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Smart Transportation Market: Global Industry Trends, Share, Size, Growth, Industry Statistics, Opportunity and Forecast 2021-2027

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Latest Study on “Smart Transportation Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.

The global Smart Transportation market size is expected to be worth around US$ 240  billion by 2027, according to a new report by Nova One Advisor .

The global Smart Transportation market size was valued at US$ 94.9 billion in 2020 and is anticipated to grow at a CAGR of 21.9% during forecast period 2021 to 2027.

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Growth Factors:

The major growth drivers for the market are the technological advancement 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.

The rise in the number of COVID-19 cases has caused a major blow to the transportation industry. With most governments enforcing isolation practices, there is a substantial decline in the transportation industry. The US is experiencing the early stages of the pandemic; however, a drop-in passenger numbers can already be seen. In New York, ridership on the subway is dramatically down; March 11 saw 948,000 fewer trips than an average weekday in January. To stand up to the challenges, governments are taking several initiatives. In countries, such as China and the US, all sorts of toll and fare collections have been stopped. China is also putting in place a no-stop, no-check, toll-free policy for vehicles transporting emergency supplies and essential personnel. This will reduce the burden of logistics companies that are already under severe pressure. Such initiatives will also ensure the smooth and timely delivery of essential supplies. Some of the initiatives include the conversion of parking spaces into restaurant food pick-up zones, waiving off transit fares, and converting car lanes for pedestrians and cyclists.

Smart Transportation Market Dynamics
The successful implementation of smart transportation solutions heavily depends on the multiple facets of technologies, such as data communication, cloud, mobility, and sensors that together form the IoT architecture. Rapid advancements in these areas, in recent years, have enabled better connectivity of objects, resulting in the development of smarter ecosystems. The introduction of Internet Protocol version 6 (IPv6) enables almost every device in the real-world to connect to the internet. This connectivity of objects promotes a better understanding of the behavior of customers and thereby resulting in better decision-making. High-performance networking technologies are continuously enhancing the capabilities of solutions and applications, such as rail and road traffic management systems, rail operations management systems, incident management systems, travel assistance systems, and toll collection systems. Further, developments in IoT technology are expected to drive the growth of the smart transportation market. With the ongoing advancements, smart connectivity and control devices are expected to become highly intelligent and self-governing. Transportation systems will collect data from multiple sources and share them with a centralized control center by making use of the cloud.

Smart transportation systems comprise various elements, such as different technologies, hardware, and software that are offered by multiple vendors. This leads to a lack of standardization and uniformity in the solutions leading to compatibility issues. Moreover, different countries and regions have different communication and network standards and protocols that limit vendors from offering their solutions globally. For instance, to collect and analyze data traffic in the European region, rules are uneven or sometimes completely absent. Hence, a common protocol for communication and workflow for traffic management systems is necessary to enable the global adoption of traffic management solutions.

Semi-autonomous and autonomous vehicles are witnessing a rapid evolution with substantial technological advancements. Automatic vehicles drive themselves with minimal or no human intervention. The trend of developing driverless vehicles can be observed throughout the transportation industry. Though the large-scale adoption of autonomous vehicles would take significant time, several transportation operators are expected to introduce to semi-autonomous vehicles in the future. The semi-autonomous vehicle technology is currently deployed in cars by some companies, which provide mobility-on-demand services. The deployment of autonomous vehicles is crucial for the growth of the smart transportation industry, as these vehicles do not require drivers and would result in cost reduction for mobility service providers. Autonomous vehicles are still being developed; some players in the smart transportation market are already working in this direction.

The smart transportation ecosystem integrates multiple technology elements, such as software, hardware, and network elements and involves multiple vendors. The integration of smart technology elements with legacy transportation systems is highly complex due to the lack of an open interface and protocol issues. These integration issues would then lead to communication gaps between traditional systems and technologically advanced systems. Also, the upgradation of legacy systems demands high investments. These complexities are expected to restrict market growth in the coming years.

COVID-19 Impact Assessment on Market Landscape

The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.

Smart Transportation market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.

Regional analysis:

North America accounted for over 31.0% of the global revenue in 2020. Rising government investments in transport infrastructure are expected to propel regional growth over the coming years.

The Asia Pacific market is anticipated to witness the fastest growth over the forecast period, owing to several government initiatives. Growth is relatively higher in China, India, South Korea, and Japan. The Indian government’s initiative to build 100 smart cities is anticipated to create new avenues for industry players.

The European region is the most advanced region in terms of technological adoption and infrastructure development. It is one of the largest contributors to the smart transportation market. Europe is estimated to hold the highest market share in 2020. 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 market. Countries from Western Europe, such as the UK, France, and Germany, have well-established transportation infrastructure, and several transportation operators in the region are using some of the advanced smart transportation solutions. The European countries have been investing majorly in the modernization and upgradation of rail infrastructure. Social and trade agreements among the European Union (EU) countries have promoted large-scale, cross-border trade and passenger traffic in Europe. High growth is expected in the region, especially in the communication technology, as the European Telecommunications Standards Institute (ETSI) has formed a separate committee to focus on M2M communication privacy standardization and high trading standards.

Download This Full Research Report (Single User License US$ 3500)

Recent report on the Smart Transportation market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Smart Transportation market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Smart Transportation market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.

The report analyzes the historical and present-day scenario of the global Smart Transportation market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Smart Transportation market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.

The report delves into the competition landscape of the global Smart Transportation market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Smart Transportation market that are profiled in this report.

Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Smart Transportation market is analyzed at both regional and country levels.

Some of the prominent players in the Smart Transportation Market include:  Thales Group , Huawei Technologies Co., Ltd. , Siemens AG , IBM Corporation, Cisco Systems, Inc. , SAP, Cubic Corporation, Alstom, Bombardier Inc., Toshiba, Harris Corporation , Saab AB , Veson Nautical, BASS Software , Bentley Systems , Indra Sistemas , Trimble , TomTom International BV., Amadeus IT Group SA, Conduent , Kapsch , Hitachi Ltd. , Descartes , Accenture , and DNV GL.

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

By components

  • Transportation Mode
    • Roadways
      • Solutions
        • Smart Ticketing
        • Parking Management
        • Traffic Management
        • Passenger Information
        • Freight Information
        • Vehicle Telematics
        • Others
      • Services
        • Consulting
        • Deployment and Integration
        • Support and Maintenance
    • Railways
      • Solutions
        • Smart Ticketing
        • Passenger Information
        • Freight Information
        • Rail Traffic Management
        • GIS Tracking Solutions
        • Others
      • Services
        • Consulting
        • Deployment and Integration
        • Support and Maintenance
    • Airways
      • Solutions
        • Smart Ticketing
        • Passenger Information
        • Ramp Management
        • Freight Information System
        • Air Traffic Management
        • Others*
      • Services
        • Consulting
        • Deployment and Integration
        • Support and Maintenance
    • Maritime
      • Solutions
        • Port Operations Management
        • Vessel Tracking
        • Maritime Software
        • Others
      • Services
        • Consulting
        • Deployment and Integration
        • Support and Maintenance

By  Communication Technology

  • Communication Technology in Roadways
  • Communication Technology in Railways
  • Communication Technology in Airways
  • Communication Technology in Maritime

By  application

  • Mobility as a Service
  • Route Information and Route Guidance
  • Public Transport
  • Transit Hubs
  • Connected Cars
  • Video Management
  • Others

Research Methodology

A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Smart Transportation market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.

These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Smart Transportation market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.

Key Questions are

  • What are the key factors influencing the Smart Transportation market in each region?
  • How much value will the global market generate by the end of the forecast period?
  • What will be the CAGR of the global market between 2021 and 2027?
  • What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
  • What is the future scope and current trends in technologies of the global market?
  • What is the revenue of the global market based on segments?
  • Which key strategies are used by top players of the global market?
  • Which are the leading companies in the global market?
  • What are the essential strategies by key stakeholders in the market to expand their geographic presence?
  • What are the major advancements witnessed in the global market?

Why should you invest in this report?

If you are aiming to enter the global Smart Transportation market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Smart Transportation are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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