Intelligent Transportation Market Size Will Exceed US$377.1 Billion By
Ottawa, 01 Feb. 2022 (GLOBE NEWSWIRE) — Precedence Research predicts that the smart transportation market size was reached at USD 90.37 billion in 2021. Intelligent Transportation, also known as Intelligent Transportation System, is a high-tech transportation infrastructure that aspires to provide state-of-the-art traffic and transportation management services . This mode of transport also allows multiple users to be better coordinated, informed and allows safer and more intelligent use of transport networks. Parking management and assistance, traveler information and traffic management are all areas where intelligent transport can be used on a large scale.
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To improve safety and efficiency, intelligent transportation uses a variety of technologies to assess, monitor, and manage transportation systems. It makes traveling in a city more profitable, more convenient and safer by using innovative technologies. Factors such as the increased acceptance of Internet of Things based technology, increasing urbanization and the spread of 5G based connectivity are facilitating the deployment of smart transport infrastructure.
Scope of the Smart Transportation Market Report
|Market size by 2030||$377.1 billion|
|Growth rate from 2021 to 2030||17.2%|
|Fastest growing region||Asia Pacific|
|Forecast period||2021 to 2030|
|Companies covered||IBM Corporation, Harris Corporation, Huawei Technologies Co. Ltd, Veson Nautical, Toshiba, Cubic Corporation, Bentley Systems, BASS Software, Amadeus IT Group SA, DNV GL|
- Based on the service, the cloud services segment is expected to grow at the fastest rate in the global smart transportation market in 2020. Smart transportation provides real-time visibility and reliable data, enabling local transportation authorities and businesses to improve efficiency and effectiveness, driving demand for cloud services.
- Europe is the largest intelligent transportation market segment in terms of region. In any city in the Europe region, urban transport is becoming increasingly important for residents to have a better quality of life. Currently, private and public road transport is necessary for daily travel in most European cities.
- The Asia-Pacific region is the fastest growing region in the smart transportation market. Lack of quality and safety in public transportation, along with poor traffic management in crowded road networks, increase in thefts and increased parking problems are factors driving the smart highway market, which, in turn, are fueling the smart transportation market in the Asia-Pacific region.
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Rise in demand for efficient transportation
Artificial intelligence and information technologies are used in intelligent transport to efficiently manage and coordinate transport networks. The use of intelligent transportation networks allows the traveling public to be more aware of traffic, which improves driver coordination and safety. The increase in traffic congestion caused by the increase in the number of automobiles is increasing the demand for intelligent transportation in the market. Additionally, the growing desire for smart cities is a major contributor to this rise in demand for smart transportation. Thus, the surge in the demand for efficient transportation is driving the growth of the intelligent transportation market over the forecast period.
Several technological components, including hardware, software, and network elements, are integrated into the intelligent transportation ecosystem, which involves multiple manufacturers. Due to the lack of an open interface and protocol difficulties, integrating aspects of smart technology into existing transport systems is extremely difficult. Due to these integration challenges, communication gaps between traditional and technologically advanced systems would appear. In addition, upgrading outdated systems requires a significant financial investment. In the coming years, these difficulties are expected to stifle the expansion of the smart transportation market.
People can use IoT-based devices to collect and communicate real-time traffic, weather and accident information to better plan their trips. The increased use of technologies such as train control systems, toll collection systems, fleet telematics and transport logistics by transport agents has increased system capacity while reducing operating costs. operation. Additionally, the need to manage the growing volume of data generated by the massive number of IoT sensors deployed in transportation infrastructure is generating significant new revenue streams for service providers and independent software vendors. As a result, technological advancements create lucrative opportunities. for the growth of the intelligent transportation market over the forecast period.
Lack of standardization
Intelligent transportation systems are made up of a variety of components, including various technologies, hardware, and software from various vendors. As a result, there is a lack of standardization and uniformity in solutions, leading to compatibility issues. Additionally, different countries and regions have different communication and network standards and protocols, which limits the ability of vendors to provide comprehensive solutions. Therefore, for traffic management solutions to be adopted globally, a common communication and workflow protocol for traffic management systems is needed. Therefore, the lack of globally binding mandates, procedures and specifications for deploying traffic management solutions is a challenge for the market. National mandates, procedures and specifications for intelligent transport systems may restrict the adoption of intelligent transport solutions.
Segments covered in the report
- Ticketing management system
- Parking management and guidance system
- Integrated supervision system
- Traffic management system
- Cloud services
By mode of transport
- Airlines companies
- Mobility as a service
- Route information and route guidance
- Public transport
- Transit hubs
- Connected cars
- Video management
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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