Smart Transportation Market to see 20% CAGR till 2024, Global Key Players: Cisco, Cubic Corporation, IBM, Indra, GE, Kapsch TrafficCom AG, Siemens, Thales, TomTom, Trapeze Group, TransCore , Agero, Inc., Accenture, Alstom, Clever Devices

Smart Transportation Market to witness at a CAGR of over 20% and , is set to surpass USD 130 billion by 2024. 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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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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. IBM
2. Accenture
3. Alstom
4. Clever Devices
5. Cisco
6. Cubic Corporation
7. Agero, Inc.
8. Indra
9. GE
10. Kapsch TrafficCom AG
11. Siemens
12. Thales
13. TomTom
14. Trapeze Group
15. TransCore

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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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. 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.

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.

Dubai has recently joined the trend of smart city development. Apparently, under the umbrella of the Dubai Plan 2021, the government is aiming at transforming infrastructure, designing ambitious projects and providing citizens with enhanced benefits. The regional smart transportation market has witnessed increased investment under the Dubai Plan, as transportation is being viewed as a key pillar to the development of a smart city.

Speaking on the similar lines, the Chinese Government aims to have 10 percent of all cars to be self-driving by 2030. Subsequently, the market players consider this opportunity as significant and intend to release unique solutions that would assist in delivering better traffic updates, on-the-go recharging of electric-vehicle batteries, more accurate mapping, etc. One of the most interesting instances of this is the trial of ‘intelligent highway’ that could revolutionize the global smart transportation market outlook. Apparently, the highway would be embedded underneath with advanced technologies and solar panels that would generate enough electricity to power approximately 800 homes and highway lights.

Browse key industry insights spread across 370 pages with 214 market data tables & 24 figures & charts from the report, Smart Transportation Market in detail along with the table of contents:

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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.

The traffic management system dominated the market in 2017 of the software segment of the smart transportation market. The market is growing due to large-scale adoption of the services offered such as route guidance system, smart signaling systems, video surveillance, and traditional signaling systems. These systems aid in the freight management and efficient tolling. The ticket management segment is anticipated to grow at the highest rate over the forecast period. These solutions integrate smart card ticketing, online ticketing, and mobile application ticketing and improve the customer service. They also provide facilities such as ticket booking flexibility and digital payments thereby reducing frauds, revenue losses, and maintenance costs, enhancing their demand in the market.

Roadways account for the largest industry share in the smart transportation market followed by railways and airways. Railways are anticipated to grow at a fast pace over the forecast period due to factors, such as cheaper transport fare and government investments, in developing smart railway systems. Airways are the preferred mode for freight transportation and airports worldwide have been investing in various smart technology solutions to reduce air traffic congestion and delays. For instance, in 2017, airlines and airports invested around USD 33 billion to improve the airport infrastructure by going through a digital transformation mainly focused on providing self-service processes at bag-drop, check-ins, and boarding using new technologies such as IoT, sensors, and beacons.

Some of the vendors in the market are Agero Inc., Accenture, Alstom, Avail Technologies Inc., Clever Devices, Cisco, Cubic Corporation, ETA Transit Systems, GMV Innovating Solutions, IBM, Indra, S.A, GE, Kapsch TrafficCom AG, LG CNS Co. Ltd., Siemens, Thales, TomTom, Trapeze Group, TransCore Inc. and WS Atkins PLC.

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