North America witnesses the highest share in the smart transportation market due to the use of advanced technologies, high disposable income, and improved lifestyle. Moreover, the growing demand for connected cars due to factors, such as fast internet speed and the emergence of IoT, further drives the smart transportation market growth. The U.S. accounts for 70 percent of the market in North America owing to the various automotive companies pouring huge funds to develop smart-connected vehicles. For instance, in 2017, Warren Buffett invested USD 10 billion for bringing about developments in the U.S. airline industry.
China, the biggest automotive market across the globe, has been highly proactive in improvising its automobiles, thereby emerging as a pivotal contributor in smart transportation market. The nation has seemingly deployed intelligent transportation systems such as traffic signal control systems, variable message signs, car navigation, speed cameras and automatic number plate recognition. This is being done primarily to update transportation systems and resolve various social issues that are often indirectly related to poor transportation. In fact, one of the most iconic instances demonstrating China’s proactiveness in smart transportation industry is the construction of an intelligent highway equipped with battery chargers, solar panels and mapping sensors all along the 1.08 km stretch.
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Asia Pacific is the fastest growing region in the smart transportation market owing to the government initiatives for development of smart city solutions in this region. The developed countries including Australia and Japan have already adopted smart transportation facilities as they are politically and technologically advanced.
In the software segment, the traffic management system dominates the smart transportation market. The use of advanced technologies, such as sensors and IoT, in the traffic lights, helps them in automatically responding to the changing traffic patterns. In these systems, the light changes as per the traffic pattern rather than the fixed schedule, encouraging the smooth flow of the traffic. Smart ticketing segment is anticipated to grow at the fastest rate in the smart transportation market and reach USD 11 billion by 2024. These solutions increase the accessibility to integrated transport systems thereby offering reliability and flexibility and by providing access to new payment modes, enhancing the customer experience.
Smart ticketing solutions assist cities in reducing frauds, revenue loss, and maintenance costs. These solutions increase accessibility to integrated transport systems; hence, the smart ticketing market worth is expected to grow at a fast rate and reach USD 11.4 billion by 2024. They offer greater flexibility, faster transactions, and reliability by providing access to new payment types. The UK government invested USD 98 million to introduce smart ticketing in England and Wales by the end of 2018.
Subject to the extensive and swift adoption of intelligent mobility solutions across major cities around the globe, smart transportation market has been treading along a lucrative growth path in the recent years. In addition to the advent of these smart technologies, a remarkable increase in governmental patronage and financial support toward revamping transportation industry can be accredited to the rapid progression of this business space. Indeed, it is being projected that smart transportation industry, which surpassed a total remuneration portfolio of about USD 41 billion in 2017, would establish itself as one of most profitable business verticals in the times to come.
Owing to the development of autonomous vehicles and high-penetration of ride-hailing services, smart transportation market is set to undergo a massive transformation in the forthcoming years. As per a research report compiled by Global Market Insights, Inc., the overall smart transportation industry is forecast to clock in a y-o-y growth rate of an impressive 20% over 2018-2024. The enormous numbers also underline the fundamental altercation that the automotive & transportation space would witness in its entirety in the ensuing years.
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