Smart Transportation Market worth $156.5 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 3, 2020 /PRNewswire/ -- According to the new market research report "Smart Transportation Market by Transportation Mode (Roadways, Railways, Airways, and Maritime), Solution (Smart Ticketing, PIS, Freight Management), Service, Communication Technology, Application, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Smart Transportation Market size is projected to grow from USD 94.5 billion in 2020 to USD 156.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
The major factors driving the growth of the Smart Transportation Market include technological advancements to enhance customer experience, growing government initiatives and PPP models for smart transportation, rising urban population and high demographic rates, and growing adoption of IoT and automation technologies to enhance technological optimization.
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By transportation mode, the roadways segment to lead the market during the forecast period
Significant growth in the volume of vehicular traffic across the world over the last couple of decades and the inability of the existing transport infrastructure to support the same increase the focus on the importance of monitoring and managing vehicular movement and ensuring smooth flow of traffic. Smart transportation is becoming popular, given the technology's ability to ease congestion and improve road safety by effective monitoring and management of vehicular traffic. With the growing adoption of intelligent mobility solutions across major cities across the globe, the Smart Transportation Market in the roadways transportation mode has been growing in recent years. In addition to the advent of these smart technologies, a remarkable increase in governmental patronage and financial support toward revamping the transportation industry can be accredited to the rapid progression of this business space.
Passenger Information solution of the roadways transportation mode to grow at a higher CAGR during the forecast period
The passenger information solution is an important link between passengers and transit service providers. It provides real-time information on transit services, such as current location, estimated arrival and departure time, and the causes for disruption. A smart passenger information system includes GPS-enabled devices, strong wireless networks, and Computer-Aided Dispatch/Automatic Vehicle Location (CAD/AVL) software. The upgradation of aging passenger information solutions with advanced passenger information solutions that provide real-time information about the transportation system is a major growth factor for the smart passenger information systems and solutions. The exponential growth in smartphone usage and advancements in network infrastructure enable transport authorities to provide timely status and update in a cost-effective way.
Rail traffic management in the railways transportation mode to lead the market during the forecast period
The rail traffic management system allows centralized supervision and traffic control of the entire rail network. The entire rail operations can be regularize from a central control system. The central administration system uses real-time data over high-speed communication links across trains and rail infrastructures to automate the traffic. The adoption of smart communication solutions across varied applications of railway management will improve timely decision-making for issues, such as asset deployment, utilization, and maintenance.
Smart ticketing solution of the airways transportation mode to grow at a higher CAGR during the forecast period
The smart ticketing solution is an innovative method for ticketing and the related processes in the aviation industry. With the growth of various smart technologies and other transport systems, the smart ticketing in aviation is also witnessing various developments globally. It comprises other solutions, such as ticket machine, eTicket, eKiosk, smart ticketing system, eToll, request tracker, and other solutions. The deployment of smart ticketing technology equips airlines with efficient features, such as self-boarding and self-luggage handling, and helps the airport authority to handle manual operations at peak hours. Hence, the convenience associated with smart ticketing solutions is expected to influence the airline industry during the forecast period.
Maritime software of the maritime transportation mode to lead the market during the forecast period
Maritime software is the specially designed enterprise software for the shipping companies. It is a completely integrated software that enables the shipping lines to perform ship management and fleet management operations. The software takes care of all shipping activities involved in waterway transportation, such as marine accounting and Management Information System (MIS), vessel performance, claim and insurance, bunkering, voyage estimation, dry docking, risk management, and crewing. These systems are the most important software for the shipping companies because the software enhances operational efficiency and reduces the operation and maintenance cost.
Asia Pacific to hold the highest market size during the forecast period
APAC is expected to be the fastest-growing region in the Smart Transportation Market, due to the increasing adoption of new technologies, rising investments for digital transformation, and growing GDP in APAC countries. A majority of the potential economies in the region include Australia, Singapore, China, Korea, Hong Kong, and India, which are said to rapidly invest in technological transformation. The competition in this region is fragmented, and smart transportation solution providers are looking at expanding the base of their operations to most of the countries in the region. Untapped potential markets, high penetration of advanced technologies, growing freight usage in various industries, and economic developments and government regulations are expected to drive the Smart Transportation Market growth at the highest rate during the forecast period.
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Major vendors operating in the Smart Transportation Market include Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), IBM Corporation (US), Cisco Systems, Inc. (US), SAP (Germany), Cubic Corporation (US), Alstom (France), Bombardier Inc. (Canada), Toshiba (Japan), Harris Corporation (US), Saab AB (Sweden), Veson Nautical (Massachusetts), BASS Software (Norway), Bentley Systems (US), IndraSistemas (Spain), Trimble (US), TomTom International BV. (Netherlands), Amadeus IT Group SA (Spain), Conduent (US), Kapsch (Austria), Hitachi Ltd. (Japan), Descartes (Canada), Accenture (Ireland), and DNV GL (Norway).
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