Acumen Research and Consulting, Recently Published Report on titled “Smart Transportation Market Size, Share, Growth, Sales, Trends and Forecast, 2019-2026”.
LOS ANGELES, Jan. 27, 2020 (GLOBE NEWSWIRE) -- The global smart transportation market is expected to grow at a CAGR of around 5.5% from 2019 to 2026 and reach the market value of around US$ 35.3 billion by 2026.
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Europe is accounted for the largest share of the market in 2018 and is expected to maintain its dominance during the forecast period. This can be attributed to high funding from the government and private organizations for smart transportation and already established good infrastructure for transportation in developed countries. For instance, in January 2019, European Commission has set aTEN-T investment action plan of USD 14.5 billion to improve connectivity and thereby economic growth in the Eastern Partnership (EaP) countries such as Armenia, Belarus, Azerbaijan, Republic of Moldova, Georgia, and Ukraine. The plan is aiming to complete about 4800 kilometers of rail and road, 6 ports, and 11 logistics centers. The investments include both short-term projects which are expected to complete by 2020 and long-term projects aiming to improve transport by 2030. However, Asia Pacific is expected to observe the fastest growth during the forecast period. This can be attributed to growing funding and adoption of smart transportation in developed and emerging countries such as China, India, Japan, and Singapore.
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Based on the transportation mode, the market has been segmented into roadways, railways, airways, and maritime. In 2018, roadways accounted for the largest share of the market in 2018. Decrease in crash rate due to an increase in the safety for passengers, drivers, and pedestrians. Well-equipped highways such as in-pavement warning lights that warn highway traffic to the turning motorists and advanced radar system help to reduce accidents and traffic congestion on roads. However, the railway segment is anticipated to boost the market at the fastest rate during the forecast period. This can be attributed to increasing railways connectivity across the world. This can be attributed to reduced operating expenses and complexities, improved and standardize rail infrastructure, improved profitability and cash flow, simplified project planning and execution, improved resource productivity, and streamlined project life cycle.
Based on the application, the smart transportation market has been segmented into shared mobility, transit hubs, route information and route guidance, autonomous/driverless vehicles, video management, and others.
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Major players operating in the smart transportation industry are Accenture PLC, Advanced Navigation Positioning Corporation, BASS Software, Cisco Systems, Cubic Corporation, Huawei, General Electric Company, IBM Corporation, Inc., Siemens AG, Thales Group, Toshiba, Veson Nautical, and WS Atkins. Leading market players are involved in the development of innovative technologies and strategic partnerships & acquisitions to cater to the need for modern infrastructure and enhance their share in the global smart transportation industry.
Some of the key observations regarding the smart transportation industry include:
- In October 2019, Iteris, Inc. has signed a Solution Technology Integrator (STI) agreement with Cisco Systems. The agreement helps to accelerate the cloud readiness of the nation’s intelligent transportation systems infrastructure. The agreement is expected to ensure its mutual customers have the most reliable and secure communication infrastructure for their end-to-end transportation systems.
- In May 2019, Oman National Transport Company S.A.O.C (MWASALAT), a government-owned public transportation company in Oman, declared to launch an intelligent transportation system (ITS) for public transport at the end of this year. The project is expected to cover ICT-based systems for transportation, including an Automated Vehicle Location System (AVLS) and Automated Fare Collection System (AFCS).Japan-based NEC Corporation received the contract for the project.
- In January 2019, Iteris, Inc., the leader in applied informatics for transportation and agriculture and Cisco Systems, Inc. signed a partnership agreement to deliver safer and more efficient roadways across the country. The strategic partnership will integrate the Iteris’ video detection platform with Cisco Kinetic’s advanced networking capabilities. The program will also focus on the connected vehicle applications and pediatrician safety.
- In September 2018, Agero launched a new AI-powered mobile telematics platform, Driver360that utilizes a smartphone’s native sensors for automatic crash detection, response and prevention, without the need for additional hardware.
- In September 2018, FLIR Systems, Inc. acquired Acyclica, Inc., a developer of software for automotive roadway and intersection data generation and analysis. The company’s solutions provide high-resolution and real-time traffic information to the transportation department.
- In July 2017, Continental acquired Quantum Inventions, a Singapore-based mobility intelligence provider. After the acquisition, Quantum Inventions added Continental’s intelligent transportation systems portfolio, especially with its city data including next-generation navigation systems that are highly responsive to real-time information, the company noted.
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