Date : February 29, 2024
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Roadmap to Tomorrow: The global smart transportation industry explored, unraveling mobility innovations, environmental solutions, and the fusion of technology with sustainable transportation practices suggest that the market is anticipated to cross USD 11

Roadmap to Tomorrow: The global smart transportation industry explored, unraveling mobility innovations, environmental solutions, and the fusion of technology with sustainable transportation practices suggest that the market is anticipated to cross USD 11
Smart transportation is a term that refers to one of the most important and intelligent transportation system-based applications. The internet of things vertical technology is used to connect it wirelessly. The technology’s primary goal is to collect and control real time data while also enhancing performance. The vehicles can communicate with their surroundings in real time, preventing traffic jams and collisions. The intelligent traffic control systems for example collect real time traffic data to assist traffic regulators in diverting traffic away from congested regions, preventing traffic jams and lowering collision risks. The government agencies’ rapid expenditure in smart city initiatives, with the goal of providing suitable infrastructure and intelligent transportation systems to all inhabitants, will drive the smart transportation market growth during the forecast period. The use of internet of things and automation technologies to increase technological optimization, as well as the rise in government efforts and public private partnerships models for smart transportation, are accelerating the smart transportation market expansion. The smart transportation market is also influenced by ongoing technical improvements aimed at improving customer experience and an increase in the use of analytics in smart transportation. Furthermore, the mobility of a service has a beneficial impact on the smart transportation sector due to an increase in urban population, rapid industrialization, high demographic rates, and a decrease in car ownership. Moreover, the surge in demand for autonomous vehicles, as well as the design and development of connected vehicles that are compatible with intelligent transportation systems, provide attractive potential for key market players of smart transportation market.

According to the research report, “Global Smart Transportation Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 115 Billion by 2029, increasing from USD 70.14 Billion in 2023. The market is expected to grow with 9.52% CAGR by 2024-29. Increasing traffic volume, government initiatives aimed at decreasing the effects of greenhouse emissions, rising city projects, and the rise of megacities, urbanization, and population are some factors driving the market growth. The UN forecasts estimate that more than 70% of the world population will be urbanized by 2030, wherein 700 million people will reside in cities in India. These predictions serve as a unique opportunity to plan, design, and build an ecologically and economically sustainable new India. Additionally, urbanization has boosted national economies across the globe, as 75% of global economic production takes place in the cities. growing demand among transportation authorities to develop smart solutions to control traffic and improve road and passenger safety is driving the growth of the smart transportation market. To improve transportation infrastructure, the smart transportation systems incorporate multiple information and communication technologies such global positioning systems, vehicle-to-grid infrastructure, fiber optics, and the internet of things. The urbanization and globalization have driven the demand for smart railway software, which provides passengers with safety, dependable modern services, and operational efficiency. As the frequency of rail accidents has increased, smart sensor technologies in railway coaches that can detect faults in wheels, bearings, and railway tracks have become more important in preventing accidents. The governments from a variety of countries are also taking steps to construct smart railway networks and applying new technologies. Further, in April 2022, the Ministry of Electronics and Information Technology (MeitY) launched several applications under the Intelligent Transportation System (ITS) as part of the InTranSE- II program to improve India's traffic scenario. An indigenous Onboard Driver Assistance and Warning System (ODAWS), Bus Signal Priority System, and Common SMart IoT Connectiv (CoSMiC) software were designed as a joint enterprise by the Centre for Development of Advanced Computing (CDAC) and the Indian Institute of Technology Madras (IIT-M). Mahindra and Mahindra was the industrial collaborator for the project. The government declared that ODAWS aims to improve the highway infrastructure as the number of vehicles and road speed has increased, exacerbating safety concerns.

On the basis of regions, North America, spearheaded by the United States and Canada, stands at the forefront of smart transportation innovation. The region is characterized by robust investments in advanced technologies, a strong focus on research and development, and a rapidly growing adoption of smart transportation solutions. The presence of major tech hubs and a culture of innovation contribute to the development and deployment of cutting-edge transportation technologies, such as connected vehicles, autonomous systems, and intelligent traffic management. Europe, with its commitment to sustainability and stringent environmental regulations, is a significant player in the global smart transportation market. European countries are actively investing in smart infrastructure, leveraging digital technologies to optimize traffic flow, enhance public transportation, and promote sustainable mobility options. The well-established public transportation systems in many European cities provide a solid foundation for the integration of smart transportation solutions, including Mobility as a Service (MaaS) platforms that offer users seamless access to diverse transportation modes. In the Asia-Pacific region, rapid urbanization, population growth, and the increasing demand for efficient mobility solutions drive the adoption of smart transportation technologies. Countries like China, Japan, and South Korea are investing heavily in smart infrastructure, electric mobility, and the integration of intelligent transportation systems to address the challenges posed by urban congestion and pollution. The Asia-Pacific region represents a thriving market for innovations in areas like connected vehicles, intelligent traffic management, and the development of smart cities. South America is witnessing a growing interest in smart transportation solutions as urbanization accelerates across key cities. Governments in the region are exploring technologies to improve traffic management, enhance public transportation, and address environmental concerns. While the market is still in its early stages, there is a noticeable shift towards the adoption of intelligent transportation systems to create more efficient and sustainable urban mobility solutions. In the Middle East & Africa, smart transportation initiatives are gaining momentum, driven by the region's ambitious urban development projects. Cities in the Gulf Cooperation Council (GCC) countries are investing in smart infrastructure, traffic management systems, and the integration of emerging technologies to enhance transportation efficiency and address the challenges associated with rapid urbanization.

The global smart transportation market is undergoing a transformative shift, with key focus areas such as Traffic Management Systems, Ticketing Management Systems, Parking Management and Guidance Systems, and Integrated Supervision Systems playing pivotal roles in shaping the future of intelligent transportation. Traffic Management Systems are at the forefront, revolutionizing urban mobility by leveraging real-time data analytics, AI, and connectivity to optimize traffic flow, reduce congestion, and enhance overall transportation efficiency. These systems provide dynamic traffic control, adapting to changing conditions and improving safety through responsive measures. Ticketing Management Systems are contributing significantly to the evolution of smart transportation by streamlining the user experience across various modes of transportation. These systems integrate different ticketing methods into a seamless digital interface, offering users a convenient and efficient way to plan and pay for their journeys. The integration of contactless payment options and the adoption of mobile ticketing further enhance the user experience, fostering a more accessible and user-centric approach to public transportation. Parking Management and Guidance Systems are addressing the challenges associated with urban congestion and limited parking spaces. Leveraging IoT and real-time data, these systems provide drivers with information about available parking spaces, optimize parking operations, and contribute to reduced traffic congestion. The integration of smart parking solutions not only enhances the convenience for drivers but also supports sustainability goals by minimizing unnecessary circling in search of parking spots. Integrated Supervision Systems are emerging as a comprehensive solution to monitor and manage various elements of smart transportation cohesively. These systems integrate diverse components, including traffic management, ticketing, and parking systems, into a centralized platform. This holistic approach enables authorities to have a comprehensive view of the entire transportation network, facilitating better decision-making, resource allocation, and real-time responsiveness to challenges or incidents.

In the realm of roadways, smart transportation solutions are revolutionizing traditional infrastructure. Advanced traffic management systems, incorporating real-time data analytics and dynamic control mechanisms, are optimizing traffic flow, reducing congestion, and enhancing overall road safety. The integration of intelligent roadway technologies is providing users with real-time information, facilitating efficient route planning, and contributing to a more connected and responsive urban mobility experience. In the railway sector, smart transportation is ushering in a new era of efficiency and safety. Connected railway systems leverage IoT technologies and data analytics to monitor train operations, track conditions, and passenger flows. This enables predictive maintenance, optimized scheduling, and improved safety measures. The deployment of smart railway solutions enhances overall operational efficiency, reduces delays, and ensures a smoother and more reliable railway experience for passengers and freight alike. Airway transportation is not untouched by the smart revolution. Smart transportation solutions in aviation involve the use of advanced navigation systems, predictive maintenance for aircraft, and improved air traffic management. These technologies enhance overall operational efficiency, reduce fuel consumption, and contribute to a more sustainable and environmentally conscious air travel experience. The integration of smart technologies in air transportation aims to address the challenges of increasing air traffic while ensuring safety and reliability. Similarly, maritime transportation is experiencing a paradigm shift with the implementation of smart solutions. Smart technologies in the maritime sector include intelligent navigation systems, real-time tracking, and predictive maintenance for vessels. These innovations optimize route planning, streamline logistics, and enhance safety measures in maritime transportation. The integration of smart solutions in the maritime domain is contributing to more efficient and environmentally friendly shipping operations.

In the business sector, smart transportation solutions are becoming integral to corporate fleets, logistics, and supply chain management. Businesses are increasingly adopting intelligent transportation systems to optimize routes, monitor vehicle health, and enhance overall operational efficiency. This integration not only results in cost savings but also ensures timely and reliable delivery of goods and services, contributing to a more competitive and streamlined business environment. The professional segment of the smart transportation market is witnessing substantial growth as well. Professionals, including commuters, daily travelers, and those relying on transportation for work purposes, are embracing smart transportation solutions for a more convenient and personalized experience. Mobility as a Service (MaaS) platforms are gaining popularity, offering professionals the ability to seamlessly plan and execute their journeys, combining various modes of transportation into a single, user-friendly interface. This personalized and integrated approach to transportation caters to the specific needs and preferences of professionals, promoting efficiency and flexibility in their daily commutes. Cloud services play a pivotal role in the broader landscape of the global smart transportation market. As the demand for real-time data analytics, seamless connectivity, and scalable platforms rises, cloud services become indispensable. They provide a secure and scalable infrastructure for storing, processing, and analyzing the massive amounts of data generated by smart transportation systems. Cloud services facilitate real-time communication, collaboration, and data sharing between different components of the transportation ecosystem, fostering an integrated and responsive network. Moreover, the cloud is instrumental in supporting emerging technologies like autonomous vehicles and Mobility as a Service (MaaS), ensuring a robust and connected framework for the entire smart transportation market.

Furthemore, Mobility as a Service (MaaS) is a pivotal component, revolutionizing the way people plan and undertake their journeys. MaaS platforms integrate various transportation modes, including public transport, ride-sharing, bike-sharing, and more, into a single, user-friendly interface. This approach not only simplifies the travel experience for users but also promotes a shift from vehicle ownership to service-oriented mobility, emphasizing convenience and sustainability. Route Information and Route Guidance systems are crucial elements within the smart transportation landscape. Leveraging real-time data, these systems offer users dynamic information about optimal routes, traffic conditions, and potential disruptions. By providing accurate and up-to-date guidance, they enhance the efficiency of journeys, reduce congestion, and contribute to overall traffic management strategies, fostering a more responsive and intelligent transportation network. Public Transport solutions play a central role in smart transportation initiatives, focusing on the enhancement of traditional public transit systems. Integration of technologies such as real-time tracking, digital payment systems, and route optimization ensures a seamless and efficient experience for commuters. These innovations are fundamental to increasing public transport ridership, reducing traffic congestion, and improving urban mobility. Transit Hubs serve as critical nodes within smart transportation networks, facilitating the seamless transfer of passengers between various modes of transportation. These hubs leverage technologies to enhance connectivity, provide real-time information, and optimize the overall transit experience. They play a pivotal role in creating integrated transportation ecosystems, connecting different modes of transport to streamline urban mobility. Connected Cars represent a transformative trend in the smart transportation market. Equipped with sensors, communication capabilities, and often integrated with IoT, connected cars enable real-time data exchange. This facilitates applications like predictive maintenance, traffic optimization, and enhanced safety features, contributing to the development of intelligent and autonomous vehicle ecosystems. Video Management systems are integral to the smart transportation infrastructure, providing surveillance and monitoring capabilities. These systems enhance security, manage traffic flow, and assist in incident response. By leveraging video analytics, smart transportation authorities can gain valuable insights into traffic patterns, identify potential risks, and ensure the safety of both passengers and pedestrians. Other applications within the smart transportation market include Environmental Impact Solutions, which focus on mitigating the ecological footprint of transportation systems, and Data Analytics and Predictive Modeling, which utilize advanced analytics for informed decision-making. Cybersecurity solutions are crucial for safeguarding interconnected transportation networks from potential threats. Innovative financing models contribute to the sustainable development and deployment of smart transportation solutions.
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Roadmap to Tomorrow: The global smart transportation industry explored, unraveling mobility innovations, environmental solutions, and the fusion of technology with sustainable transportation practices suggest that the market is anticipated to cross USD 11

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