We all wish that we could travel to work faster and nicely. In fact, we want to travel farther and faster than in the past while maintaining maximum comfort. Isn’t it? Well, from traveling from place to place on horses and camels, civilization has gone a long way. The world is moving into the next phase of mobility, known as smart transportation, due to the development of intelligent transportation systems and the Internet of Things (IoT).
Yes, our lives have undergone significant changes as a result of the rapidly evolving technological world. Today, these developments promise to enhance transportation in all its forms. In this blog, let’s understand what exactly smart transportation is and who the key players are dealing with in the smart transportation market.
What is Smart Transportation?
The use of advanced and newly developed technologies to improve the efficiency, security, and environmental friendliness of transportation networks is known as “smart transportation.” This includes innovations such as networked autonomous vehicles, predictive vehicle maintenance, live traffic monitoring, and intelligent transportation systems. The main goal of smart transportation is to create a cohesive, smoothly operating, and resource-efficient transportation network that reduces traffic, increases mobility, and lessens the environmental impact of transportation.
Market’s Key Players
Here are the top players operating in the smart transportation market:
#1 Cisco Systems, Inc.
Located in San Jose, California, Cisco Systems, Inc., also referred to as Cisco, is a worldwide firm focused on digital communications technologies. Sandy Lerner and Leonard Bosack, two computer scientists at Stanford University who had played a key role in connecting computers at Stanford, launched it in December 1984. Cisco focuses on niche areas in technology, such as energy management, videoconferencing, domain security, and the Internet of Things (IoT). Some of its top products are OpenDNS, Webex, Duo Security, Jabber, and Jasper.
#2 Cubic Corporation
Cubic Corporation is a multinational private defense and transportation enterprise. Walter J. Zable established it in 1949 as an electronics business in San Diego, California, and it started operating in 1951.
#3 General Electric Company
Founded in 1892 as one of the best smart transportation market players, General Electric Company (G.E.) is a worldwide business based in Boston, Massachusetts, that was formed in the state of New York. The business is divided into a number of sectors, including venture capital and finance, digital industry, electricity, aerospace, renewable energy, and additive manufacturing.
#4 IBM Corporation
With its headquarters located in Armonk, New York, the International Business Machines Corporation, also known as IBM is a worldwide technology company with operations in more than 175 countries. The Computing-Tabulating-Recording Company (CTR), which was established in 1911 in Endicott, New York, was renamed “International Business Machines” in 1924. In addition to offering hosting and consulting services in fields ranging from mainframe computers to nanotechnology, it specializes in computer hardware, middleware, and software.
#5 Indra Sistemas, S.A.
Spanish provider of defense and information technology solutions is called Indra Sistemas, S.A. With its headquarters located in Alcobendas, Madrid, Spain, it was established in 1992.
#6 SAP SE
Founded in 1972 as a smart transportation market player, SAP SE is a global software firm headquartered in Walldorf, Baden-Württemberg, Germany. It builds corporate software to oversee customer connections and business processes. The business leads the global market for enterprise resource planning (ERP) software.
#7 Thales Group
The French multinational Thales Group develops, designs, and produces electrical systems along with equipment and gadgets for the transportation, security, aerospace, and defense industries. The company’s stock is listed on the Euronext Paris, and its headquarters are located in La Défense, a business zone in Paris. From the company’s founding in 1968, it was once known as Thomson-CSF.
Final Thoughts
The global smart transportation market was valued at USD 106.32 billion in 2022 and is expected to grow to USD 368.48 billion at a CAGR of 13.3% during the forecast period of 2032. Through asset tracking, traffic and vehicle flow control, and driver support, smart transportation systems facilitate efficient transportation. This improves traveler safety and convenience and can also be used to monitor commercial fleets and help businesses comply with regulations at a lower cost.