Report Title: Global Smart Transportation Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
The market research report by IHR Insights includes a detailed segmentation of the global smart transportation market by transportation mode (roadways and railways), by components (solutions [advanced traffic management system, advanced vehicle control and safety system, advanced public transportation system, advanced transportation pricing system, advanced commercial vehicle operation system, advanced traveler information system, and others] and services [implementation & integration services, support & maintenance services, and training & consulting services]), by applications (safety & security, autonomous/connected cars, traffic management, shared mobility, route guidance, and others), and by regions (North America, Europe, APAC, and RoW). The market research report identifies Cisco, IBM, Siemens, Thales Group, SAP, Oracle, Kapsch TrafficCom, Cubic Corporation, TomTom, and Clever Devices as the major vendors operating in the global smart transportation market.
Overview of the Smart Transportation Market
IHR Insights’s market research report predicts that the global smart transportation market will grow at a CAGR of more than 18% during the forecast period 2019–2025. Smart transportation refers to the integration of advanced technologies in traditional transportation systems. These advanced technologies are offering innovative services related to traffic management and are helping commuters to smartly and safely use transport networks. Smart transportation focuses on combining different modes of transport to offer commuters the best possible and suitable mobility solution. Several transport managers have started adopting an intelligent transport system with medium and long-term plans to incorporate technology solutions for actively managing traffic and making informed decisions.
According to the smart transportation industry analysis, Europe accounted for the largest share of the global smart transportation market in 2019. Factors leading toward the market growth of smart transportation in Europe include growing awareness of intelligent transport systems and increasing partnerships between government & private vendors to resolve traffic issues and increase the level of road safety. The Asia Pacific region is expected to witness the fastest growth rate during the forecast period 2019–2025.
Smart Transportation Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global smart transportation market. Major vendors across different verticals are planning for high investments in this market, and as a result, the smart transportation market is expected to grow at an impressive rate in the coming years. The key players in this market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in a strong position in the market.
IBM Intelligent Transport Solutions offer traffic awareness, predictions, and analyses for traffic and fleet operations. IBM is helping leading cities worldwide to evolve their transport systems.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
Smart Transportation Market Research, By Transportation Mode
The roadways segment is estimated to hold the largest market share and is expected to witness significant growth during the forecast period as smart transportation offers end-to-end connectivity between roads and drivers.
Smart Transportation Market Research, By Components
o Advanced Traffic Management System
o Advanced Vehicle Control and Safety System
o Advanced Public Transportation System
o Advanced Transportation Pricing System
o Advanced Commercial Vehicle Operation System
o Advanced Traveler Information System
o Others
o Implementation & Integration Services
o Support & Maintenance Services
o Training & Consulting Services
The services segment is expected to witness significant growth at the highest CAGR, owing to the increasing need for integrating smart transportation solutions as per the requirements.
Smart Transportation Market Research, By Application
The traffic management segment is estimated to hold the largest market share in 2019. Traffic congestions have increased the number of road accidents as well as logistics fee for organizations, which increases the demand for smart technology solutions to manage traffic.
Smart Transportation Market Research Benefits
The report by IHR Insights provides an in-depth analysis of the global smart transportation market. The report discusses the market in terms of transportation mode, solutions, services, applications, and regions. Further, the report also provides details about the drivers, opportunities, and major challenges impacting the market growth.