July 07, 2021: Global Smart Transportation Market is anticipated to reach USD 285.12 billion by 2024. The market is anticipated to grow at a healthy rate in the years to come. Smart transportation system implies sustainable and efficient intermodal transport system and infrastructure that can transport high level of performance and intelligence. Smart transportation system comprises use of advanced technologies such as telecommunication, computers, electronics information, and progressive sensors to offer information to customers to develop efficiency and safety of the transportation system.
Smart transportation system is progressively being accepted to reduce environmental impact of greenhouse gasses emitted by vehicles, improve traffic management, and reduce congestion. On the other hand, there are factors that may hamper the growth of the market such as smart transportation requires a big database of road networks that could not be accessible in the emerging countries, and huge capital investment. Smart transportation industry is anticipated to grow at a significant CAGR of 22.5% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Smart transportation market may be explored by solution, service, and geography. The market may be explored by solution as Traffic management system, Parking management system, Integrated supervision system, and Ticketing management system. The “Traffic Management” segment dominated the smart transportation industry in 2016 and is anticipated to maintain its dominance by 2024. They are mainly used for minimizing traffic jams on roads and managing traffic in cities prominent traffic management solutions comprise traditional signaling and smart signaling systems, and route guidance systems, intelligent video management systems, and video surveillance systems.
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Smart transportation industry may be explored by service as Support and Maintenance, Consulting, and Deployment and Integration. The “Deployment and Integration” segment dominated the market in 2016 and is anticipated to maintain its dominance by 2024. Deployment and integration service helps in reducing the integration and deployment time. This service is vitalfor emerging end-to-end traffic managing, passenger, parking management system solutions, and ticketing, for the global market. The growing necessity for advancement of the current transport organization to support several smart solutions would initiate the deployment and integration facilities in the market.
North America accounted for the major share of the Smart Transportation Market Size in 2015 and will continue to lead in the forecast period due to factors such asearly acceptance of severalnew technologies, increasing government investments in transport infrastructure. On the other hand, Europe is anticipated to benefit from its fast digitization across verticals. Growing technological advancements and increasing acceptance of smart connected devices, followed by a robust government vision, and healthy network infrastructure toward smart transportation are anticipated to propel development in the smart transportation industry.
Some of the key players that fuel the development of the smart transportation market include AGT International, SAP SE, Cisco Systems Inc., IBM Corporation, Logica, Hitachi Inc., GSM Association, Schneider Inc., Oracle Corporation, Siemens Corporation, ERTICO-ITS, Orange Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Market Segment:
Smart Transportation Solution Outlook (Revenue, USD Billion, 2015 - 2024)
• Ticketing management system
• Parking management system
• Integrated supervision system
• Traffic management system
Smart Transportation Service Outlook (Revenue, USD Billion, 2015 - 2024)
• Cloud services
• Business services
• Professional services
Smart Transportation Regional Outlook (Revenue, USD Billion, 2015 - 2024)
• North America
• Europe
• Asia Pacific
• RoW
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