Smart Transportation Market Share, Growth, Trends and Forecast, 2018-2024
The IoT-enabled transport services are also widely being leveraged for smart parking solutions, telematics solutions, ticket management, security and surveillance, and passenger information systems. Moreover, due to the smart city revolution, the government of various countries are investing huge funds in the smart city initiatives, which assist in developing connected vehicle technologies, smart infrastructure, and optimizing traffic patterns thereby making transport systems more efficient and reliable. For instance, in 2017, the Indian government invested USD 15 billion for the development of smart infrastructure and management services under the smart city initiative.
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Roadways account for the highest share in the smart transportation market and are anticipated to dominate the market growing at a CAGR of 20 percent with USD 36 billion in 2017 to reach USD 108 billion by 2024. Approximately 1745.5 million metric CO2 emissions come from the transportation sector, accounting for 28 percent of total emissions globally. The adoption of smart transportation solutions, such as smart fuels and connected vehicles, helps in reducing the total carbon emissions and enhancing the environmental safety.
The railway sector is expected to grow at the fastest rate over the forecast period. It carries billions of tons of freight and passengers each year, which results in the development of efficient smart rail infrastructure and technologies. The government of various countries are also taking up initiatives and implementing regulations for the development of the smart railway system. In some countries including China, the government has invested USD 28 billion in various PPP projects for implementing smart railways.
Smart traffic management solutions hold the highest share in the smart transportation market with USD 9.3 billion in 2017 and are anticipated to reach USD 25.4 billion by 2024. The smart traffic management systems are inbuilt with sensors, which regulate the flow of traffic by reducing traffic congestion, pollution, and accidents, thus enhancing the smart transportation market growth. For instance, in January 2018, the China-based firm, Didi Chuxing together with Chinese traffic management authorities launched a smart city traffic management solution known as DiDi Smart Transportation Brain. This product has been adopted by more than 20 Chinese cities, facilitating the real-time data flow through AI and cloud computing technologies, improving the transportation infrastructure including the measurement of traffic flow, smart traffic signaling, and traffic management.
Smart ticketing solutions assist cities in reducing frauds, revenue loss, and maintenance costs. These solutions increase accessibility to integrated transport systems; hence, the smart ticketing market worth is expected to grow at a fast rate and reach USD 11.4 billion by 2024. They offer greater flexibility, faster transactions, and reliability by providing access to new payment types. The UK government invested USD 98 million to introduce smart ticketing in England and Wales by the end of 2018.
North America is projected to dominate the smart transportation market by 2024 due to rapid deployment of smart transportation solutions, which offer features such as real-time traffic information, parking assistance, adaptive traffic signal control, electronic toll collection, and real-time information for public transit systems. Asia Pacific is the fastest growing region in the smart transportation market owing to the government initiatives for development of smart city solutions in this region. The developed countries including Australia and Japan have already adopted smart transportation facilities as they are politically and technologically advanced.
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The companies operating in the smart transportation market are investing in research and development strategies aimed at new product developments. These products assist in improving transport efficiency by providing traffic control, parking assistance & management, and electronic toll collection solutions. Some of the players operating in the smart transportation market include Accenture PLC, Cisco Systems, Inc., Cubic Corporation, General Electric Company, IBM Corporation, Siemens AG, Thales Group, and WS Atkins.
Browse key industry insights spread across 370 pages with 214 market data tables & 24 figures & charts from the report, “Smart Transportation Market Size By Mode of Transportation (Roadways, Railways, Airways), By Component (Software [Telematics, Parking Management, Ticket Management, Traffic Management, Security and Surveillance, Passenger Information System], Services [Training and Consulting Service, Integration Service, Support and Maintenance Service]), By Deployment Model (On-Premise, Cloud, Hybrid), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Switzerland, Netherlands, China, Japan, Australia & New Zealand (ANZ), South Korea, India, South East Asia, Brazil, Mexico, Argentina, Chile, South Africa, UAE, Saudi Arabia, Qatar), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
Glimpse of Table of Content (ToC)
Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.5. Definition and forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Smart transportation industry 360º synopsis, 2013 - 2024
2.1.1. Regional trends
2.1.2. Mode of transportation trends
2.1.3. Component trends
2.1.4. Software trends
2.1.5. Service trends
2.1.6. Deployment model trends
Chapter 3. Smart Transportation Market Industry Insights
3.2. Industry segmentation
3.3. Smart transportation industry landscape, 2013 - 2024
3.4. Smart transportation industry ecosystem analysis
3.5. Smart transportation evolution
3.6. Market news
3.7. Smart transportation regulations
3.7.1. Safer Journeys Action Plan (New Zealand)
3.7.2. Bharat Stage Emission Standards (India)
3.7.3. Goods Vehicles Licensing of Operators Act (Northern Ireland)
3.7.4. The Transport Act, 2000
3.8. Technology & innovation landscape
3.8.1. Mobile internet services integrated with intelligent transport
3.8.2. Increasing popularity of AI integrated with Smart transportation
3.8.3. Enhanced user experience and improved lifestyle
3.9. Industry impact forces
3.9.1. Growth drivers
188.8.131.52. Rapid urbanizations and government investment in smart transportation
184.108.40.206. Adoption of connected vehicles for enhancing public safety and security
220.127.116.11. Reduction in collision
18.104.22.168. Improved life with smart parking and smart ticketing
22.214.171.124. Environment protection
126.96.36.199. Advanced infrastructure
3.9.2. Industry pitfalls & challenges
188.8.131.52. Huge capital requirement
184.108.40.206. Big data increases complexity
220.127.116.11. Long downtime for replacing the existing system
18.104.22.168. Immature market conditions
3.10. Growth potential analysis
3.11. Porter's analysis
3.12. PESTEL analysis
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