Smart Transportation Market Top Vendors 2018-2024: Accenture PLC, Cisco Systems, Cubic Corporation, General Electric Company, IBM Corporation, Siemens AG, Thales Group, WS Atkins, ETA Transit Systems, LG CNS, Trapeze Software

In the software segment, the traffic management system dominates the smart transportation market. The use of advanced technologies, such as sensors and IoT, in the traffic lights, helps them in automatically responding to the changing traffic patterns. In these systems, the light changes as per the traffic pattern rather than the fixed schedule, encouraging the smooth flow of the traffic. Smart ticketing segment is anticipated to grow at the fastest rate in the smart transportation market and reach USD 11 billion by 2024. These solutions increase the accessibility to integrated transport systems thereby offering reliability and flexibility and by providing access to new payment modes, enhancing the customer experience.

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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.

The cloud deployment model in smart transportation market is projected to witness a fast growth rate over the forecast period due to the increasing popularity of the vehicular cloud technology and the features it offers such as efficient traffic management, road safety, standardization, and infotainment services. The real-time safety applications, such as remote surveillance, video capture service, and speed-based lance changing, provide enhanced efficiency to the passengers thereby accelerating the smart transportation market growth.

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.
Smart Transportation Market was estimated at over USD 41 billion in 2017, is set to exceed USD 130 billion by 2024.

Growth Drivers:

• Rapid urbanizations and government investment in smart transportation
• Adoption of connected vehicles for enhancing public safety and security
• Reduction in collision
• Improved life with smart parking and smart ticketing
• Environment protection
• Advanced infrastructure

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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 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 key players operating in the smart transportation market include Agero, Accenture Plc, Alstom SA, Avail Technologies Inc., Clever Devices Ltd., Cisco Systems, Cubic Corporation, ETA Transit Systems, GMV Innovating Solutions, IBM Corporation, Indra Sistemas, S.A, General Electric, Kapsch TrafficCom AG, LG CNS Co. Ltd., Siemens AG, Thales Group, TomTom International Inc., Trapeze Software, TransCore Inc. and WS Atkins PLC.

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