Smart transportation is an advanced transportation system equipped withIntelligent Transportation System (ITS) to facilitate a more competent transport network, which is more coordinated, safer, and better informed. It is generally connected wirelessly with the Internet of Things (IoT) vertical technology. The primary purpose of the ITS technology is to collect and control real-time conditions and improve performance. This helps prevent traffic congestion and collisions with the help of intelligent traffic control systems. In 2019, Iteris, Inc. launched its new transportation analytics solution, ClearGuide™, at the Intelligent Transportation Society of America’s annual conference and expo in Washington, DC, that enables transportation agencies and commercial entities, such as construction and engineering firms, to actively monitor traffic congestion and identify anomalies &their causes.
For the purpose of analysis, the global smart transportation market is segmented on the basis of solution, service, transportation type and region. By solution, the market is classified into ticketing management systems, parking management & guidance system, integrated supervision system, and traffic management system. By service, the market is segmented into business services, professional services, and cloud services. By transportation type, the market has been segmented into roadways, railways, airways and maritime. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the critical areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain the intense competition in the industry.
The key players operating in the global smart transportation market are Accenture, Alstom, Cisco Systems, Inc., Cubic Corporation, IBM Corporation, Iteris, Inc., MSR-Traffic GmbH, Siemens, Thales Group, and TomTom International BV.
For the purpose of analysis, the global smart transportation market is segmented on the basis of solution, service, transportation type and region. By solution, the market is classified into ticketing management systems, parking management & guidance system, integrated supervision system, and traffic management system. By service, the market is segmented into business services, professional services, and cloud services. By transportation type, the market has been segmented into roadways, railways, airways and maritime. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the critical areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain the intense competition in the industry.
The key players operating in the global smart transportation market are Accenture, Alstom, Cisco Systems, Inc., Cubic Corporation, IBM Corporation, Iteris, Inc., MSR-Traffic GmbH, Siemens, Thales Group, and TomTom International BV.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global smart transportation market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents detailed impact analysis information related to the key drivers, restraints, and market opportunities.
- The current market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Transportation Type
- Maritime
- Roadways
- Railways
- Airways
By Solution
- Ticketing Management System
- Parking Management and Guidance System
- Integrated Supervision System
- Traffic Management System
By Services
- Business
- Professional
- Cloud Services
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ACCENTURE PLC
- ALSTOM SA
- MSR Traffic GmbH
- Siemens AG
- Thales Group
- TomTom International
- Cisco Systems Inc.
- Cubic Corporation
- ibm corporation
- Iteris, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART TRANSPORTATION MARKET, BY BY SOLUTION
CHAPTER 5: SMART TRANSPORTATION MARKET, BY SERVICES
CHAPTER 6: SMART TRANSPORTATION MARKET, BY TRANSPORTATION TYPE
CHAPTER 7: SMART TRANSPORTATION MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Smart Transportation Market,' the smart transportation market was valued at $96.6 billion in 2020, and is estimated to reach $251.0 billion by 2030, growing at a CAGR of 10.2% from 2021 to 2030.Smart transportation refers to the integrated application of the latest technologies and management strategies that aim to provide innovative services related to different modes of transport & traffic management systems. Smart transportation facilitates a smarter transport network, by giving real-time information about vehicle performance & traffic congestion problems to increase efficiency and reduce emissions. It comprises of several technologies, such as car navigation, traffic signal control systems, automatic number plate recognition, and speed cameras. For instance, in 2019, Cubic Corporation updated its Trafficware’s ATMS with the newest version of its industry-leading transportation management system, ATMS 2.9, to provide additional metadata for the intersection layout, available via the connected vehicle module as well as through TidalWave, a live streaming traffic information service powered by intelligent edge analytics.
In addition, smart transportation market has witnessed significant growth in recent years, owing to rise in urban population and traffic across the globe. Furthermore, the increase in demand for autonomous vehicles and the development of connected vehicles compatible with intelligent transportation systems (ITS) extend profitable opportunities to the market players during the forecast period. The companies operating in the market have adopted partnerships, product launches, acquisitions, and R&D to increase their market share and expand their geographical presence. For instance, in April 2019, Iteris, Inc. entered into a partnership with Lindsay Corporation, a leading global manufacturer &distributor of irrigation and infrastructure equipment &technology, to support the Federal Highway Administration’s (FHWA) Smarter Work Zone campaign to reduce traffic congestion and improve safety in work zones using intelligent transportation systems (ITS) solutions.
The market segmentation is based on solution, service, transportation type and region. By solution, the market is classified into ticketing management system, parking management & guidance system, integrated supervision system, and traffic management system. By service, the market is segmented into business services, professional services, and cloud services. By transportation type, the market has been classified into roadways, railways, airways and maritime. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Factors such as rise in demand for efficient transportation networks across the world, government initiatives for the development &promotion of green fuels, and increased demand due to surge in road safety & traffic congestion issues are expected to drive the growth of the smart transportation market. In addition, the adoption of smart transportation systems in railways and the rise in adoption of cloud services in transportation are some of the major factors anticipated to boost the market's growth. However, high capital investments, large database requirements of the road network, and lack of standardized & uniform technology restrain the market growth. Furthermore, investments in emerging ideas of smart cities and the introduction of parking management systems provide lucrative growth opportunities for the market players.
Key findings of the Study
- By transportation type, the airways segment is expected to register a significant growth during the forecast period.
- Depending on solution, the parking management & guidance system segment is anticipated to exhibit significant growth in the near future.
- On the basis of services, the professional segment is projected to lead the global smart transportation market owing to higher CAGR.
- Asia-Pacific is anticipated to register the highest CAGR.
COVID-19 Impact Analysis
- The COVID-19 crisis created uncertainty in every market and has caused a significant blow to the transportation industry. With most governments enforcing isolation practices, there is a substantial decline in the transportation industry.
- Governments across different regions announced total lockdown and the temporary shutdown of industries, leading to border closures that restricted the movement of transportation & logistics services.
- In countries such as China and the U.S., toll and fare collections have been stopped. China has implemented a no-stop, no-check, toll-free policy for vehicles transporting emergency supplies and essential personnel.
- However, market players have adopted innovative strategies to increase growth opportunities in the global smart transportation market with growth in demand for proper traffic management systems and improved transportation infrastructure facilities for the safety of passengers.
- As per the current scenario, the overall world is getting back on track slowly. With new restriction and policies, a significant recovery in the transportation sector across the retail industry may positively influence the smart transportation market owing to the latest technological innovations regarding vehicle safety.
Companies Mentioned
- ACCENTURE PLC
- ALSTOM SA
- MSR Traffic GmbH
- Siemens AG
- Thales Group
- TomTom International
- Cisco Systems Inc.
- Cubic Corporation
- ibm corporation
- Iteris, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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