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2020-03-11
750
Global
Advanced technologies are taking people way ahead of time where unconnected traveling is transforming into a new world of connected transportation. Nowadays, vehicles are connected with Wi-Fi or sensors so that they can not only use internet connectivity but it can also guide traffic and vehicle management. As of 2015, North America has successfully provided in-flight connectivity to over 3,000 aircraft out of 5,500 commercial aircraft with the help of aircraft connection companies Gogo, Global Eagle, Thales/LiveTV, and Panasonic. Internet of Things (IoT) is changing the vision of transportation and ensuring the safety of people. Vehicles such as buses, trains, connected cars, and planes are providing internet connectivity to deliver efficient services to consumers. For instance, Paris launched Autolib which is an electric-car program in 2011. This program facilitates the drivers to select the public parking space and also to track the connected vehicles which are embedded with sensors using GPS tracker. The utilization of smart technologies with a concept to build up a smart city is fanatically expanding across the globe. Over 1 billion connected things are installed across the globe under smart city projects in 2015. Smart transportation is a part of a smart city where smart infrastructures are providing a platform to implement connected vehicles. Rising urbanization and investments in smart cities are strengthening the market of smart transportation. Around USD 160 billion for smart cities solutions is invested by the US Department of Transportation in 2017. These projects are intending to provide better parking and traffic management with the aim of pedestrian and driver safety.
The segmentation of the global smart transportation market can be done on the following basis:
Based on Components
Sensors
RFID Tags
GPS Trackers
Portable Computers
Others (Industrial monitor devices, box computers)
Data Management Software
Network Management Software
Security Software
Remote Monitoring Software
Real-Time Streaming Analysis Software
Connectivity/M2M Platforms
Infrastructure-as-a-Service (Iaas) Backend Platforms
Hardware specific software Platforms
Consumer/Enterprise Software Extension Platforms
Based on Application
Based on Geography
Automakers such as BMW, Tesla, Toyota, Hyundai, Daimler, etc. are adopting Bluetooth and WiFi technologies in their cars which is impelling the adoption rate of connected cars in developed countries. Emerging economies such as China and India are also registering positive business opportunities for smart transportation in the region.
North America is the dominating region for the smart transportation market and accounted for 43% of the market share in 2016. U.S. federal government is immensely investing in smart cities projects. Road transportation is a major necessity of Canada. In 2015, over 30 million vehicles were registered in Canada. An increasing number of vehicles are driving the demand for smart cities and smart transportation in Canada. As per the study performed in 2015 by AT&T Drive Studio and Ericsson, around 80% of the US and Canadian population are aware of connected cars.
On the other hand, Europe and the Asia-Pacific region are expected to witness remarkable growth in the smart transportation market. Europe's smart transportation market was valued at USD 23.29 billion in 2016 and is expected to reach nearly USD 100 billion over the forecast period i.e. 2016-2024. A growing number of auto sales in the United Kingdom and Germany are going to mount the connected car services in the region. Asia-Pacific region is anticipated to hold a 24% share of the global smart transportation market in 2024. Nearly 10% of the total revenue of connected cars was generated from Japan and South Korea in 2016.
Latin America and Middle East & Africa together are projected to hold approximately a 5% share of the smart transportation market in 2030. The number of auto-sale is increased in Brazil and Mexico from the past few decades. However, due to the lack of efficient transport infrastructure and awareness among the population is limiting the market for smart transportation in the region. Latin America's smart transportation market accounted for nearly USD 1.4 billion in 2016. Owing to the rising government investment for improvement and enhancement of transport infrastructure is expected to boost the market of smart transportation in the Middle East & Africa region.
Rising population and urbanization across the globe is increasing the need for improvement in the public and private transportation system. The strong involvement of the government in the development of transportation facilities is increasing the investment in smart technology-based projects. Smart transportation is ensuring the safety of people as prior availability of traffic and speed-related information is reducing the delay and number of accidents. Smart transportation is environment friendly and helps in keeping the ecosystem clean and safe. A smart vehicle reduces the harmful vehicle emission which is a step towards safe environment. These are some of the key factors which are driving the market for smart transportation across the globe.
The high initial investment in improving the infrastructures of the existing transportation industry is obstructing the growth of the smart transportation market. Improvement of existing roads or rail projects requires a long time period which creates an obstacle for pedestrian and day to day communication gets affected. The long span of projects with huge financial investment is also a major challenge for the smart transportation market players. The complexity of infrastructure and limited availability of data that can monitor the transportation system is restraining the adoption of smart technology in the transportation industry. Lack of internet penetration in developing and underdeveloped countries is a challenging factor to expand the market and increase the adoption rate of smart transportation.
Key industry players are also participating in accelerating the deployment of innovative and advanced transportation systems, globally. Cubic Corporation merged with a German transportation company EssenerVerkehrs-AG to go for pilot trial of NextAgent Solution in March 2016. extent system is a transport ticketing vending machine which can interact with customer linking video call. Whereas, Alstom, France based transportation solution company, is contributing to the progression of rail transportation by providing advance solutions for metro and high-speed trains. Top market players are targeting to launch new products and adopting strategic investments through acquisitions partnerships, which raise the competition in the transportation industry. This competitiveness in business is likely to drive the smart transportation market during the forecast period i.e. 2017-2030.
Market Synopsis
Market Segmentation
The global smart transportation market is segmented as follows:
By Regions
Market Dynamics: Growth Drivers, Restraints and Opportunities
Key Market Players
Porter’s Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry-level players to ascertain their business in a dynamic ecosystem
Expert Analysis
Concluding Remarks
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