Smart Transportation Market : Growth, Analysis & Forecast to 2022

Posted by Amaraja on February 24th, 2021

Market Scenario:

Global Smart Transportation Market – Overview

The smart transportation is an advanced transportation system provides innovative services associated with different modes of transport and traffic management for avoiding various problems including traffic accidents, congestion, and vehicle carbon emission. The smart transportation system involves vehicles, drivers, passengers, road operators, interacting with each other. The adoption of fleet management in smart transportation provides vehicles with a smarter solution that offers real-time visibility of driver performance , vehicle location, fuel consumption, travelling mileage speed, idle times, and increases efficiency & productivity of the vehicles.

Due to the rapid urbanization, the amount of greenhouse gas increases in the environment which leads to the adoption of alternative fuels such as bio-fuels, ethanol, compressed natural gas (CNG), and increases the demand of solar and electric vehicles which is likely to impact the growth of smart transportation systems.

Smart transportation systems include a broad range of wireless and wireline communication-based information , connectivity  technologies for the better management of traffic and improve the existing transportation infrastructure.. Furthermore, there are various benefits of smart transportation, including improvement in safety issues, higher productivity & efficiency, environmental friendliness, and better life quality. Also, the smart transportation involves the adoption of smart parking management solutions which uses the IoT technology along with mobile payment services. It also provides real-time parking information displayed on the electronic sign board that is useful for both parking staff members as well as the end-users. The adoption of multi-level parking provides various benefits including minimum utilization of land, greater convenience in entry and exit, with the help of multi sensors and safety devices offering low operating and maintenance expenses.  

The adoption of advanced technologies including cloud computing, big data, evolution of wireless network, machine to machine(M2M), Internet of things (IoT), and government initiatives to support smart technologies in existing transportation are some of the factors that are impacting the growth of smart transportation market. However, high capital investment and with lack reliable database for road network are some of the factors that hinder the growth of smart transportation market.

Industry News

Sep 2018, Huawei announced to launch ICT solutions for cloud-based railways.

Huawei launched ICT solutions including urban rail cloud and railway IoT solution to help rail operators achieve digital transformation by providing a connected, safe and efficient experience for passengers. Huawei’s urban rail cloud is a smart cloud platform which can be used for the multiple-line operations for smart urban rails.

Jan 2018, Didi Chuxing partnered with Chinese traffic management authorities to introduce smart transportation solution

Didi Chauxing partnered with Chinese traffic management authorities to provide integrated solution. The integrated solution is based on real-time data, leveraging cloud computing and AI-based technologies for smart city traffic management delivering improvements in transportation infrastructure. The transportation infrastructure includes traffic flow measurements, smart traffic signals, reversible lanes, and traffic management programs for maintenance scheduling and system assessments.

Feb 2017, Cisco and Davra networks partnered to deliver smart transport network in Swindon.

Cisco and Davra partnered to work with Swindon Borough Council (SBC) for collecting and analyzing real-time data from sensors and data sources to improve the mobility and safety of the town, reduce congestion, and improve traffic management by providing real-time traffic information to the people and provide updates to commuters in their vehicles to prevent them from congestion.

Global Smart Transportation Market - Segmentation

Segmentation by Solution: Traffic management solution, smart ticketing solution, parking management solution, integrated supervision solution, passenger information solution, insurance telematics solution, and others.

Segmentation by Services: Consulting services, deployment and integration, and support & maintenance.

Segmentation by Region: North America, Europe, Asia-Pacific, and Rest of the world.

Global Smart Transportation Market Regional Analysis

The regional analysis of global smart transportation market is studied for North America, Europe, Asia-Pacific and Rest of the World.

North America dominates the smart transportation market with the US and Canada as the leading countries and is expected to remain dominant during the forecasted period. The market growth is due to the technological advancements and huge investments from the government towards the improvement of transportation facilities with the adoption of smart solutions.

Asia-Pacific is expected to reach the highest CAGR during the forecasted period with China, Japan, India as the leading countries in this region due to the growing demand of smart systems for the rapid population growth and increasing urbanization in this region.

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https://www.marketresearchfuture.com/reports/smart-transportation-market-2467

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