Smart Transportation Market Size - Segmented By Application (Traffic Management, Road Safety & Security), Product Type (Advanced Traveler Information Systems, Advanced Transportation Management Systems, Advanced Transportation Pricing Systems), and Region - Growth, Trends, and Forecast (2019 - 2024)

Smart Transportation Market 

The smart transportation market was valued at USD 67.15 billion in 2017 and is expected to reach a market value of USD 189.28 billion by 2023, registering a CAGR of 18.68% during the forecast period (2018 – 2023). The ever increasing population of the world is leading to rapid urbanization leading to many problems, such as congestion and safety issues on the road. The need for sustainable solutions to counter these problems is gaining importance across the world. The emergence of cloud-based technologies and advances in Vehicle-to-Vehicle (V2V) and Vehicle-to-Grid infrastructure (V2I) are making smart transportation a reality.

The report is segmented into advanced traveler information systems, advanced transportation management systems (ATMS), advanced transportation pricing systems (ATPS), and advanced public transportation systems (APTS) on the basis of product types. The report is also segmented by application and region.

Rise in Urbanization, Megacities, and Population is the Major Market Driver

More than half the world’s urban population resides in Asia where some countries, like India and China, already have about a billion people living in the cities alone. The other regions with relatively high urban population are North America, Europe, and Africa. The growing urbanization is an indication of the rising complexities in the cities across the globe with transportation requirements being one of those issues. Resolving these complexities is one of the major challenges faced by the transportation market across these regions.

Technological innovations have brought about a major change in the way everything operates. The Internet of Things has made developing connected networks feasible in almost all major functioning sectors today. Integration of this transportation system has resolved most of the transportation-related complexities. The rising growth rate of megacities worldwide and multiple innovations taking place in the field of technology are expected to open up a number of opportunities in the smart transportation market.

Advanced Transportation Management Systems Expected To Hold Significant Share in Smart Transportation Market 

The exponentially growing trend of connected cars devices and connected devices in other vehicles as well is driving the market on a large scale. Moreover, a rise of connected cars which are equipped with mechatronics, telematics, artificial intelligence, and other IoT features, which help to interact with various smart devices and vehicles, might boost the market of various integrated technological systems in the transportation sector. These connected features involve the exchange of real-time data that offers better comfort, security, entertainment, and safety for the end-user. Various automobile manufacturers, such as BMW, Mercedes, Ford, General Motors and others, are now offering IoT to ease the complexities in the transportation sector.

Europe Holds the Largest Share in Smart Transportation Market

It is expected that approximately 233 million connected cars would be on the road by 2020, globally, and Europe is holds the majority of the percentage in the production of connected cars during the forecast period. The connected cars market is expected to increase by four times in 2020 compared to the current market state. These connected technologies in the automotive sector might boost the smart solutions market in the transportation sector.

Moreover, urban transportation is becoming an important pillar for a better quality of life of citizens in a city. Currently, in most of the cities in Europe, private and public road transportations are the vital mode of commuting. However, the lack of safety and the quality of the public transportation as well as the poor traffic management in overcrowded road network, the rise of theft, increase in parking issues, etc., are boosting the market for smart highways which, in turn, is boosting the smart transportation market

Key Developments in the Smart Transportation Market 

• January 2018: Ericsson will provide its Connected Urban Transport solution for the City of Dallas' Advanced Traffic Management System. The solution is designed to ease traffic congestion by the use of an interface to automate and facilitate systems monitoring, performance monitoring, management, and maintenance, with the ability to share data across cities and countries. The solution is expected to allow the City of Dallas to expand its knowledge about traffic issues and assist with operational decision making to improve traffic flow.

Smart Transportation Market Major Players:

• Cisco Systems Inc.
• AGT International
• IBM Corporation
• Logica (CMG)
• Oracle Corporation
• Hitachi Inc.
• Schneider Inc.
• SAP SE
• Siemens Corporation.
• Orange Inc
• ERTICO-ITS
• GSM Association

Reasons to Purchase Smart Transportation Market Report

• Current and future Smart Transportation Market outlook in the developed and emerging markets
• Analysing various perspectives of the market with the help of Porter’s five forces analysis
• Identifying the segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-months analyst support, along with the Market Estimate sheet (in Excel)

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