and advances in vehicle-to-vehicle (V2V) and vehicle-to-grid infrastructure (V2I) make smart transportation a reality. These technologies aim to provide innovative services related to different modes of transport and traffic management. It enables the users to be better informed and make safer &better use of transport networks. For instance, in November 2019, Cubic Corporation updated its NextBus platform, a cloud-based solution delivered as a service with improved reliability and scalability, providing real-time passenger information systems to more than 100 transit agencies, organizations, institutions, and airports. Hence, the rise in demand for efficient transportation with technological advancement and increased adoption of cloud services in transportation are significant factors in the growth of smart transportation market.
Factors such as surge in demand for efficient transportation networks across the world, government initiatives for the development &promotion of green fuels, and increased demand due to rise in road safety & traffic congestion issues are expected to drive the growth of the smart transportation market. In addition, the adoption of smart transportation systems in railways and upsurge in adoption of cloud services in transportation are some of the major factors anticipated to boost the market's growth. However, high capital investments, large database requirements of the road network, and lack of standardized &uniform technology restrain the market growth. Furthermore, investments in emerging ideas of smart cities and the introduction of parking management systems provide lucrative growth opportunities for the market players.
[TRANSPORTATIONTYPEGRAPH]
The smart transportation market segmentation is based on solution, service, transportation type and region. By solution, the market is classified into ticketing management system, parking management &guidance system, integrated supervision system, and traffic management system. By service, the market is segmented into business services, professional services, and cloud services. By transportation type, the market has been segmented into roadways, railways, airways and maritime. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global smart transportation market are Accenture, Alstom, Cisco Systems, Inc., Cubic Corporation, IBM Corporation, Iteris, Inc., MSR-Traffic GmbH, Siemens, Thales Group, and TomTom International BV.
Smart transportation industry is one such important aspect, which aims to provide innovative services related to different modes of transport & traffic management systems. It uses intelligent systems such as wireless communications, sensing technologies, real-time data, and computational technologies, making transportation easy and faster, thus saving time in transportation solutions such as traffic management and ticket management systems.
[BYSOLUTIONGRAPH]
Furthermore, innovative information & communication technology (ICT) applications such as fiber optics, a global positioning system (GPS), and Internet of Things (IoT), etc., are increasingly adopted by fleet operators owing to their tremendous benefits. For instance, in June 2019, Iteris, Inc. launched its new transportation analytics solution, ClearGuide, at the Intelligent Transportation Society of America’s annual conference and expo in Washington, DC, that enables transportation agencies and commercial entities, such as construction and engineering firms, to actively monitor traffic congestion and identify anomalies &their causes. Moreover, vehicles equipped with blind-spot monitoring and other driver assistants reduce crashes and save time during peak traffic hours. Thus, the increased use of internet of things (IoT) devices, 5G communication technology, and machine learning (ML) in transport is expected to drive the smart transportation market.
Effective transportation systems are essential for national prosperity to achieve economic growth, social development, and reduced environmental losses. More than half the world’s urban population resides in Asia, where some countries, such as India and China, already have about a billion people living in cities alone. According to the Chinese Department of Infrastructure Development, by 2035, a convenient, cost-effective, green, intelligent, advanced, and reliable modern national comprehensive transportation network is expected to be basically completed. Furthermore, the French government is betting on electric and hydrogen vehicles &aircraft to comply with the European Union (EU) target of a 37.5 percent reduction in emissions by 2030.
[SERVICESGRAPH]
According to International Trade Administration (ITA), to support the electric vehicle initiative, France plans to install seven million charging points for hybrid and electric vehicles by 2030 through partnerships with OEMs, energy suppliers, and charging station infrastructure providers. Thus, the surge in adoption of an effective transportation system & encouraging development for the promotion of fuel-efficient transportation is expected to drive the smart transportation market during the forecast period.
Smart transportation is a highly demanding technology owing to its advantages such as time-efficiency, cost-efficiency, high security, and faster speed over traditional transportation systems. Thus, integrating advanced technological features in the existing or conventional transportation systems is very complex, as it lacks open interfaces, which further cause communication gaps among technically advanced and traditional systems. Such high investments in transport infrastructure hamper the growth of the smart transportation market.
[REGIONGRAPH]
In the present scenario, the growing rate of the population across the developing economies increases the use of different transportation services either for commercial or residential purposes. Moreover, technological advancements have increased people's interest in smart traffic management systems and smart ticket systems. Governments across developed countries focus on implementing several technologies in their transportation infrastructures to enhance transportation services and improve security in different sectors. Thus, owing to such advantages, the government is investing in adopting advanced technological features across the road, rail, and airways that contribute to the growth of the smart transportation market.
For instance, in November 2021, Egyptian National Railways Authority (ENR) signed an agreement with Alstom to modernize the Tanta–Zifta–Zagazig railway mainline, covering approximately 65 km including nine main stations, with the installation of the signaling, power, telecom systems, and trackside equipment for migration to ETCSL1. The modernization of Tanta–Zifta–Zagazig mainline is one of the Ministry of Transport’s top priorities and part of Egypt’s plans to improve public transport capacity and efficiency. Hence, rise in integration & investments by governments in emerging smart cities are anticipated to provide an opportunity for the smart transportation market's growth during the forecast period.
Key Market Segments
Key Market Players