(I-BusinessNews.Com, May 15, 2019 ) The Smart Transportation Market for mass transit is primarily driven by rising population, urbanization, infrastructural spending and environmental concerns for emission control. With the growth in urbanization, there would be an increase in the number of commuters which would increase the demand for public transport during the forecast period.
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Key Players of Smart Transportation Market:
Â Thales Group (France)
Â Siemens AG (Germany)
Â Kapsch TrafficCom (Austria)
Â TomTom International (The Netherlands)
Â WS Atkins Plc. (U.K)
Â Q-Free ASA (Norway)
Â Swarco AG (Austria)
Â TransCore LP (U.S)
Electronic payment system and traveler information system have significant impact on the growth of smart solutions market for mass transit:
For roadways as a transportation mode the electronic payment system segment is estimated to be the largest market. The growth is driven by the increase in efforts by governments and transportation agencies to reduce manual cash collection and shift to advanced e-payment systems. For instance, the Singapore government has implemented a contactless smart card which can be used to travel across the entire public transport network. In the case of railways as a transportation mode, the traveler information system segment is estimated to be the largest market. The system helps the passengers with information and guidance about the upcoming stops and the route which makes their travel experience better. For instance, in Australia the Smartraveller information system is used which provides travel information as well as travel warnings.
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Increase in need for smart ticketing systems would give rise to demand for smart solutions market for mass transit:
The smart ticketing system is the fastest growing market in the smart public transportation market for both roadways and railways. This growth is due to the benefits such as increased efficiency, and reliability. This application is essential to reduce manual interference and force public transport operators to deploy e-ticketing and integrated payment systems. As per the Rocky Mountain Institute (U.S.) ~14% of a transportation companyÂs budget is spent on fare collection. Thus the system improves a transportation companyÂs financial performance which has led to several mass transit operators already implementing smart ticketing solutions. For instance, according to the annual statistics published by the Department for Transport, U.K., out of 26.2 thousand public buses in U.K., 89% of public buses are fitted with ITSO smart cards by 2015.
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.
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