Smart Transportation Market is expected to reach US$200 Bn by 2026 at a CAGR of 20% during the forecast period. Smart Transportation technology provides innovative services relating to different modes of transport and traffic management and enable users to be better informed and make ‘smarter’ and safer and use of transport networks.
The market is expected to witness massive growth, due to factors, such as the high demographic rates and rise in urban population and, the increase in adoption of smart and connected technologies in the transportation infrastructure, and the increase in free trade agreements, government authorities are adopting Public Private Partnerships (PPP) working models, and government initiatives for smart cities. Compliance with stringent transportation regulatory policies, recovering Return on Investment (ROI) from legacy systems, and lack of uniform and standardized technology may restrain the growth of this market.
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Smart Transportation Market
Smart transportation market is segmented by application, transportation mode, and region. On the basis of transportation mode, the airways segment is expected to account for the highest growth rate during the forecast period, owing to an increase in demand for aviation services. With the reduction in the cost of air travel and improvement in living standards, air transportation has become affordable to several people. Digitalization of services and new technologies are driving the airlines’ industry to ensure reduce operating cost, smooth maintenance, and take advantage of the increasing air travel.
Solution subsegment in the roadways segment is expected to hold the larger market share during the forecast period. The solution subsegment includes traffic management, passenger information, parking management, smart ticketing, vehicle telematics, and freight information. Moreover, the deployment of solutions helps in better operations, fuel, and route management, which in turn saves curbs, fuel additional carbon emission, and increases the life cycle of vehicle parts.
Based on regions, Europe is expected to have a large smart transportation market size during the forecast period, as Europe has planned investment plan which will help to improve urban traffic and transport infrastructure. However, the Asia Pacific is expected to reach at the highest CAGR during the forecast period, owing to increase in high investments for digital transformation, the increase in the adoption of new technologies, and rise in Gross Domestic Product (GDPs) of countries in the region.
Some of the key players are Cisco Systems, SAP, Cubic, ALSTOM, Bombardier, Toshiba, Harris, Saab etc.
Scope of the Global Smart Transportation Market
Global Smart Transportation Market, by Transportation Mode
Global Smart Transportation Market, by Application
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• Shared mobility
• Route information and route guidance
• Transit hubs
• Autonomous/driverless vehicles
• Video management
Global Smart Transportation Market, by Solution
• Ticketing Management System
• Parking Management & Guidance System
• Integrated Supervision System
• Traffic Management System
Global Smart Transportation Market, by Service
• Cloud Services
Global Smart Transportation Market, by Region
• North America
• Middle East and Africa
• South America
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Key Players in Smart Transportation Market
• Cisco Systems
• Veson Nautical
• Advanced Navigation Positioning Corporation (ANPC)
• BASS Software
• BENTLEY SYSTEMS
• Indra Sistemas
• The Descartes Systems
• Rockwell Collins
• DNV GL
Occupant Classification System Market