The smart transportation market size is projected to grow from USD 94.5 billion in 2020 to USD 156.5 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period. The major factors driving the growth of the smart transportation market include 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.
By transportation mode, the roadways segment to lead the market during the forecast period
Significant growth in the volume of vehicular traffic across the world over the last couple of decades and the inability of the existing transport infrastructure to support the same increase the focus on the importance of monitoring and managing vehicular movement and ensuring smooth flow of traffic. Smart transportation is becoming popular, given the technology’s ability to ease congestion and improve road safety by effective monitoring and management of vehicular traffic. With the growing adoption of intelligent mobility solutions across major cities across the globe, the smart transportation market in the roadways transportation mode has been growing in recent years. In addition to the advent of these smart technologies, a remarkable increase in governmental patronage and financial support toward revamping the transportation industry can be accredited to the rapid progression of this business space.
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Passenger Information solution of the roadways transportation mode to grow at a higher CAGR during the forecast period
The passenger information solution is an important link between passengers and transit service providers. It provides real-time information on transit services, such as current location, estimated arrival and departure time, and the causes for disruption. A smart passenger information system includes GPS-enabled devices, strong wireless networks, and Computer-Aided Dispatch/Automatic Vehicle Location (CAD/AVL) software. The upgradation of aging passenger information solutions with advanced passenger information solutions that provide real-time information about the transportation system is a major growth factor for the smart passenger information systems and solutions. The exponential growth in smartphone usage and advancements in network infrastructure enable transport authorities to provide timely status and update in a cost-effective way.
Major smart transportation vendors include Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), IBM Corporation (US), Cisco Systems, Inc. (US), SAP (Germany), Cubic Corporation (US), Alstom (France), Bombardier Inc. (Canada), Toshiba (Japan), Harris Corporation (US), Saab AB (Sweden), Veson Nautical (Massachusetts), BASS Software (Norway), Bentley Systems (US), Indra Sistemas (Spain), Trimble (US), TomTom International BV. (Netherlands), Amadeus IT Group SA (Spain), Conduent (US), Kapsch (Austria), Hitachi Ltd. (Japan), Descartes (Canada), Accenture (Ireland), and DNV GL (Norway). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.
Thales Group (France) is one of the leading vendors in the smart transportation market. The company offers a wide range of solutions for smart transportation that includes such as Air Traffic Management, Training and Simulation Solutions, nose-to-tail aircraft connectivity and in-flight services, that connect all parts of the aerospace ecosystem. Thales Transportation solutions adapt to rapid urbanization and meet new mobility demands locally, between cities and across national frontiers. The company focuses more on the adoption of inorganic growth strategies to enhance its position in the smart transportation market.
For instance, in December 2019, Thales signed a contract with Hong Kong-based Mass Transit Railway (MTR) Corporation to expand the Central Control and Communication Systems for the Sydney Metro to City and Southwest (SMCSW) project. Through the contract, Thales will deliver the extension of the Sydney Metro to City and Southwest City project by delivering globally proven technology in Central Control and Communication solutions that have been successfully operating on the Sydney Metro North West project.
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Huawei (China) is another smart transportation solution and services provider across the globe. Huawei offers a wide range of solutions for transportation, which include the Digital Urban Rail Solution that provide fully automatic train operations and intelligent applications. The Urban Rail Cloud solution builds a secure, and smart multi-line cloud platform, which enables train-to-ground wireless communication network. The company focuses on both the organic and inorganic growth strategies to improve its place in the smart transportation market. For instance, in February 2020, Huawei and South Africas Rain collaborated to build the first 5G transport network using Huawei’s Optical cross-connect (OXC) and 200G solution. The collaboration leverages Huaweis all-optical switching product, OXC (P32), to build a metro optical transport network with minimal footprint, high provisioning efficiency, simple Operations and Maintenance (O&M), and high scalability to address the medium- and long-term challenges brought by 5G and revolutionary services. In October 2019, Huawei unveiled the iSitepower-T Open Road Tolling solution. The new solution provides highly reliable and intelligent power supplies to enable Open Road Tolling (ORT) implementation on highways.
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