Intelligent transportation systems provide innovative transportation and traffic management solutions. They solutions make different modes of transport manageable, safer, coordinated and smart. Traffic congestions lead to delays and safety issues across the world. As a result, governments and road safety management organizations are adopting advanced and automated transportation systems. This is the prominent driving factor for the global smart transportation market. Experts claim the industry to make exceptional growth for the near future. This is considered to be a good sign for investments in the market, which is currently on upward leap with growing technological advancements.
Scope of Smart Transportation Systems Industry
In order to learn the basic market trends, challenges, leading companies, established competitors, rate of expansion and business opportunities, researchers categorize industries into different segments. Smart transportation market is categorized on the basis of the vital parameters like transportation solutions, services and demand for these solutions and services across various geographic regions. Following are the details of the industry segmentation:
- Solutions: Passenger information systems, ticketing management systems, integrated supervision systems, traffic management systems, and parking management and guidance systems
- Services: Advanced, software and traditional services
- Geography: Asia Pacific including Japan, Middle East and Africa, Latin America, North America, Commonwealth Independent States (CIS), Eastern Europe and Western Europe
Global Forecasting Reports From 2013-18
Intelligent transportation systems entail provision of data-driven capability for designing, managing and implementing advanced operational strategies for traffic. These systems provide advanced solutions to public transport as well as urban planning. The reduced operational costs are encouraging the adoption rate in the industry, which is a great sign for the industry. Another strong factor for the remarkable growth in the industry is constantly changing technology. In order to meet rising demands, manufacturers are constantly discovering advanced technologies of intelligent transportation. Innovative technologies have also increased the applications ratio of the market, which is an influential factor for the rising investments.
Latest market research reports claim that global smart transportation market is poised to grow at an estimated compound annual growth rate (CAGR) of over 23% from 2013 to 2018. During the period of over five years, the industry is set to become worth $102.31 billion by 2018. The systems and solutions segment of the industry is expected to record maximum growth in terms of adoption, advancements and applications. Apart from that, service segment is also expected to witness significant pace in terms of growth and advancements.