Asia-Pacific Smart Transportation Market, By Solution (Traffic Management Solution, Passenger Information Solution, Smart Ticketing Solution, Parking Management Solution, Integrated Supervision Solution, Insurance Telematics Solution), Service (Cloud Services, Professional Services), Transportation Mode (Roadways, Railways, Airways, Waterways) Industry Trends and Forecast to 2026
The Smart Transportation is one of the most crucial and equipped with ITS (Intelligent Transportation System) based applications. It is connected wirelessly with Internet of Things (IoT) vertical technology. The main purpose is to collect data and controlling the real-time conditions, to improve performance and others. The smart sensor offers a wide range of applications in road transport including infrastructure, traffic management, mobility management, car navigation, container management systems, automatic number plate recognition and security CCTV systems applications.
Asia-Pacific smart transportation market is expected to reach a healthy CAGR of 20.8% in the forecast period of 2019 to 2026.
The Smart transportation market is segmented into three notable segments which are solution, services and transportation
On the basis of solution, the market is segmented into passenger information solution, traffic management solution, parking management solution, smart ticketing solution, insurance telematics solution and integrated supervision solution. The passenger information solution is sub-segmented into network connectivity and multimedia information & entertainment. The traffic management solution is sub-segmented into route guidance, toll collection & revenue management, smart signaling and predictive traffic analytics. The parking management solution is sub-segmented into ticketing and revenue management, access control, automated parking guidance and slot management. In 2018, traffic management solution segment is growing at the highest CAGR of 21.4% in the forecast period of 2019 to 2026.
Traffic management solution segment to grow with the highest CAGR due to increasing demand for monitor various roadways as well as controlling traffic congestion.
On the basis of service, the market is segmented into professional services and cloud services. In 2018, cloud services segment is growing at the highest CAGR of 21.2% in the forecast period of 2019 to 2026.
Cloud services segment is expected to grow with the highest CAGR due to increasing demand for managing traffic control with the help of cloud based intelligent transportation systems.
On the basis of transportation, the market is segmented into roadways, railways, waterways and airways. In 2018, airways segment is growing at the highest CAGR of 21.3% in the forecast period of 2019 to 2026.
Airways segment is expected to grow with the highest CAGR due to growing developments and high usage of smart technologies in areas such as North America, Europe and other regions.
Some of the prominent participants operating in this market are Kapsch Traffic Com, Gemalto NV, Thales Group, Alstom, Schneider Electric, Siemens Ltd., MSR-Traffic, Cubic Corporation, WS ATKINS PLC, Cisco System, Inc., Accenture, IBM, LG CNS, Indigo Group and Toshiba Corporation and others.
In November, Cisco system, Inc delivered business intelligence IoT solution that is beneficial in launching smart city projects.
In March, Cisco system, Inc. introduced transport network modernization for deploying older transport network and re-engineering network configuration.
In September, Cisco system, Inc. launched new transportation solution that is beneficial for delivering new passenger services, improve the traffic conditions and provides a safe environment to the users.
Research Methodology: Asia-Pacific Smart Transportation Market