Transportation networks are becoming smarter, more responsive towards users, and safer for all. A slew of technologies pertaining to traffic management, mobility efficiency, and surveillance are dotting the landscape of smart transportation. The scope of technologies for smart transportation systems has grown and have helped meet several of the objectives related to user convenience, road safety, and efficiency of fleet movement.
More than ever, the growing array of technologies in smart transportation will pay the framework for more sustainable public transportation. This is crucial, given the role occupies in urban transport. Massive initiatives by governments in the U.S., the U.K. and some emerging economies for setting up smart cities has spurred investments in the smart transportation market.
The need for making public transportation more convenient and reliable has become more pressing than ever before. Evidently, highways and other road infrastructure may witness burgeoning advancements anchored on the public spending on such projects in developed and developing regions. The prospect of intelligent transportation systems for weaving through vehicles, humans, and the city’s infrastructure is generating massive lucrative avenues for technology companies in smart transportation market.
Innovative Business Models to Extend Horizon of Smart Transpiration Market
Sensors in particular are becoming an integral part of smart city transportation solutions. Smart transportation features a panoply of sensors. The entire framework is making advances on the back of advancements in internet of things. A spate of companies are witnessing lucrative revenue gains with the growing adoption of IoT solutions. A key case in point is smart transportation solutions based on vehicle-to-infrastructure (V2I) communication. With connected vehicles expected to swell in numbers in the next few years, the commercialization scope of smart transportation solutions for smart cars will expand considerably.
One area that is viewed with massive revenue potential is mobility-as-a-service (MaaS). The drive for smart transportation systems stems from intense focus on sustainable transportation. MaaS is expected to witness significant investments in the next few years. On-demand shuttles and ridesharing are on the path to becoming affordable and more sustainable commuting option for urban spaces. The use of mobile devices for contactless payment, and dynamic navigation has made public transport more convenient for commuters, for instance. In the coming years, stakeholders in the transportation industry will realize the economical benefits of smart mobility, expanding the horizon.