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Smart Transportation Market Analysis by Demand Outlook and Business Scenario over 2020 – 2024

Author : Ronak Bora | Published Date : 2020-09-10 

North America is projected to dominate the smart transportation market by 2024 due to rapid deployment of smart transportation solutions, which offer features such as real-time traffic information, parking assistance, adaptive traffic signal control, electronic toll collection, and real-time information for public transit systems. Asia Pacific is the fastest growing region in the smart transportation market owing to the government initiatives for development of smart city solutions in this region. The developed countries including Australia and Japan have already adopted smart transportation facilities as they are politically and technologically advanced.

Smart traffic management solutions hold the highest share in the smart transportation market to reach USD 25.4 billion by 2024. The smart traffic management systems are inbuilt with sensors, which regulate the flow of traffic by reducing traffic congestion, pollution, and accidents, thus enhancing the smart transportation market growth. For instance, in January 2018, the China-based firm, Didi Chuxing together with Chinese traffic management authorities launched a smart city traffic management solution known as DiDi Smart Transportation Brain. This product has been adopted by more than 20 Chinese cities, facilitating the real-time data flow through AI and cloud computing technologies, improving the transportation infrastructure including the measurement of traffic flow, smart traffic signaling, and traffic management.

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Smart ticketing solutions assist cities in reducing frauds, revenue loss, and maintenance costs. These solutions increase accessibility to integrated transport systems; hence, the smart ticketing market worth is expected to grow at a fast rate and reach USD 11.4 billion by 2024. They offer greater flexibility, faster transactions, and reliability by providing access to new payment types. The UK government invested USD 98 million to introduce smart ticketing in England and Wales by the end of 2018.

With the robust penetration of smart technologies in the transit space, smart transportation market has been progressing at a prodigious pace in the recent years. The growth can be aptly credited to the efforts of the automotive industry players that have been striving to bring in innovative products to the masses. However, the governmental bureaucracy is also to be accredited with some appreciation, given that these authorized bodies have been extensively adopting smart technologies to solve traffic problems, in addition to providing substantial financial support for modernizing transportation.

Urban planners along with technology experts are focusing on building smart cities that will use automated transportation, smart grids, artificial intelligence and digital sensors. Such cities are expected to become a hub for the expansion of the smart transportation industry. Furthermore, the advent of the Internet of Things (IoT) and artificial intelligence (AI) will also be playing a major role in popularizing smart transport, extending its reach across the masses. Indeed, it is being speculated that smart transportation market will emerge as one of most revolutionizing business spaces of the 21st century.

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The companies operating in the smart transportation market are investing in research and development strategies aimed at new product developments. These products assist in improving transport efficiency by providing traffic control, parking assistance & management, and electronic toll collection solutions. Some of the players operating in the smart transportation market include Accenture PLC, Cisco Systems, Inc., Cubic Corporation, General Electric Company, IBM Corporation, Siemens AG, Thales Group, and WS Atkins.

 

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definition and forecast parameters

1.2.  Data Sources

1.2.1. Primary

1.2.2. Secondary

Chapter 2.   Executive Summary

2.1.  Smart transportation industry 360º synopsis, 2013 - 2024

2.1.1. Regional trends

2.1.2. Mode of transportation trends

2.1.3. Component trends

2.1.4. Software trends

2.1.5. Service trends

2.1.6. Deployment model trends

Chapter 3.   Smart Transportation Market Industry Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Smart transportation industry landscape, 2013 - 2024

3.4.  Smart transportation industry ecosystem analysis

3.5.  Smart transportation evolution

3.6.  Market news

3.7.  Smart transportation regulations

3.7.1. Safer Journeys Action Plan (New Zealand)

3.7.2. Bharat Stage Emission Standards (India)

3.7.3. Goods Vehicles Licensing of Operators Act (Northern Ireland)

3.7.4. The Transport Act, 2000

3.8.  Technology & innovation landscape

3.8.1. Mobile internet services integrated with intelligent transport

3.8.2. Increasing popularity of AI integrated with Smart transportation

3.8.3. Enhanced user experience and improved lifestyle

 

3.9.  Industry impact forces

3.9.1. Growth drivers

3.9.1.1.   Rapid urbanizations and government investment in smart transportation

3.9.1.2.   Adoption of connected vehicles for enhancing public safety and security

3.9.1.3.   Reduction in collision

3.9.1.4.   Improved life with smart parking and smart ticketing

3.9.1.5.   Environment protection

3.9.1.6.   Advanced infrastructure

3.9.2. Industry pitfalls & challenges

3.9.2.1.   Huge capital requirement

3.9.2.2.   Big data increases complexity

3.9.2.3.   Long downtime for replacing the existing system

3.9.2.4.   Immature market conditions

3.10.     Growth potential analysis

3.11.      Porter's analysis

3.12.      PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/smart-transportation-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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