Smart transportation systems enable intelligent and innovative solutions and services in transport and traffic management. Traffic congestions result in safety issues and delays across the world. Therefore, governments and other organizations are fostering automated and advanced transportation systems. These systems assist travelers to stay aware about various components including accidents, destinations, traffic, etc. Transparency Market Research (TMR) explores the significant ways in which smart transportation has revolutionized the transport system, along with shedding light on the significant drivers and stating the most dominant region in the smart transportation systems market.
The global smart transportation systems market is segregated into different services, solutions, and geographies. Basic solutions available in the market for smart transportation are categorized under five heads, including parking management, integrated supervision, ticketing management, traffic management systems, and passenger information. The basic services available in the market are segregated into cloud, professional services, and business.
How has the Revolutionary Concept of Smart Transportation System Affected Transport?
The revolutionary concept of smart transportation system manages public and private transport and decreases the strain on the whole system, while reducing and securing the traffic’s flow. The effectualness of these technologies is resulting in a strong growth in the industry within emerging regions such as Middle East, Asia Pacific, Latin America, and Africa. To add on, these services are responsible for making transportation a more organized, coordinated, smarter, and safer industry.
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What are the Factors Fuelling the Market for Smart Transportation Systems?
Rising population, increasing number of vehicles, high rate of accidents, efforts of the government for organization of the transportation systems and other advantages related to the use of these systems are fuelling the global market. The market is intensely augmented by rise in rate of, passenger information systems, and the smart traffic. Swift growth in the industry of information technology is also prompting market players to introduce effective and suitable solutions and services for controlling and managing transport systems. To add on, the increasing demand from the emerging markets is developing opportunities for increased investment for the major industry players.
Nonetheless, the high installation cost associated with such systems is hampering the growth of the smart transportation systems market. Additionally, the utilization of smart transportation needs a huge database of road networks that may be unavailable in the emerging nations, which in turn impedes the growth of this market.
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Which is the Most Rapidly Growing Region in the Smart Transportation System Market?
Owing to the existence of key economies, namely Japan, China and India, Asia Pacific is predicted to be the most rapidly growing region in the smart transportation market. Currently, Europe dominates the market and is expected to lead the market from 2015-2021 and North America occupies the second position by holding a share of 25% in the market for smart transportation systems.
Due to the rising innovations and increasing adoption rates, the market for smart transportation is poised to post healthy growth in the coming future. Key players present in the market include LG CNS, IBM, Cisco, Cubic, Accenture, Thales, Affiliated Computer Services, Siemens, ESRI, KAPSCH, and GE Transportation.