Sellbyville, DE -- (SBWIRE) -- 01/22/2019 -- The integration service dominates the smart transportation system market and is projected to hold the majority share over the forecast timeline. The increasing adoption of smart cities and IoT are the major factors accelerating the integration services growth. These services assist in upgrading the prevailing transport infrastructure and developing integrated parking, ticketing & traffic management solutions, leading to smooth traffic flow and reduced accidents. The training and consulting services are also growing at a fast pace owing to the consultancy and training services required for bringing about upgrades and technological advancements in the existing transport infrastructure.

Smart Transportation System Market is projected to surpass USD 130 billion by 2024. Increased traffic congestion, growing pollution, and high occurrences of accidents are the major factors enabling the countries to globally adopt the smart transportation system. These systems enable the integration of various smart technologies such as IoT, artificial intelligence, and smart sensors into transportation vehicles, thereby driving the market growth. The systems aid in improving the fleet & logistics management, goods & services management, driver assistance for traffic management, and automation of roadways, railways, and airways, accelerating the smart transportation adopt the smart market demand.

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The IoT-enabled transport services are also widely being leveraged for smart parking solutions, telematics solutions, ticket management, security and surveillance, and passenger information systems. Moreover, due to the smart city revolution, the government of various countries are investing huge funds in the smart city initiatives, which assist in developing connected vehicle technologies, smart infrastructure, and optimizing traffic patterns thereby making transport systems more efficient and reliable.

Roadways account for the highest share in the smart transportation system market and are anticipated to dominate the market growing at a CAGR of 20 percent with USD 36 billion in 2017 to reach USD 108 billion by 2024. Approximately 1745.5 million metric CO2 emissions come from the transportation sector, accounting for 28 percent of total emissions globally. The adoption of smart transportation solutions, such as smart fuels and connected vehicles, helps in reducing the total carbon emissions and enhancing the environmental safety. The railway sector is expected to grow at the fastest rate over the forecast period.

Smart traffic management solutions hold the highest share in the smart transportation system market with USD 9.3 billion in 2017 and are anticipated to reach USD 25.4 billion by 2024. The smart traffic management systems are inbuilt with sensors, which regulate the flow of traffic by reducing traffic congestion, pollution, and accidents, thus enhancing the smart transportation market growth.

Smart ticketing solutions assist cities in reducing frauds, revenue loss, and maintenance costs. These solutions increase accessibility to integrated transport systems; hence, the smart ticketing market worth is expected to grow at a fast rate and reach USD 11.4 billion by 2024. They offer greater flexibility, faster transactions, and reliability by providing access to new payment types. The UK government invested USD 98 million to introduce smart ticketing in England and Wales by the end of 2018.

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North America is projected to dominate the smart transportation system market by 2024 due to rapid deployment of smart transportation solutions, which offer features such as real-time traffic information, parking assistance, adaptive traffic signal control, electronic toll collection, and real-time information for public transit systems. Asia Pacific is the fastest growing region in the smart transportation market owing to the government initiatives for development of smart city solutions in this region. The developed countries including Australia and Japan have already adopted smart transportation facilities as they are politically and technologically advanced.

The companies operating in the smart transportation system market are investing in research and development strategies aimed at new product developments. These products assist in improving transport efficiency by providing traffic control, parking assistance & management, and electronic toll collection solutions. Some of the players operating 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.

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