Global Smart Transportation Market Trend Evolution by Top Key Players: Cisco, Cubic Corporation, IBM, Indra, GE, Kapsch TrafficCom AG, Siemens, Thales, TomTom, Trapeze Group, TransCore , Agero, Inc., Accenture, Alstom, Clever Devices

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.

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Smart Transportation Market size is set to exceed USD 130 billion to growing at a CAGR of over 20% from 2018 to 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.

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

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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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.

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 penetration of integration services is the highest in the smart transportation market as they deliver a high level of performance and intelligence. Advanced technologies, such as computers, electronics, smart sensors, and information & communication, need to be integrated with transport infrastructure and vehicles to reduce traffic congestion and environmental impact of greenhouse gases and to improve the transport efficiency.

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Rapid urbanization and improved lifestyle have transformed the transportation infrastructure thereby driving the smart transportation market demand. The smart systems help the users in dealing with over speeding, bad weather conditions, and heavy traffic thus avoiding collisions and enhancing the user experience. Various connected technologies, such as IoT, smart sensors, and GPS, provide real-time information about traffic congestion in different areas, assisting the drivers in taking alternative routes.

These systems reduce the passengers traveling time, improving the productivity and leading to the overall economic development of the country. However, the huge capital investment and time required to complete the transformation process of the existing infrastructure and transportation systems may hinder the smart transportation market growth.

Smart transportation solutions are increasingly being adopted to reduce traffic congestion and offer passenger safety and environmental protection. Roadways account for the highest market share in the market due to the growing number of road vehicles and the ease-of-transportation on a daily basis offered by these systems. Railways are growing at a fast rate over the forecast period as they offer benefits such as reduction in CO2 emissions, cheaper and faster mode of traveling, and continuous tracking of the trains through the connected railway systems.

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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