Advances in computational functionalities and fast paced developments in connected devices, coupled with seamless access to pervasive internet have ushered need transformation amongst urban population.
Factors such as skyrocketing rise in global population, improved inclusiveness within the ambit of middle-class urban population, and affordable availability of automobile variants have catapulted large scale adoption of automobile across global spectrum. Besides unperturbed rise in technological sophistication, growing burden of road accidents and mishaps on the back of compromised transportation networks have further enunciated advances in transport management.
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Burgeoning advances in autonomous vehicles is also expected to tangibly propel swelling adoption to smart transportation system in the forthcoming years. Smart transport system is a revolutionary upliftment of manual transportation monitoring system into a digitized environment to effectively monitor transit management of passengers and goods alike with negligible chances of human error.
With significant advances in economic inclusivity and undying progress in transportation system as well as large scale adoption of automobiles worldwide, factors such as road congestion, inappropriate parking patterns, as well as widespread road accidents often leading to fatality, have prompted palpable advances in smart transportation system in the past decade.
Transportation of passengers as well as freight is constantly challenged by an inferior transport infrastructure, affecting economies and time management at large. Developments such as adequate public transport system are constantly being upgraded with conjunctive solutions in transportation and connectivity, thus initiating rampant dependence and concurrent growth in smart transportation market in forthcoming years.
For numerous factors discussed henceforth, smart transportation system is expected to not only revolutionize commute communication at a mass scale, it is also anticipated to herald progressive alterations across logistics industry. Growing e-commerce industry with stupendous service upgradation such as same day delivery and delivery beyond geographical limitations are estimated to further intensify reliance and concurrent adoption of smart transportation system.
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Complying with emerging consumer tendency for improved services such as constant tracking and improved security of freight, e-commerce space has been constantly upgrading to improved logistics support. These advances are anticipated to fetch numerous milestones in smart transportation market in the near future.
Needless to mention, real time tracking of goods empowers enterprises to render spontaneous and informed delivery decisions, thus improving user experience. Further, IoT backed transport data such as real time positions of vehicles used in logistics enables consumers to attain exact ETA (Estimated Time of Arrival), thus further enhancing consumer satisfaction and subsequent retention. In this light, benefits such as real time location assessment as well as optimized asset management is like to drive adoption of smart transportation system across end-use industries such as logistics and e-commerce.
Mature economies which are pushing their boundaries in trade and commerce are vehemently relying on IoT and connected devices to stay ahead in the league. In this given line, it is imperative to discuss the ongoing strides made in Turkey which is ahead in the ball game of optimum transport advances on the back of its superlative transportation and logistics capabilities. On the back of a staggering population and constant advances in trade and commerce Turkey has of late embraced new technologies thus manifesting sustainable lead in smart transportation market.
With receding rural population and steadily growing urban fringe, Turkish municipalities have increased their transport system budgeting to about 40% from a former 20% allocation. Coinciding with its growth objective to emerge as a top ten global economy, and its strategic agreement with the EU, rapid growth in transportation and logistics is imperative to adhere to EU transportation norms. These developments are therefore likely to bode well with growth in smart transport system market.
Additionally, developing economies across APAC and ASEAN economies are offering ripe growth triggers for improved transportation and logistics system. Besides evident growth efforts leveraged by federal governments a fast-growing middle-class population in the region is an eminent growth booster.
The situation has propelled consumerism, thereby allowing entrepreneurs to traverse an extra mile to satiate consumer expectations with improved transport and logistics support, which remains crucial for most consumer centric industries.
Synchronization in online and offline sales channels further intensifies dependence on an unfailing logistics network. Additionally, Singapore’s objective of Smart Nation Plan further necessitates larger control on logistics and transportation system. Ownership of connected devices and error-free data exchange via affordable wireless technology are expected to lend a multi-layered growth blanket to smart transportation market in Singapore.
Smart City Initiatives Setting the Course for Advanced Smart Transport Market
The smart transportation market is growing at an astral rate and is anticipated to trigger a magnificent market valuation of over xx billion USD in the year 2015, elevating from its former value of xx billion USD during the historical year of 2018, clocking in a decent CAGR of xx% through the forecast tenure.
Smart transportation market is expediting at an astral pace and is poised to remain steady with rapid strides in smart city infrastructure picking up pace across regions.
shared mobility is a significant trend in modern transportation model. Factors such as empathetic concerns towards environmental sustainability and judicious utilization of resources set the course for success shared mobility structure across the globe. Growing investments and stakeholders in shared ride services further strengthen scope for smart transportation system with integrated mapping services linked to smart devices.
Expanding boundaries of urbanization have set the course for smart city dwelling with advanced technologies and connected devices infrastructure. Smart city vision has been making ripe advances for sustainable accommodation. Developed as well as developing economies are fast treading the path of smart city infrastructure. To perfectly blend the concept of sustainable living advances in smart transportation id highly recommended. Smart city expeditions are catching up fast across emerging economies. Singapore has recently bagged its maiden recognition as Smart City of 2018 at Smart City Expo World Congress organized in Barcelona.
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Additionally, China has been making big in smart city development with fund allocation by tech giants. Companies such as Huawei, Tencent, Alibaba, and Ping An have come up with a vision to transform as many as 500 Chinese cities into smart cities, under their collaborative initiative, PATH. Developments as such offer substantial backing for advances in smart transportation market.
Favoring intelligent and wise decision making in smart transportation market, this section of the report has rightly segregated smart transportation market into broad segments such as type, application, and region. By application, smart transportation market is bifurcated into commercial and personal amongst others. The following is a systematic representation of application wise stratification in smart transportation market.
Amongst these applications, freight as well as traffic management are likely to witness surged adoption, enabling multifold growth in smart transportation market.
The following is a systematic representation of type wise stratification in smart transportation market.
Advanced Public Transportation System (APTS)
Advanced Traveler Information System
Commercial Vehicle Operation
Advanced Traffic Management System
Enabled Transportation Pricing System
By regional diversification, smart transportation market is demarcated into Europe, North America, South America, APAC, and MEA.
The following is a systematic representation of region wise stratification in smart transportation market.
Despite ample initiatives for establishing smart transportation across cities, economies are facing bottlenecks such as budget constraints, and sluggish infrastructure development, more emphatically across emerging countries. However, ample funding solutions as well as investments such as smart vehicle development across these growing regions is likely to manifest growth transitions in smart transportation market. Factors as such have favored North America’s leading stance in smart transportation market, with APAC likely to maintain its second lead.
A Glance at Competition Spectrum: Smart Transportation Market
In the succeeding sections, the report jots crucial understanding on vital developments and forerunners in smart transportation market. The report is aimed to enable lucrative business strategies by industry stalwarts and amateur aspirants in smart transportation market. The report specifically highlights major market movements and lucrative business strategies that render promising revenue pools in smart transportation market. Some of the leading players in smart transportation market comprise, Siemens, FLIR Systems, Thales, Denso and others.
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