The smart solutions market for mass transit is primarily driven by the need for better public transportation systems which would support the increasing population and urbanization around the globe. The smart solutions market for mass transit is projected to grow at a CAGR of 8.90%, to reach a market size of USD 44.78 Billion by 2021.
Major factors that are expected to drive the growth of the smart transportation market across the globe include the rising urban population and high demographic rates, the growing adoption of connected and smart technologies in the transportation infrastructure, and the increasing free trade agreements. Government initiatives for smart cities and government authorities are adopting Public Private Partnerships (PPP) working models, which is also propelling the growth of the smart transportation market.
The smart solutions market for mass transit ecosystem consists of system manufacturers such as Thales Group (France), Siemens AG (Germany) and, Kapsch TrafficCom (Austria) amongst others; traveler information system manufacturer such as WS Atkins Plc (U.K.)and Q-Free ASA (Norway) among others; and the manufacturers of parking assist systems include Swarco AG (Austria) and TransCore LP (U.S.) amongst others; these OEMs integrate these equipments and sell them to end-users to cater to their business requirements.
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Target Audience of Smart Transportation Market
- Smart public transportation solution providers
- Manufacturers of smart public transportation components
- Raw material suppliers for smart public transportation components
- Transportation authorities
- Legal and regulatory authorities
- Fleet operators
Smart Transportation Market, By Application
- Traffic management and traffic signal control system
- Emergency vehicle notification system (e-call)
- Smart ticketing system
- Automated passenger counter system
In this report, the global market for mass transit is broadly segmented based on its use into roadways and railways. Region-wise, Asia-Oceania and Europe are estimated to dominate the market for roadways and railways. The Asia-Oceania market is growing due to rising industrialization, urbanization, and government spending on the transportation sector. The growth of the European market can be credited to the improved socio-economic conditions in economies such as Germany, the U.K., and France.
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Due to increasing need for surveillance and vehicle tracking, there has been an increased in the use of Wi-Fi devices, in public transits (both roadways and railways) which is driving the demand for smart solutions in mass transit.
North America & Europe: Largest markets for smart solutions market for mass transit
The North American market is estimated to dominate the market for roadways as it accounted for the largest share during the forecast period. The growth factors includes increasing roadways networks, government spending and rising safety concerns for commuters. Europe is estimated to dominate the market for railways in terms of value during the forecast period. This growth is attributed to improved socio-economic conditions in countries such as Germany, the U.K., and France. In addition, the sizeable growth in population of these countries leads to an increase in use of public transport, which further resulted in more government projects for transportation infrastructure development.
Key factors restraining the growth of the smart solutions market for mass transit includes the data storage concerns, security and management, the high cost of components and its complex nature, and slow GDP growth rate of developing countries. The necessity of providing real time information with the help of all these technologies and components means these systems are vulnerable to cyber attacks. This would have a negative impact on the SPT market.
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