Smart transportation is an integrated application of modern technologies and the management strategies in the transportation system. Urban transportation systems are facing a humongous number of challenges, such as traffic congestion, poor traffic management, inadequate parking spaces, poor road safety, increasing pollution and others. So, the Smart cities use various technologies to improve the urban services such as transportation, energy, utilities, and operate more sustainably. In 2017, Smart Cities Index provides the ranking to the cities by considering ‘transport and mobility’ as one of the vital parameters. The technological advancements majorly used in the smart transportation for the providing better information about the transportation network includes navigation in the car, traffic control management systems, automatic recognition of number plates, security CCTV systems, the technological development and launching of the novel products to integrate live data.

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The smart transportation is defined in the year 2010 by the European Union in the thought of bringing the information and the communication technologies that can be applied in the field of road transportation to enhance the livability and sustainability due to growing urban population. The smart transportation in cities provides significant benefits such as increasing efficiency of operations such as rerouting of vehicles, adaptive traffic signal systems, signal priority for travel, incident detection and reporting; multimodal payment systems; smart parking; increasing use of electric vehicles for transit; goods movement; lightening systems and others. Moreover, smart transportation will gradually decrease the roadside accidents and also provides the centralised view which is beneficial for the time management with the traffic signals. So, the global smart transportation market is witnessing a massive growth in the coming years as it helps the transportation department to operate more efficiently and helps in improving the overall performance.

As per the envision intelligence, the size of the smart transportation is anticipated to increase in coming future owing to provide affordable mobility to the rising urban population. Geographically, Europe is having a significant share in the global smart transportation market whereas Asia-Pacific is expected to show a substantial growth during the forecast period 2019-2024. The global smart transportation market is estimated to be $ 84.54 billion in 2018, and it is expected to reach $298.66 billion by 2024 at a CAGR of 22.23%.

The increasing demand for the improving transportation infrastructure coupled with growing urban population is expected to boost the market growth over the coming years. The demand for environmental protection and increasing demographic growth rate are the primary factors driving the growth of the smart transportation market. In the upcoming future, the smart transportation will witness the high market growth because of the increasing number of the payments in the E-flexi systems, rapid growth in the analytic based transport solutions and also the exponential growth of mobile phones applications. Government and private organisations are investing in various national and state initiatives to develop public transportation. So, there is a need to leverage smart technology solutions to improve efficiency and also public transportation capacity to create the high-quality public transportation system.

Smart Transportation Market Trends & Developments:

INRIX and Renovo partnered to develop highly automated vehicles to add more value to transportation facilities.
Parkopedia has launched on-street parking service for Mercedes Benz S-class and Mercedes Benz E-class models to COMAND online navigation system.
Parkmobile, LLC along with Park Harrisburg to launch novel mobile payment which allows paying for parking all on-street spaces

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