Northbrook, IL -- (SBWIRE) -- 01/12/2019 -- According to the new market research report "Smart Transportation Market for Roadway & Railway By Technology (AVLS, TIS, EPS, & Intelligent Vehicle Initiatives), Components (CCTV Camera, GPS, Display, Automated Stop Announcement & Wi-Fi), Application, and Region - Global forecast to 2021", published by MarketsandMarkets™, The smart solutions market for mass transit for roadways and railways is projected to grow at a CAGR of 8.90%, to reach USD 44.78 billion by 2021.

Major driving factors for the smart solutions market for mass transit are rapid urbanization, industrialization, and demand for safety, comfort, and convenience, especially in emerging economies. However, some of the key restraints such as slow growth of GDP in developing economies, capital-intensive nature of the project and concerns related to data storage could affect the growth of the smart solutions market for mass transit. The concept of automated vehicle technology will also raise concerns regarding cybersecurity risks, data protection and manipulation, and unauthorized data usage.

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"Increase in need for intelligent vehicle initiative and an automated vehicle location system will give rise to the demand for smart solutions market for mass transit"

The intelligent vehicle initiative system is observed as the fastest growing market, by technology. The growth is observed due to the benefits the system offers to the user. The system includes processors, software, warning devices and for guiding the drivers in a best possible manner. For instance, the EU developed "Shift2Rail" a public-private program which improves safety and passenger security. The automatic vehicle location system segment is estimated to be the fastest growing market by roadways transportation mode. The growth is observed owing to the advantage it offers such as vehicle tracking. This helps the transportation authorities to keep a real-time check on the transit and provide assistance in case of medical emergency.

"Automatic passenger counter systems are the largest application of the smart solutions market for mass transit"

The automatic passenger counter system accounted for the largest market size in terms of application for both roadways and railways as a transportation mode as this component assists to record precise and accurate passenger data and helps plan transits accordingly. For instance, The Tri-County Metropolitan Transportation District of Oregon (U.S.) had implemented automatic passenger counter (APC) systems in public transits. With the new system, the Federal Transit Administration is able to collect the data automatically and with functional changes have enhanced service quality and had improved efficiency of the transits.

"Asia-Oceania & Europe: Fastest-growing market for smart solutions for mass transit"

The Asia-Oceania and Europe are estimated to dominate the market for roadways and railways and is projected to grow at the highest CAGR during the forecast period. The Asia-Oceania market is growing because of rising industrialization, urbanization, and government spending in the transportation sector. This growth in the European region can be credited to the improved socio-economic conditions in economies such as the U.K., Germany, and France. The sizeable populations of these countries have resulted in an increased requirement of public transport, which in turn resulted in more government projects for transportation infrastructure developments.

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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 equipment and sell them to end-users to cater to their business requirements.

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