ID: MRFR/SEM/1834-HCR | February 2021 | Region: Global | 100 pages
Smart Transportation Market size is estimated at USD 273 Billion by 2022. Smart-transport is a revolutionary technology. It is a method of cooperating artificial intelligence into transportation. With a smart-transport system, it is possible to provide innovative transport services. The information technology is connected with a transport network to offer safe rides for individuals. Also, it is an exceptional technology to manage traffic on-road. Smart-transportation system includes wireless network, cloud computing, big data and machine learning.
Today, the importance of safe driving is high. Therefore, the need for smart-transport is a crucial aspect today. The adoption of smart-transport is happening in many countries at an exponential pace. The future of transportation depends on the smart-transport concept. It makes the driving vehicle a hassle-free task. Due to its rising demand, the growth rate of the smart transport market is expected to be 24% in 2022. The smart-transport system t is a solution at the same time a service.
Covid 19 has caused several disturbances in the transportation industry. Due to governmental restrictions, there is a massive downfall in the transportation market. The top regional players are experiencing a drop in demand. However, there are plenty of measures taken to fix this situation.
Due to these factors, logistics companies are facing a huge loss. The transportation industry is resuming its productions. The smart-transport market is operating in a full-fledged manner. Further, the key players are focusing on more innovations. Also, the demand from end-users is rising every day. As per the Smart Transportation Market Report, Post covid 19 market trends remain steady.
Smart Transportation Market Dynamics
The smart-transport market relies on the technology industry. Cloud, IoT, data communication and artificial intelligence are some of the bases of the smart-transport market. The fast advancements in these technologies are increasing the value of the smart-transport market. Moreover, the enhancements in the internet connectivity field improve the smart transport market. Internet connectivity is the smart-transport market driving factor.
Due to internet connectivity, smart-transport market players can understand customer behaviour well. It is the internet connectivity industry that enables the smart-transport market to offer impressive application and solutions. The network technologies enable high performance from the smart transportation market. With internet connectivity, it is possible to operate, manage and assist travel system with ease. The adoption of technologies and internet connectivity into transportation enhances the smart transport market. Also, in future years the collaboration of technology and internet connectivity is the major smart transport market driving factors.
The autonomous and semi-autonomous vehicle market demand is substantially increasing every year. The trend of autonomous vehicles provides exceptional growth opportunities for the Smart Transportation Market Size Demands. Transports without human intervention are possible only with the smart transport concept.
With internet connectivity, these vehicles can be operated without any driver. Also, the demand for smart-transport is already high from the semi-automatic vehicle industry. The demand from these end-users is growing in the future. It provides massive future scope for the smart-transport industry. Smart Transportation Market Size Analysis shows that the autonomous train and car market offers more growth opportunities.
Smart-transport technology is a vast concept. It involves various technologies such as hardware and internet connectivity. The major restraint of this smart transport market is the lack of uniformity.
There is no standard method or solution for the smart-transport system. The various compatibility issues in the smart-transport system are the restraining factors in the market. Also, their regional players in the market offer different smart-transport services. It blocks them from introducing the smart-transport system to the global audience.
A common protocol or traffic management regulations are essential to smart transport market. Also, other global factors make the deployment of the smart-transport system difficult. The different road rules and restrictions reduce the adoption of the smart-transport system on a wide scale. It requires proper communication and workflow solutions from the smart-transport system.
The smart transportation system is compatible with advanced technologies. It is tough to integrate the smart transportation system with the legacy system. Due to protocol problems, it is highly complex to implement it. Moreover, integration problems will further lead to several communication issues. It ultimately results in poor performance of smart transport system.
The integration of the advanced smart transport system with the legacy system is the major-market challenge. Also, it is highly-expensive to upgrade the legacy system. It is a crucial aspect that restricts the growth of the smart transportation market in the future years.
The smart transport market trends show steady growth in the forecast period. Safety is becoming a primary issue. A smart-transport system combines both safety and technology. Therefore, the requirement for this system is high in the future years. The smart-transport system can offer many transportation solutions. The infrastructure and cost-effectiveness of this system drive demand for the smart transport market. However, there is a serious-need for advancements in this system. Ease of system integration and standardization are the challenging factors of this industry. With better integration capabilities the smart-transport system offers convenient services to the audience.
The Smart Transportation Market Size Demands are massive in Europe. Due to the technological advancements this region has better adoption of a smart-transport system. Since 2020 Europe is holding the largest share of the smart-transport market.
During the forecast period of 2022, it is going to dominate other regional players. Europe is planning to invest billions in transport infrastructure. These investments are specifically for transport and traffic improvements in the country. France, UK and Germany are the well-established players in Europe. Furthermore, Europe is also focusing on enhancing rail Infrastructures. It is another smart transportation market driving factors in this region.
The smart-transport market is growing at a fast pace in the Asia Pacific and Europe. Especially, smart-transportation in India is experiencing rapid growth. Digital transformation and technological developments are the major smart transport market driving factors in these areas. Also, the governmental initiative for safe driving is another market driving factors.
The demands from end-users are massive in Europe and Asia pacific. The countries such as India, China, Japan, Korea, Germany, and France have well established smart-transport companies. With the smart-transports system, these regions are enjoying convenient transportation services. Cost-effectiveness and excellent travel experience are some of the benefits of this system. The smart-transport market is becoming more efficient in these regions during the forecast year 2022.
The key players in the market transport market are offering various effective services for the audience. Further, the major vendors of this market are experiencing more demand and profit through their services. During the forecast period, 2022 the productions and services are intensifying. Also, the market revenue of the key players will reach its peak in 2022.
The key players of the smart transportation market are
Frequently Asked Questions (FAQ) :
The market has been segmented with respect to solution and services.
The Global Smart Transportation Market size can expand to USD 273 Billion by 2022.
In addition to technology advancements, rising adoption of big data, cloud computing, Machine to Machine (M2M), evolution of wireless network, and Internet of things (IoT) are the top growth-inducing factors in the market.
The prominent vendors that are the influencing the market growth are General Electric Company (U.S.), LG CNS Co. Ltd. (Korea), Cubic Corporation (U.S.), Kapsch (Austria), Cisco Systems, Inc. (U.S.), Thales Group (France), AECOM (U.S.), IBM Corporation (U.S.), TomTom International B.V. (Netherlands), Accenture Plc (Ireland), Siemens AG (Germany), Alstom SA (France), among others.
The services-based segments in the market are consulting service, deployment and integration and support and maintenance.