The global smart transportation market is projected to exhibit a significant growth, at a CAGR of around 9.8%, during the forecast period. The major factors responsible for the growth of the smart transportation market includes the growing research and development in the connected technology in transportation, offering a space for the newer trends in the smart transportation market. The growing urbanization and connected technology have been offering growth to the smart transportation market since past few years. Though, there are some new trends that are expected to be introduced in the smart transportation market in the near future.
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There are several factors that back up to the introduction of these new trends in the market, such as the partnership amongst the tech companies and businesses, introduction of smart city projects, which are therefore, contributing to the beginning of smart transportation across the globe. As, above all, the transportation plays a significant role in the development of smart cities. India and China are the two emerging economies that have an ongoing smart city projects as a vast level. Apart from these Asia-Pacific economies, several developed economies of the globe, such as the US, Germany, Japan will significantly adopt smart transportation technology in the near future. Therefore, the governments of these economies are trying their hands in the introduction of new trends in the smart transportation. Some of these trends are explained below-
- The introduction of connected trains may bolster the public transport facilities across the globe. This will create a more sustainable railway framework of the future. The integration of wireless connectivity in trains will offer dedicated trackside networks along with the cellular network that expects to work in conjunction with dedicated onboard equipment.
- The wireless connectivity may transform the wasted time into ‘bonus’ time. This indicates that the flight commute leads to the wastage of time, sometimes almost a full working day or a ‘bonus day’. Therefore, with the smart transportation and connectivity, the travelers can get back to work and also spend their travelling time relatively more productively, whether its studying, working, or talking to your friends and family. Moreover, it will let consumers and organizations to adjust their working hours as per the time of the transportation.
- Smart transportation market will have a better continuous connectivity for the rider, offering real-time CCTV monitoring, which will include behavior analysis and facial recognition. Moreover, the IoT-connected sensors can reduce the cost and optimize fleet usages, such as monitoring brakes, wheels, doors, and cooling system. At the time passenger service updates along with the other services will further reduce cost and enhance operations and services of the passengers.
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Global Smart transportation Market-Segmentation
By Transportation Mode
- Ticketing Management System
- Parking Management System
- Traffic Management System
- Others (Integrated Supervision System)
Global Smart transportation Market– Segment by Region
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World
- Advantech Co., Ltd.
- ALSTOM Holdings
- Amadeus IT Group, S.A.
- Bentley Systems, Inc.
- Cisco Systems, Inc.
- Conduent Business Services, LLC
- Cubic Corp.
- Hitachi, Ltd.
- Huawei Technologies Co., Ltd.
- IBM Corp.
- Intel Corp.
- Kapsch Group
- Oracle Corp.
- Parsons Corp.
- SAP SE
- Siemens AG
- Stantec Inc.
- Thales Group
- The Descartes Systems Group Inc.
- Toshiba Corp.
- Trimble, Inc.
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