Smart Transportation Market by 2024 Top Leading Key Players: Accenture PLC, Cisco Systems, Cubic Corporation, General Electric Company, IBM Corporation, Siemens AG, Thales Group, WS Atkins

Market Overview: -

With the robust penetration of smart technologies in the transit space, smart transportation market has been progressing at a prodigious pace in the recent years. The growth can be aptly credited to the efforts of the automotive industry players that have been striving to bring in innovative products to the masses. However, the governmental bureaucracy is also to be accredited with some appreciation, given that these authorized bodies have been extensively adopting smart technologies to solve traffic problems, in addition to providing substantial financial support for modernizing transportation.

Smart Transportation Market size is set to exceed USD 130 billion by 2024; according to a new research report by Global Market Insights, Inc. The smart transportation market growth is attributed to the worldwide government initiatives for the smart city development. Around USD 1 billion of connected things are mounted across the globe under the smart cities projects. Smart transportation being an integral part of smart cities project provides a platform for connected vehicles. The mandates set by the government, such as Directive on Intelligent Transport Systems and Bharat Stage standards, to reduce the CO2 emissions and to protect the environment also provide an impetus to the growth of the smart transportation market.

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Top Key Players: -

The global smart transportation market is characterized by the presence of both major market players with diverse product portfolio and start-ups that offer niche products, solutions, and services. The key 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.

Market share calculation in this report is not done based on companies covered in it. The calculation of smart transportation market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

North America witnesses the highest share in the smart transportation market due to the use of advanced technologies, high disposable income, and improved lifestyle. Moreover, the growing demand for connected cars due to factors, such as fast internet speed and the emergence of IoT, further drives the smart transportation market growth. The U.S. accounts for 70 percent of the market in North America owing to the various automotive companies pouring huge funds to develop smart-connected vehicles. For instance, in 2017, Warren Buffett invested USD 10 billion for bringing about developments in the U.S. airline industry.

Asia Pacific smart transportation market is anticipated to show the highest growth rate over the forecast timeline. The infrastructure is still in the developing stage in this region, displaying a major opportunity for the smart infrastructure deployment, driving the demand for the smart transportation market. Furthermore, the government initiatives for developing smart cities coupled with rapid urbanization act as a major platform for the growth of the smart transportation market. The Indian government has allocated USD 7.6 billion for upgrading the smart cities until 2020. The major constituent of smart city initiative is developing an effective mobility and public transport system, providing a variety of transportation solutions.

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Partial Chapter of the Table of Content

Chapter 1. Methodology & Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope
1.1.5. Definition and forecast parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary
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
3.1. Introduction
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
3.9.1.1. Rapid urbanizations and government investment in smart transportation
3.9.1.2. Adoption of connected vehicles for enhancing public safety and security
3.9.1.3. Reduction in collision
3.9.1.4. Improved life with smart parking and smart ticketing
3.9.1.5. Environment protection
3.9.1.6. Advanced infrastructure
3.9.2. Industry pitfalls & challenges
3.9.2.1. Huge capital requirement
3.9.2.2. Big data increases complexity
3.9.2.3. Long downtime for replacing the existing system
3.9.2.4. Immature market conditions
3.10. Growth potential analysis
3.11. Porter's analysis
3.12. PESTEL analysis

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The Roads and Transport Authority of Dubai has implemented unique smart car rentals that can be collected by tech-savvy commuters on an hourly basis and returned to kiosks located close to metro stations. Apparently, estimates claim that 40% of slow traffic movement in Dubai is caused by drivers looking for a parking spot. On these grounds, intelligent parking systems are being developed that will guide drivers to find parking spots near their destination. Safety of bus commuters is also being developed by the installation of a system of buses that will assess the physical condition of the driver and identify signs of exhaustion or illness. It has been estimated that IoT technologies can amplify Dubai’s potential value to reach $5 billion by 2019.

Smart technology, ideally, is still a long time away from reaching market maturation. Besides, even regulatory systems have much progress to make with regards to helping existing roads adapt to the new smart mode of travel. However, smart transit systems offer ubiquitous connectivity, remote sensors, dynamic traffic signals and vehicular communications – commendable social and economic benefits that are certain to aid smart transportation industry emerge as a mainstream vertical.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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