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The global smart transportation market has been forecast to increase at a compound annual growth rate (CAGR) of 23.6% through to 2018, increasing from a valuation of $26.70 billion in 2012, to hit a market value of $102.31 billion by 2018.
Smart transportation is all about smartening the smart streets. This entails providing comprehensive real-time, data-driven capability for designing and implementing policies and operational strategies for traffic, public transport, and urban planning.
The market for smart transportation is fuelled by the advancements across the information and communication technology (ICT) industry.
The concept of smart transportation encompasses a huge range of systems and applications. Smart electric vehicle (EV) charging, citywide traffic monitoring, real-time traveller information, transit signal priority, and centralised fleet vehicle management can all be classified as forms of smart transport.
What makes them smart is the use of embedded intelligence to connect vehicles to each other and to infrastructure, as well as to central operational sites.
Transportation systems are also considered smart when they are applied to achieve smart policy goals in the urban environment, such as enhanced mobility, lower emissions, reduced fuel consumption, improved safety, or economic competitiveness.
Demand within the smart transportation market will grow in both developed and developing economies. Developed economies will see smart transportation as a cost effective way to maximise existing transportation infrastructure and improve city services. Developing cities will incorporate smart transportation as they build out their transportation infrastructure.
Smart growth transportation strategies are, above all, a fiscally responsible investment that cost less to build and maintain, can help towns save money by reducing infrastructure costs and generating higher returns on investment. Investments in smart growth transportation strategies create new jobs, help more workers get to employment and foster regional economic growth.
In the long term, smart growth strategies can create transportation systems that better serve more people while fostering economic vitality for both businesses and communities.
For more information on the smart transportation market, see the latest research: Smart Transportation Market
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