Smart transportation is contemplated as the direct application of IoT proficiencies, and hence signifies the combined application of advanced technologies and management policies in the transportation networks. These technologies are intended at proposing advanced services associated with various means of transport and traffic management. It assists the users in being better briefed and makes safer and better use of transport systems. Smart transportation is an advanced methodology to propose and design roadways, which will offer better and safe transport solutions as compared to traditional transport networks. Presently, most of the cities around the globe are tackling many transportation systems issues, like unproductive traffic management systems, parking issues, poor road conditions, and others. A smart transportation system is assisting to knock down these issues, owing to its characteristics like synchronization between vehicle and roadside definite locations which will offer data regarding road conditions, traffic details, and parking proficiency data. Furthermore, a smart transportation system offers added aids, like dropped fuel utilization, accident alleviation, and proficient management of emergency services.
Global smart transportation market is anticipated to exceed USD 226,440 million by 2030 from USD 88,418 million in 2019 at a CAGR of 17.23% throughout the forecast period i.e. 2020-2030.
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The market is anticipated to grow on the back of rising technological innovations to enhance the customer experience. The growth of the smart transportation market is pushed by the time-and-fuel-saving capability of this infrastructure. Encouraging government schemes, like EU Directive on ITS, to operate road traffic proficiently, has a key role in stimulating the development of the worldwide smart transportation market. Furthermore, smart transportation systems can deliver improved safety and security by incorporating intelligent communication programs in the set-up, thus, enhancing the market growth. ITS also supports the growth and advancement of substitute green fuels like natural gas and biodiesel. Nevertheless, the need for high capital investment, owing to the complete renovation of the current transport system, and huge database requisite of the road network, which may not be achievable in developing regions, restrain market size.
Global smart transportation market is segmented by Transportation Mode into Roadways, Railways, Airways, and Maritime. Among these, the railway’s segment is estimated to hold the largest market share of xx% in 2019. The drift in globalization & urbanization has boosted the demand for smart railway software, providing safety, trustworthy innovative services, and active proficiency to passengers. The growth in the number of rail accidents has also driven the need to execute smart sensor technologies in railway coaches that can spot faults in bearings, wheels, and railway tracks to prevent accidents. The government in various regions are also taking up schemes and executing innovative technologies for the growth of smart railway systems.
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Global smart transportation market is segmented by Solution into Software (Telematics, Parking Management, Smart Ticketing Solution, Ticket Management, Traffic Management, Security & Surveillance, Passenger Information System) and Services (Business Services, Professional Services, Cloud Services, Training & Consulting Services, Integration Services, Support & Maintenance Services). Among these, the passenger information system segment is witnessed to hold the largest market share of xx% in the year 2019. The passenger information system is a significant connection between passengers and transit service providers. It offers real-time information on transit services, like present location, expected arrival and departure time, and the reasons for disturbances. A smart passenger information system consists of GPS-activated devices, strong wireless connections, and Computer-Aided Dispatch/Automatic Vehicle Location (CAD/AVL) program. The advancement of aging passenger information solutions with progressive passenger information solutions that offer real-time data about the transportation system is a key development factor for the smart passenger information systems and solutions.
Global market for smart transportation is divided on the basis of Deployment Mode into On-premises, Cloud, and Hybrid. Among these, the on-premises segment accounted for the largest market share of xx% in 2019 as the greater part of organizations are providing on-premises program as their customers are willing to spend more in buying the program instead of choosing a payment model. They also provide greater elasticity in terms of alignment, data, amendments, and integration management, pushing the growth of the market.
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