Smart Transportation Market Size to Reach $285.12 Billion by 2024 | Million Insights
FELTON, California, March 28, 2018 /PRNewswire/ --
The global Smart Transportation Market [https://www.millioninsights.com/industry-reports/smart-transportation-market?utm_source=referral&utm_medium=paid&utm_campaign=prn_smarttransportation_28march_rd1 ] size was valued at USD 44.26 billion in 2015 and is anticipated to reach a market size of USD 285.12 billion by 2024. The global smart transportation market is expected to grow at a rapid pace over the forecast period. Smart transportation is also called Intelligent Transport System (ITS) [https://www.millioninsights.com/industry-reports/intelligent-transportation-system-its-market?utm_source=referral&utm_medium=paid&utm_campaign=prn_smarttransportation_28march_rd_ITS ] . It is an innovative transportation structure that aims to offer innovative services for transport and traffic management system. Smart transportation combines the usage of artificial intelligence along with information technology to effectively coordinate and manage the transportation systems. It is mainly concerned with efficiently and resourcefully managing the rail, air, and road transportation modes and allied transport infrastructure.
The application of smart transportation network lets the traveling population gain an enhanced knowledge about the traffic to enable better coordination. Additionally, its implementation ensures the safety of the drivers. Planning smart cities turns out to be a feasible option for municipal authorities and governments since the stress on decreasing emissions of carbon is increasing owing to the fact that conventional cities form a major source of CO2 emissions.
The global smart transportation market is poised for growth on account of the growing need for improving the performance of prevailing transportation networks and rising focus on road safety. The major long-term drivers of the market include demographic and economic growth in the emerging economies. In the developed countries, they are connected to the up gradation and renewal of the prevailing infrastructure along with grown environmental and sustainability awareness. Huge traffic jamming because of increasing number of vehicles has contributed to the requirement for advanced public traffic management systems. Consequent need for smart vehicles with public, private partnerships is also projected to be a key opportunity for growth over the next eight years.
The increase in the sales of automobiles all over the world is increasing the traffic congestion. This, in turn, is creating the need for smart transportation systems. The rising awareness regarding safety among the drivers is also expected to favorably impact the growth of the global smart transportation market. Government initiatives such as the EU Directive on intelligent transportation systems were passed to effectively manage traffic on the road. It would help in saving fuel as well as time. Several other governments such as the UK government have shown their interest to deploy smart transportation systems across their countries. This is expected to further increase the demand for smart transportation systems.
Browse 125 page research report with TOC on "Global Smart Transportation Market" at: https://www.millioninsights.com/industry-reports/smart-transportation-market [https://www.millioninsights.com/industry-reports/smart-transportation-market?utm_source=referral&utm_medium=paid&utm_campaign=prn_smarttransportation_28march_rd2 ]
However, the major restraint for the overall market includes the need for huge capital investment since the prevailing transportation systems requires a total revamp. Adding to it, the implementation of smart transportation systems needs a big database of road networks which might not be available in the developing countries. This is again acting as a limitation for the market. Moreover, certain downtime is essential to update the infrastructure in order to deploy smart transportation systems. This acts a major hindrance as it would mean a total halt in the routine travel of passengers.
The global smart transportation market is segmented on the basis of solutions, services, and green/smart fuels. The market is classified on the basis of solutions into parking guidance & management systems, integrated supervision systems, traffic management systems, ticketing management systems, and passenger information system. The ticketing management system is expected to generate the maximum revenue since it is the elementary system of transportation infrastructure that is easily implemented. Additionally, the integrated supervision system is anticipated to witness the maximum growth potential since it reduces accidents and traffic jams and also provides enhanced safety measures.
On the basis of services, the market is segmented into professional services, cloud services, and business services. The segment generating maximum revenue includes professional services and the cloud services segmented is expected to witness the fastest growth rate since the system would generate a considerable amount of data which would be stored in the cloud. On the basis of green/smart fuels, smart transportation market has been segmented into ethanol, wood-gas, biogas, hydrogen, and solar-cell. At present, ethanol is generating the highest revenue as it is used as a biofuel stabilizer to reduce pollution. However, solar-cell is projected to witness the highest rate of growth over the forecast period.
North America emerged as the most dominant region for the global smart transportation market on account of various factors including growing demand across public & private sector, promotional activities and government initiatives particularly across the U.S. Asia-Pacific is projected to have a tremendous growth over the next eight years. This growth can be attributed to the intensive research & development and regulatory activities in the emerging nations including Japan and India.
The prominent strategies practiced by the major industry participants include customized solutions, mergers & acquisitions, innovative technologies, partnerships, and new product developments. Key market players include General Electric Company, Accenture PLC, Cubic Corporation, LG CNS, Cisco Systems, Inc., IBM Corporation, Indra, Kapsch, Xerox, Schneider Electric, Alstom SA, and Siemens.
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Solution Outlook (Revenue, USD Million; 2014 - 2024)
- Ticketing management system
- Parking management system
- Integrated supervision system
- Traffic management system
Services Outlook (Revenue, USD Million; 2015 - 2024)
- Cloud services
- Business services
- Professional services
Regional Outlook (Revenue, USD Million; 2014 - 2024)
- North America
- Europe
- Asia Pacific
- Rest of the World
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