The rapid urbanization in today’s world is resulting into innovation of smart solutions for day to day activities. Smart transportation is one such important aspect. Smart transportation is an advanced transportation system which aims to provide innovative services related to different modes of transport and traffic management systems. Technologies applied in these systems are Internet of things, including technologies such as wireless communications, sensing technologies, real time data and computational technologies. Smart transportation system facilitates a smarter transport network which is more co-ordinated, safer and better informed. Smart transportation system is applicable in traffic information and management systems, notification and guidance systems in moving vehicle, and parking management systems.
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In traffic management system, smart transportation solution monitors, manages and predicts traffic to prevent road blockages. While for end-users it empowers them by giving real time information about their vehicle performance and traffic problems to improve safety and reduce greenhouse emissions.
Smart Transportation Market: Drivers and Restraints
Increase in government norms and initiatives to reduce pollution, day to day rise in traffic congestion, and ability to save time and fuel are the key drivers resulting in the growth of smart transportation market. Moreover, factors such as rise in demand of intelligent transport solutions for better safety and security and promotion of green fuels also contribute in the growth of smart transportation market.
However, factors such as high capital investment and prerequisite of huge database of road network are restraining the growth of smart transportation market.
Smart Transportation Market: Segmentation
Smart Transportation market can be segmented on the basis of services, solution, and region wise. On the basis of services smart transportation market can be further segmented into consulting, deployment, and support and maintenance. On the basis solution it can be sub-segmented into parking management system, ticketing management system, traffic management system and integrated supervision system. Region wise smart transportation market can be segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
Smart Transportation Market: Regional Overview
North America is expected to remain the leader in smart transportation market with the highest market share with continuous technological advancements in smart solutions. Smart transportation market in Asia-Pacific region is growing at significant pace owing to need for smart systems for increasing population. The surge in digitization in and adoption of smart connectivity devices in Europe is resulting in the rapid growth of smart transportation market.
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Smart Transportation Market: Key Players
Accenture, Cisco, GE Transportation, Cubic Corporation, General Electric Company, Xerox Corporation, IBM Corporation, Alstom SA, and Siemens AG are some of the major players in smart transportation market.