DUBLIN--(BUSINESS WIRE)--The "Smart Transportation Market by Transportation Mode (Roadways, Railways, Airways, and Maritime), Solution (Smart Ticketing, PIS, Freight Management), Service, Communication Technology, Application, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global smart transportation market is projected to grow from USD 94,478 million in 2020 to USD 156,516 million by 2025, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period of 2020 to 2025.
The major factors driving the growth of the smart transportation market include technological advancements 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.
Airways transportation mode to grow at a higher CAGR during the forecast period
The smart transportation market is segmented into four transportation mode: roadways, railways, airways and maritime. Air transportation is an important transportation mode in the global smart transportation market. With the growing urbanization across the globe, the airways industry has evolved over the years. The demand for aviation services has increased significantly in the last decade. New technologies and digitization of services are driving the airline industry to ensure smooth maintenance, reduce operating costs, and take advantage of the increasing air travel. Several disruptive technologies, such as AI/ML, IoT, blockchain, big data and analytics, AR, biometrics, and robotics, provides the potential to improve the customer experience and enhance the operational efficiency both on the ground and in-flight.
Solutions in the roadways transportation mode to lead the market during the forecast period
The solution segment of the roadways transportation mode of the smart transportation market includes smart ticketing, parking management, traffic management, passenger information, freight information, and vehicle telematics and others (GIS tracking, commercial vehicle operations, and security). With the growing government initiative related to the enhancement of vehicle efficiency across the globe has led to the growth of the solution segment if the roadways transportation mode. As of now, several regional governments are focusing on deploying smart technologies in vehicles for ensuring safety. The deployment of roadways solutions helps in better fuel, operations, and route management, which, in turn, saves fuel, curbs additional carbon emission, and increases the life cycle of vehicle parts.
Smart ticketing solution segment of the railways transportation mode to grow at a higher CAGR during the forecast period
The smart ticketing solution is an intelligent solution, which includes integrated ticketing, onboard ticketing, online ticketing, mobile application ticketing, and smart card system. It enables smooth passenger flow by enabling a comfortable passenger experience. It reduces dependence on cash and other payment methods, which aid in smooth transitions and improve journey time. Smart ticketing will help contribute to the overall improvement of the railway transport network level of services, images, and accessibility, to facilitate and/or increase the use of railway transport. The increasing demand of the ticketing process to simplify the process drives the demand for smart ticketing solutions.
Air traffic management in the airways transportation mode to lead the market during the forecast period
Air Traffic Management (ATM) is dynamic and integrated management of air traffic and airspace involving airborne and ground-based functions to provide safe, economical, and efficient airspace management and Air Traffic Flow Management (ATFM). The introduction of new technologies, such as GPS-based navigation and landing digital air-ground data link communication, and Automatic Dependent Surveillance-Broadcast (ADS-B), is expected to boost the growth of ATM.
Vessel tracking solution segment of the maritime transportation mode to grow at a higher CAGR during the forecast period
A vessel tracking system plays an important role by bringing about long-range connectivity not only between ships and coast guards of countries but also among ships as well. With the increasing connectivity technologies, such as IoT, vessel tracking systems have managed to incorporate internet connectivity as a part of their core objective, providing a much better service. Vessel tracking helps manage the entire life cycle of vessels/containers in export/import. It is one of the critical software used by the professional mariner to keep track of all assets (vessel, containers, cargo, and buoys) and monitor positions of the vessels. Advancements of communication technologies in the maritime transportation mode provides the connectivity from ship-to-ship communication and ship-to-shore communication.
Market Dynamics
Drivers
- Technological Advancements to Enhance Customer Experience
- Growing Government Initiatives and Ppp Models for Smart Transportation
- Rising Urban Population and High Demographic Rates
- Adoption of Iot and Automation Technologies to Enhance Technological Optimization
Restraints
- Lack of Standardized and Uniform Technology
- Stringent Transportation Regulatory Policies
Opportunities
- Autonomous Vehicles to Provide Growth Opportunities for Smart Transportation Solution Providers
- Designing and Developing Connected Vehicles Compatible with Its
- Penetration of Analytics in Smart Transportation
- Decline in Vehicle Ownership with the Advancement of Maas
Challenges
- Complexities in Integration Over Legacy Systems and Networks
- High Initial Cost of Deployment
- Multiple Sensors and Touchpoints Pose Data Fusion Challenges
Company Profiles
- Thales Group
- Huawei
- Siemens
- IBM
- Cisco Systems
- SAP
- Cubic
- Alstom
- Bombardier
- Toshiba
- Harris
- Saab
- Veson Nautical
- Bass Software
- Bentley Systems
- Indra Sistemas
- Trimble
- Tomtom
- Amadeus
- Conduent
- Kapsch
- Hitachi
- Descartes
- Accenture
- DNV Gl
For more information about this report visit https://www.researchandmarkets.com/r/yacg4o
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September 04, 2020 at 09:44PM
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Global Smart Transportation Market (2020 to 2025) - Penetration of Analytics in Smart Transportation Presents Opportunities - ResearchAndMarkets.com - Business Wire
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