The Asia-Pacific region is the fastest growing region in the intelligent transportation market due to government initiatives to develop smart city solutions in this region. Developed countries, including Australia and Japan, have already introduced intelligent transportation options as they are politically and technologically advanced.
The IoT-enabled transportation services are also being used extensively for intelligent parking solutions, telematics solutions, ticket management, security and surveillance, and passenger information systems utilized. In addition, due to the smart city revolution, the governments of various countries are investing enormous amounts of money in the smart city initiatives, which are helping to develop networked vehicle technologies, intelligent infrastructure, and optimize traffic patterns, making transportation systems more efficient and reliable. In 2017, the Indian government invested US $ 15 billion in the development of intelligent infrastructure and management services as part of the Smart City Initiative.
Intelligent traffic management solutions account for the highest share with US $ 9.3 billion in 2017 in the smart transportation market and is projected to reach $ 25.4 billion by 2024. The intelligent traffic management systems are equipped with sensors that regulate the flow of traffic by reducing traffic congestion, pollution and accidents, thereby promoting the growth of the smart transportation market. In January 2018, for example, the China-based company Didi Chuxing, together with Chinese traffic management authorities, launched an intelligent city traffic management solution called DiDi Smart Transportation Brain. This product has been used by more than 20 Chinese cities, facilitates real-time data flow through AI and cloud computing technologies, and improves traffic infrastructure including traffic flow measurement, intelligent traffic signaling and traffic management.
Increased traffic congestion, increasing Pollution and high number of accidents are the main factors that enable countries to adopt the intelligent transportation system around the world. These systems enable the integration of various intelligent technologies such as IoT, artificial intelligence and intelligent sensors in transport vehicles, thus driving the growth of the market for intelligent transport. The systems help improve fleet & logistics management, goods & service management, driver assistance for traffic management and automation of roads, railways and airways, and accelerate the intelligent transportation that takes over the intelligent market demand.
Roads have the highest share of the smart transportation market and are expected to dominate the market which, with a CAGR of 20 percent in 2017, will grow from $ 36 billion in 2017 to $ 108 billion in 2024. Around 1,745.5 million CO2 emissions come from the transport sector, which makes up 28 percent of total global emissions. The introduction of smart transportation solutions, such as smart fuels and connected vehicles, will help reduce overall carbon emissions and improve environmental safety.
The rail sector in the smart transportation market is expected to grow the fastest over the forecast period. It carries billions of tons of cargo and passengers every year, leading to the development of efficient intelligent rail infrastructure and technologies. The governments of various countries are also taking initiatives and implementing regulations for the development of the intelligent rail system. In some countries, including China, the government has invested US $ 28 billion in various PPP projects to implement Smart Railways.
North America is expected to dominate the smart transportation market through 2024 as smart transportation solutions are rolled out quickly and Functions such as real-time traffic information, parking assistance, adaptive traffic light control, electronic toll collection and real-time information for public transport systems.
Companies active in the smart transportation market invest in research and development strategies aimed at new product developments. These products help improve transportation efficiency by providing traffic control, parking assistance & management, and electronic toll collection solutions. Players in the smart transportation market include Accenture PLC, Cisco Systems, Inc., Cubic Corporation, General Electric Company, IBM Corporation, Siemens AG, Thales Group, and WS Atkins.
Smart ticketing solutions help cities fight fraud To reduce lost revenue and maintenance costs. These solutions increase the accessibility to integrated transport systems; As a result, the smart ticketing market value is expected to grow rapidly, reaching $ 11.4 billion by 2024. They offer more flexibility, faster transactions and reliability through access to new payment methods. The UK government has invested US $ 98 million to roll out smart ticketing in England and Wales by the end of 2018.
Rahul Varpe is currently writing for Technology Magazine. Rahul is a trained communications engineer and began his career as a freelance writer alongside regular jobs. Rahul already has experience writing and marketing services and products …
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