The rising urban population and high demographic rates, the growing adoption of connected and smart technologies in the transportation infrastructure, and the increasing free trade agreements. Furthermore, government initiatives for smart cities and government authorities are adopting Public Private Partnerships (PPP) working models, which is also propelling the growth of the smart transportation market.
The smart transportation market size is estimated to be USD 75.00 billion in 2018 and expected to reach USD 149.21 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period. The major factors that are expected to drive the growth of the smart transportation market include the rising urban population and high demographic rates, and adoption of connected and smart technologies in the transportation infrastructure. The smart transportation market has been demonstrating considerable growth, but recovering Return on Investment (RoI) from legacy systems, compliance with the stringent transportation regulatory policies, and lack of standardized and uniform technology may restrain the growth of the market.
Roadways segment is estimated to account for the largest market share in 2018 The roadways segment is estimated to account for the largest market share in 2018.One of the major drivers for smart transportation solutions in roadways is to reduce the crash rate and increase road safety for drivers, passengers, and pedestrians.
Highways are increasingly being equipped with the advanced radar and in-pavement warning lights that warn highway traffic to the turning motorists ahead. Additionally, the Department of Transport (DoT) is churning out innovative solutions, such as ramp metering to reduce traffic congestion on roads.
Services subsegment in the railways segment is expected to grow at a higher CAGR during the forecast period The service subsegment in the railways segment is expected to grow at a higher CAGR during the forecast period.The service providers help in implementing rail solutions.
The benefits of employing smart transportation in railway services are improved rail operations performance, reduced complexities and operating expenses, standardized and improved rail infrastructure, improved engagement cash flow and profitability, maximized strategic value of the rail solutions, simplified project planning and execution, streamlined project life cycle, and improved resource productivity.
Europe is estimated to account for the largest market share in 2018 Europe is estimated to hold the largest market share in 2018.The European Commission has put forward an investment plan worth USD 13 billion in the transport infrastructure for 276 transport projects, selected under the Connecting Europe Facility (CEF).
These planned investments to improve urban transport and traffic infrastructures in France and the UK are expected to drive the European railway transportation industry.In terms of CAGR, APAC is expected to account for the highest growth potential in the smart transportation market during the forecast period.
This growth can be attributed to the increasing transportation spending and the adoption of the smart transportation technology in China and India.
The break-up profiles of the primary participants are given below: • By Company: Tier 1 (38%), Tier 2 (41%), and Tier 3 (21%) • By Designation: C-Level (28%), Director Level (40%), and Others (32%) • By Region: North America (33%), APAC (32%), Europe (22%), and RoW (13%)
The following key smart transportation vendors are profiled in the report: Thales (France), Huawei (China), Siemens (Germany), IBM (US), Cisco Systems (US), SAP (Germany), Cubic (US), ALSTOM (France), Bombardier (Canada), Toshiba (Japan), Harris (US), Saab (Sweden), Veson Nautical (Massachusetts), Advanced Navigation Positioning Corporation (ANPC) (Australia), BASS Software (Norway), BENTLEY SYSTEMS (US), Indra Sistemas (Spain), Trimble (US), TomTom (Netherlands), Amadeus (Spain), Conduent (US), Kapsch (Austria), Hitachi (Japan), The Descartes Systems (Canada), Accenture (Republic of Ireland), Rockwell Collins (US), and DNV GL (Norway).
Research Coverage MarketsandMarkets segments the smart transportation market by transportation mode, application, and region.A detailed analysis of regions has been done to provide insights into the potential business opportunities across regions.
In addition, the strength of services portfolio and business excellence strategies are some of the important analysis included in the report.
Reasons to Buy the Report
The report would help leaders/new entrants in the smart transportation market in the following ways: 1. The report comprehensively segments the smart transportation market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions. 2. The report helps stakeholders understand the pulse of the market and provides them with the information on the key market drivers, restraints, challenges, and opportunities. 3. The report helps stakeholders understand strategies of their competitors and gain more insights to better their positions in the market.
Our reports have been used by over 10K customers, including:
This study analyses the strategies, competitive landscape, business models, and future focus areas of original equipment manufacturers (OEMs), telematics service providers, and technology companies in the global automotive embedded telematics services market.This study aims to analyse the telematics services market with a focus on market trends;...
This IDC study provides our top 10 predictions for the worldwide next-generation automotive market. These predictions reflect IDC's vision for the 10 most important trends in this market over the next 60 months (through 2025). Technology buyers from automotive manufacturers, tiered suppliers, wireless network operators, and fleet and road...
This Market Perspective examines some of the similarities and mutualistic benefits resulting from the intertwined developments in the areas of commercial robotics and autonomous vehicles (AVs). In this way, members of each participant ecosystem can leverage these relationships to further maximize their R&D investments to deliver capability...
The study aims to analyse and forecast the global MaaS market outlook and technology trends for 2018.Mobility-as-a-Service (MaaS) is turning out to be a game-changer for the shared mobility industry. The concept which combines all forms of shared transportation including public transit modes such bus systems, trains, metro rail, and...
Digitization across governments and society has led to the rise in demand for real-time data to help managers and citizens make more informed decisions.Cities rely on a massive network of hardware and software technologies to gather data about weather, traffic and related events efficiently and effectively. As transportation increasingly...
Increasing population, and growing adoption of connected and smart technologies in transportation infrastructure is expected to drive the overall growth of transportation analytics market The transportation analytics market size is expected to grow from USD 10.3 Billion in 2019 to USD 27.4 Billion by 2024, at a Compound Annual Growth Rate...
Increasing consumer demand for safe autonomous vehicles and the growing trend for autonomous driving are expected to fuel the demand for HD maps for the autonomous vehicle market. The HD map for autonomous vehicle market is estimated to be USD 1.3 billion in 2020 and is projected to reach USD 20.4 billion by 2030, at a CAGR of 36.2% during...
Smart Parking System Market Size, Share & Trends Analysis Report By Hardware, By Software, By Service, By Type, By Application, By Region, And Segment Forecasts, 2019 - 2025 The global smart parking system market is expected to reach USD 10,380.9 million by 2025. An anticipated upsurge in demand for parking management...
104 pages •
By Global Industry Analysts
• Oct 2019
Smart Parking market worldwide is projected to grow by US$7.6 Billion, driven by a compounded growth of 18.3%. Guided Park Assist, one of the segments analyzed and sized in this study, displays the potential to grow at over 17.3%. The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of...
143 pages •
By Global Industry Analysts
• Oct 2019
Smart Transportation market worldwide is projected to grow by US$120 Billion, driven by a compounded growth of 14.9%. Roadways, one of the segments analyzed and sized in this study, displays the potential to grow at over 14.2%. The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.