A new market study, titled “Smart Transportation Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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The global smart transportation market size was USD 92.48 billion in 2020. The market is estimated to grow from USD 98.74 billion in 2021 to USD 206.80 billion in 2028 at a CAGR of 11.1% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Smart Transportation Market, 2021-2028.” As per our report, aspects such as the increasing urban population, rising implementation of IoT-based technologies, and propagation of 5G-based communication enable the application of smart type of transportation infrastructure. The developed nations in the world have already executed the majority of the smart transportation plans as compared to the emerging economies.
For instance, India has observed several infrastructural plans being executed in the top-tier cities since 2016. This government of this country has announced its plans to build expressways, national highways, rapid mass transport (MRT), rapid bus transport (BRT), walkways, pedestrian skywalks, and cycle tracks in urban areas. This is likely to promote the smart transportation market growth in the upcoming years.
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COVID-19 Pandemic to Promote Usage of Smart Transportation Systems
Since the COVID-19 pandemic hit the world, the governments of all regions are relentlessly working towards avoiding the transmission of this infection and protect their population. They are constantly opting for solutions to avoid public gatherings and also save their economy from dropping due to lockdowns.
For example, Israel presented a large-scale trial to enable low-occupancy traveling by merging on-demand travel with reserved carpooling to reinvent bulk gathering during the pandemic. This system utilizes a personalized algorithm to retreat buses and offer a well-organized ride. Over 250 modes of transport stretching from cars and buses were utilized to handle 75,000 trips in three weeks of its launch. Though the nation employed the system to substitute the inflexible transportation network, especially for the pandemic, it can save roughly about USD 25 million annually and can be implemented for long-lasting use. Therefore, the pandemic shall boost the transformation of the existing transport infrastructure.
We have executed an exclusive research method that comprises information triangulation based on the renowned bottom-up and top-down approaches. Our researchers have lead thorough primary research as well as secondary research to authenticate the estimated size of the market. The data utilized to depict the shares for multiple segments at the national, regional, and global levels is mined from comprehensive interviews with various experts. Our analysts have also extracted information from funded databases, industry journals, SEC filings, and many other parallel resources.
Based on solutions, the global market is divided into ticketing management systems, parking management systems, integrated supervision systems, and traffic management systems. On the basis of communication type, the market is classified into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and others. In terms of geography, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
On the basis of service, the market is categorized into business, professional, and cloud services. The professional services segment is estimated to display considerable growth during the forecast period driven by the rise in demand for consulting services. They offer application support, design advice, tactic improvement, among other functions for various subsystems, and assist in elevating current infrastructure systems. The segment earned 26.37% in terms of share in 2020.
Drivers and Restraints
Progress Made in the Technology Sector to Amplify Growth
Internet of Things (IoT) based appliances and devices collect and transfer real-time records to consumers related to traffic, climate and weather, and recent happenings, among other activities, to design their travel more efficiently. Surging implementation by travelling agencies in systems such as train regulator systems, toll gathering systems, fleet telematics, and transportation logistics has significantly enhanced while decreasing functioning expenses.
Besides, the necessity to handle the surging quantity of data produced through the massive number of IoT appliances utilized in the transit infrastructure is also making noteworthy revenue sources. This is useful for service suppliers and autonomous software vendors, among other solution providers. Hence, technological expansions in the existing transportation infrastructure shall stimulate the smart transportation market growth.
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Asia Pacific to Show High CAGR Backed by Implementation of Monitoring Measures
Europe held the largest market share and was worth USD 36.99 billion in 2020. This is owing to the considerable investment for infrastructure through funding plans such as the Connecting Europe Facility (CEF), which has enabled more than 763 schemes with up to USD 22 billion in the donation.
Asia Pacific is predicted to showcase a higher CAGR in the market in the foreseeable future. This is attributable to the assisting monitoring measures that have simplified the speedy progression of smart transportation construction and infrastructure in leading nations such as China and South Korea.
North America is also expected to witness substantial growth in the market. In the U.S., the collaboration between federal and state establishments has augmented over policy supervision and funding, therefore amplifying road testing and software development.
Funds by Organizations to Help Key Players Succeed in the Market
As the key players strive to make commendable changes in the market with constant efforts, the government or superior organizations help them in achieving that goal by providing funds. This benefits everyone involved in the project as the public is contended due to advancements made for their convenience, the company in charge gains popularity, and the funding organization can gather more funds after the success of the project.
For instance, in March 2021, Iteris, Inc. was offered a $500,000 intelligent transportation systems (ITS) and traffic signal balance venture by the Illinois Department of Transportation (IDOT). The project comprises the alteration and transformation of prevailing traffic indications with state-of-the-art traffic signal systems and signal coordination and timing (SCAT) developments at important signalized crossings.
January 2020: Cubic Corporations’ Cubic Transportation Systems (CTS) commercial unit combined the Intelligent Transportation Systems (ITS) business line underneath the management of Jeff Price. Cubic’s NextCUBIC alteration steers the modification to develop operative efficacy and proficiency in the CTS business unit.
List of Key Players Covered in the Smart Transportation Market Report
- IBM Corporation (New York, U.S.)
- Cisco Systems, Inc. (California, U.S.)
- Kapsch TrafficCom (Vienna, Australia)
- Cubic Corporation (California, U.S.)
- Xerox Corporation (New York, U.S.)
- Siemens AG (Munich, Germany)
- Iteris, Inc. (California, U.S.)
- LG CNS Co. Ltd. (Seoul, South Korea)
- Thales Group (La Defense, France)
- Indra Sistemas (Alcobendas, Spain)
- Trapeze Software (Ontario, Canada)
- TransCore Inc. (Tennessee, U.S.)
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NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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