Top 3 Trends to Watch In Smart Transportation Industry 20

gorepoonamApril 1, 2022

339 5 minutes read

Global Smart Transportation Market Size research report 2021 offers in-depth assessment of revenue growth, market definition, segmentation, industry potential, influential trends for understanding the future outlook and current prospects for the market. Smart Transportation Market to Exhibit CAGR of 11.1% by 2028; New York MTA Grants Bonus to Cubic Corporations’ CTS for Betterment of Service: Fortune Business Insights™

This study provides information about the sales and revenue during the historic and forecasted period of (2021 to 2028). Understanding the segments helps in identifying the importance of different factors that aid market growth. Estimations about the CAGR value for specific forecast period, market drivers, market restraints, and competitive strategies are assessed in this Smart Transportation Market report.

Technologies such as AI and IoT can aid in balancing acts by regulating the complete data provided on high ridership points and low points. Advanced technologies utilized in smart transportation shall present consumers with thorough transportation records such as real-time arrival and departure information to evade unnecessary waiting at jam-packed traveling stations or to show exact bookings done for train and bus, among other reimbursements.

The factors such as rise in demand of zero emission vehicles, definite metal resources and rise in trend of using recycled products are expected to drive the market growth.

Important Features that are under Offering and Key Highlights of the Market Report:

Detailed overview of the global market share
Changing market dynamics of the industry
In-depth market segmentation by Type, Application, etc.
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape of Smart Transportation Market
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising market growth

Drivers & Restraints

Traffic problems are rising owing to an exponential increase in suburban and rural residents moving to cities and the equivalent surge in population density around urban areas. With rapid density growth, vehicular congestion in cities has also increased, aided by inadequate highway designs and poor urban planning. For instance, traffic congestion alone cost more than USD 200 billion in 4 developed economies (U.K., France, U.S., and Germany). It leads to a high number of accidents, money & time lost in commuting, and overall loss of economic growth & productivity. However, through remote sensors, autonomous vehicles, 5G networks, vehicle-sharing services, dynamic traffic signals, and better infrastructure, automotive safety and efficiency can be increased. Hence, these factors are driving the demand for smart transportation networks.

For example, traffic bottlenecking itself charges over USD 200 billion in four developed nations such as the U.K., France, the U.S., and Germany. It results in a rise in accident cases, revenue & time consumed in traveling, and in a general loss of financial growth & output. Nevertheless, with the assistance of distant sensors, autonomous vehicles, 5G networks, vehicle-sharing services, dynamic traffic signals, and better infrastructure, automotive safety and efficiency can be increased. Hence, these factors are driving the demand for smart transportation networks.

Segmentation

Based on solutions, the global smart transportation market is divided into ticketing management systems, parking management systems, integrated supervision systems, and traffic management systems. On the basis of communication type, the market is classified into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and others. In terms of geography, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.

On the basis of service, the market for smart transportation is categorized into business, professional, and cloud services. The professional services segment is estimated to display considerable growth during the forecast period driven by the rise in demand for consulting services. They offer application support, design advice, tactic improvement, among other functions for various subsystems, and assist in elevating current infrastructure systems.

Industry Development

February 2021: The New York Metropolitan Transportation Authority (MTA) granted a bond opportunity worth USD 39 million to Cubic Corporations’ CTS unit to make advancements in the ticket paying system for Metro-North Railroad and Long Island Rail Road.

Key players covered in the global Smart Transportation Market research report:

IBM Corporation
Cisco Systems, Inc.
Kapsch TrafficCom
Cubic Corporation
Xerox Corporation
Siemens AG
Iteris, Inc.
LG CNS Co. Ltd.
Thales Group
Indra Sistemas
Trapeze Software
TransCore Inc.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

The COVID-19 pandemic was bestowed upon the world in 2019 and has since impacted every industry. Moreover, governments of several regions announced a complete travel ban and lockdowns in order to curb the further transmission of the virus. This adversely affected the traveling and transportation industry. However, as public transport modes are exceptionally vulnerable to infection outbreaks, travel companies are progressively concentrating on data-driven choices to adjust their services and re-establish the trust of the rider. It is leading to the rapid adoption of smart transportation services.