The advancement in technologies such as big data and IOT and the emergence of analytics solutions has led to the development of real-time applications, such as smart transportation applications. In general, smart transportation is a concept of smartening processes such as ticketing, parking, passenger information system, traffic management, and integrated supervision system by means of innovative solutions and services. The objective of smart transportation is to reduce the volume of delivery vehicles and build a superior environment, while at the same time linking the modes of transport, both private and public, in order to improve traffic flow. Smart transportation is a lucrative market with an expected market size of $104.19 billion by 2019 and is expected to grow with a CAGR of 18.3% for the period 2014–2019.
The smart transportation market has seen huge investments in ICT technologies across the globe. Projects such as Amsterdam Smart City, MASDAR City, Planit Valley, Guangzhou Innovation City, Songdo IBD, Yokohama Smart City, Smart City Wien, Smart City Kochi, Smart City Malta, Sonomo-Marin Area Rail Transit, Southwest Light Rail Transit, Bottineau Transitway, Dulles Corridor Metrorail, East San Fernando Valley Transit Corridor, US 36 Express Lanes, US 36 Bus Rapid Transit, Auburn Stabling, Metro Gold Line Foothill Extension, and many others are on-going smart transportation related projects.
Smart transportation is recommended as a new approach to roadway planning and design, in which transportation investments are tailored to the specific needs of each project. The different contexts, such as financial, community, land use, transportation, and environment, determine the design of the solution. The best transportation solution results from a process in which a multi-disciplinary team, considering a broad range of solutions, works securely with the community. Other than CSS , smart transportation also covers network connectivity and access and corridor management. Smart transportation will help both states and communities adapt to the new financial context of guarded resources.
Smart transportation includes a range of applications across its sub-markets, such as traffic, parking, passenger information system, ticketing, and integrated supervision system.
- Video Surveillance: Real-time video enables traffic controllers to identify problems, gather traffic analytics information, and enforce special traffic zones. Public safety workers may also access these videos to identify traffic conditions so that they can route around congested roads when responding to an emergency.
- Information and Alerts: Variable message signs can quickly broadcast information such as weather, road conditions, stolen vehicle information, and other timely local information to drivers.
- Real-Time Public Transit Information: Real-time information on buses and other public transportation vehicles can be published to the web and bus stations, improving schedule accuracy and managing increasing ridership.
- Automated Parking Meters: It helps in real-time centralized management of meters, improving parking availability, and providing payment option flexibility for visitors.
Such technological innovations have often been fueled by governments which has in turn driven the industrial growth and has helped to raise living standards. Various macro-economic indicators such as research and development expenditure, intellectual property right charges, high-technology exports, royalty and license fees, and patents and trademarks affect this market.
Accenture, Affiliated Computer Services, Inc., Alstom SA, Cisco Systems, Inc., GE Transportation, IBM, LG CNS, Schneider Electric, and Siemens are the key players in this market.
The smart transportation market is expected to generate huge revenue pockets in the Americas, particularly in the U.S., than in Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions. APAC has been the region of focus for the global players because of the increasing investments in smart transportation-related projects
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