Transparency Market Research observes that the competitive landscape in the global smart transportation market is quite fragmented. Though the market is in its nascent stage, it boasts a strong presence of vendors. Some of players defining the landscape are Cisco Systems, Alstom AG, Siemens AG, Cubic Corporations, and GE Transportation. Maintaining a close watch on the changing political stance to control pollution and manage traffic is expected to be one of the key strategies of these players. In the coming years, these companies are expected to work closely with government bodies to design systems that will reduce greenhouse gas emissions, which is an important element of climate control policies.
The global smart transportation market is estimated to be worth US$176.5 bn by the end of 2021 from US$45.1 bn in 2014. During the forecast years of 2015 and 2021, the global market is expected to register a CAGR of 18.50%, states the research report. Out of the many solutions available in the global market, the traffic management system is projected to hold a lion’s share in the global market as it is the very need of the hour for various cities across the globe to reduce congestion issues. From a geographic point of view, Europe leads the global smart transportation market due to better application of these systems to manage traffic in urban areas.
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Smart Cities to Propel Uptake of Smart Transportation Systems
The global smart transportation market is expected to soar at a phenomenal pace in the coming years as nations across the globe are trying to deal with traffic issues. Massive hours of congestions in urban areas leads to spike in air pollution, fuel wastage, and lack of productivity. Congestions are often a result of poorly managed traffic, influx of vehicles, and bad condition of roads. Governments across the globe are trying to simplify these issues pertaining to rapid pace of urbanization by installing smart transportation systems. These systems are especially designed to ensure impeccable efficiency in traffic updates, parking, ticketing, driver and pedestrian safety, and overall integrated supervision.
Strengthening transportation and logistics sector of several developing economies across the globe is also projected to have a positive influence on the uptake of smart transportation systems in the coming years. The need to ensure driver safety and improved logistics has compelled the UK Government to take keen interest in implementation of smart transportation systems. The market is also being driven by new-age urban development and planning that is focusing on building smart cities.
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Capital-intensive Nature of Smart Transportation Systems to Hamper Growth
On the flip side, the global smart transportation market is being hampered by the high installation cost of smart transportation systems. This restraint is a pronounced one especially in the developing countries. The market is also likely to be hampered by the need for large databases for sprawling road networks, which are not available in emerging economies. However, as governments are investing in building smart cities for better and efficient living, the move could actually translate into lucrative opportunity for smart transportation market.