Smart Transportation Market to grow at 20% CAGR from 2018 to 2024

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Smart Transportation Market to grow at 20 CAGR
from 2018 to 2024 Global Market Insights Inc.
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Industry Overview

• Smart Transportation Market is set to exceed USD
  130 billion by 2024, driven by rapid
  urbanizations and government investment in smart
  transportation. 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 transportation market.
• Rapid urbanization and improved lifestyle have
  transformed the transportation infrastructure
  thereby driving the 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 market growth.

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• Roadways account for the largest market share in
  the smart transportation market followed by
  railways and airways. Railways are anticipated to
  grow at a fast pace over the forecast period due
  to factors, such as cheaper transport fare and
  government investments, in developing smart
  railway systems. Airways are the preferred mode
  for freight transportation and airports worldwide
  have been investing in various smart technology
  solutions to reduce air traffic congestion and
  delays. For instance, in 2017, airlines and
  airports invested around USD 33 billion to
  improve the airport infrastructure by going
  through a digital transformation mainly focused
  on providing self-service processes at bag-drop,
  check-ins, and boarding using new technologies
  such as IoT, sensors, and beacons.
• In the software segment, the traffic management
  system dominates the 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 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.

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Smart Transportation Market Size, By Mode of
Transportation, 2017 2024 (USD Million)

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Industry Coverage

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• 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 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. For instance, in 2017, Warren Buffett
  invested USD 10 billion for bringing about
  developments in the U.S. airline industry.
• Asia Pacific 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.
  Furthermore, the government initiatives for
  developing smart cities coupled with rapid
  urbanization act as a major platform for the
  growth of the market. The Indian government has
  allocated USD 7.6 billion for upgrading the smart
  cities until 2020. The major constituent of smart
  city initiative is developing an effective
  mobility and public transport system, providing a
  variety of transportation solutions.

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• The global smart transportation market is
  characterized by the presence of both major
  market players with diverse product portfolio and
  start-ups that offer niche products, solutions,
  and services. The key players operating in the
  market include Accenture PLC, Cisco Systems,
  Inc., Cubic Corporation, General Electric
  Company, IBM Corporation, Siemens AG, Thales
  Group, and WS Atkins. These companies are
  collaborating with government agencies to achieve
  the smart transportation vision of the
  government. For instance, in May 2015, the
  Hamburg Port Authority and Cisco partnered to
  develop the first smart road in Germany. This
  smart road, which links three streets with
  Kattyykbrucke bridge is developed with sensors
  and cameras connected to the poles along the
  road. The smart lighting systems on the roads are
  fitted with heat sensors and only turn on when a
  person passes by, saving the power.

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