The global smart transportation market accounted for a value of USD 75.1 billion in 2019. The global smart transportation market is expected to register growth at a compound annual growth rate of 9.1% during the forecast period.
The COVID-19 has impacted transportation business immensely. The isolation policies enforced by government across the world along with moment restriction policies worldwide have immensely affected transportation market. In many countries the fare and toll collections have been stopped. Thus, during this pandemic the transportation market will witness a significant decline during the forecast period.
For more details, visit: Global Smart Transportation Market By Transportation Mode(Roadways, Railways, others), By Solution (Smart Ticketing, PIS, Others), By Application (Transit Hubs, Connected cars, Others), By Region–Forecast & Opportunities to 2026
Smart transportation system’s successful implementation is totally depends on multiple technological facets such as cloud, mobility, sensors and data communication and IoT etc. advancement in all these technologies have improved object connectivity led to smarter ecosystem in transportation. Thus, drives growth in Smart transportation market during forecast period.
On the basis of transportation mode, the smart transportation market is segmented into roadways, railways, maritime and airways. The roadways mode of transportation is expected to hold largest market share during forecast period. The popularity of smart transportation is increasing immensely as it helps in improving road safety along with effective management and monitoring of vehicular traffic. It also improves road safety for passengers & drivers and reduce crash rate. This is a major driving factor for smart transportation market during the forecast period.
On the basis of solution, the smart transportation market is segmented into smart ticketing, freight management and PIS. The smart ticketing market is projected to register growth at highest CAGR during the forecast period. The smart ticketing solution is one of the very innovative solutions for ticketing processes. The smart ticketing solution in roadways and airways is gaining momentum globally however the smart ticketing solution in airways is more popular. It equips with efficient features such as self-luggage, self-boarding and efficient operation by airline staff during peak hours. All these factors contribute in growth of smart ticketing solution in smart transportation during forecast period.
On the basis of application, the smart transportation market segmented into public transport, transit hubs, video management, connected cars, route information & route guidance, mobility as services and others. The public transport segment accounted for maximum market share in 2018. It is estimated to hold largest market share during forecast period. The public transport agencies are implementing smart transportation system rapidly to manage commute traffic. The integration of intermodal truck data collection, freight management system and truck weight checking system is gaining immense popularity in this segment. The public transportation systems are adopting many smart transportation solutions at faster rate than other. This factor is likely to drive growth in public transport segment during the forecast period.
Europe region is expected to register growth at highest CAGR during the forecast period. This region is considered as one the most advanced region in terms of infrastructure development and adoption of technology. The European commission has planned to invest USD 13 billion in new transport infrastructure projects under connecting Europe facility. European governments are improving traffic infrastructure and urban transport in many countries like France, Germany and the UK. They are implementing smart transportation system in various countries across the European region. This is likely to drive growth in this region during the forecast period.
The key market players in smart transportation industry are Huawei Technologies, Thales Group, IBM, Siemens AG, SAP, Cisco systems, Cubic Corporation, Alstom, BASS Software, Toshiba, Bentley Systems, Veson Nautical, Indra Sistemas, Hitachi Ltd., and Descartes. All this players are focusing on developing innovative technologies to strengthen their market positions.
- What are the expected industry trends over the next three to five years?
- Which of the smart transportation mode is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?