Initiatives undertaken by governments for the development of smart cities provides impetus to the smart transportation market. Smart transportation is one of the key elements smart cities are bringing a sweeping change in the lives of citizens. Smart transportation includes the use of a host of technologies from basic management systems such as traffic signal control systems, car navigation, container management systems, and automatic number plate recognition. Apart from this, smart transportation comprises monitor applications such as security CCTV systems to more advanced applications.
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The smart transportation market is predicted to grow at a healthy pace in the forthcoming years. Governments in several emerging economies are undertaking very large initiatives for complete transformation of urban areas. In order to make cities become livable and efficient, development of smart transportation is a viable solution. Smart transport senses traffic, other vehicles and road conditions that allows to take precautionary actions such as looking for alternative way for vehicles to not hit traffic jam. Smart transportation is a key element of smart cities that provides immense opportunities to the smart transportation market.
Environment Conservation Initiatives augments growth
Efforts for the conservation of environment is adding another dimension to the growth of smart transportation market. Smart transportation helps to save time and fuel considerably. Smart transportation improves productivity and reduces accidents and greenhouse gas emissions.
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The smart transportation market marks the presence of several players to make a highly fragmented vendor landscape. Owing to immense growth opportunities, the smart transportation market is expected to witness the entry of new players to heighten competition. Some of the leading players in the smart transportation market are Tomtom International Bv, Kapsch Trafficcom AG, Thales Group, WS Atkins PLC, International Business Machines Corporation, LG CNS Co. Ltd., Indra Sistemas S.A., General Electric Company, Cisco Systems Inc., Siemens AG, Alstom SA, Q-Free ASA, and Cubic Corporation.