Nations Investing in Various Initiatives to Improve Smart Transportation Services
19 May 2022
For cities, mobility is a broad concept that includes everything, from traffic management to public transport and infrastructural systems. Transportation significantly influences metropolitan areas and is a vital application for smart cities. Intelligent transportation systems, which generally include a traffic control and management center to supervise and coordinate a broad network of sensors, are pioneering new approaches to enhance urban mobility and traffic congestion. IoT, particularly automotive IoT, has been assisting cities in gathering and analyzing data at an unprecedented rate and aids smart cities in making crucial decisions based on both real-time and historical traffic data.
Increased demand for the development of more efficient transportation networks around the world, favorable government initiatives for the promotion and development of green fuels, and a surge in traffic congestion and road safety challenges drive the growth of the global smart transportation market. In addition, the growing acceptance of cloud services in transportation and the deployment of intelligent transportation systems in railways are some of the significant factors anticipated to propel the market's growth. According to Allied Market Research, the global smart transportation market is anticipated to grow at a significant CAGR of 10.2% from 2021 to 2030.
Smart cities are springing up all across the world, with varying focuses and approaches. Countries are taking various initiatives to improve the transportation and traffic system. To improve India's traffic situation, the Ministry of Electronics and Information Technology (MeitY) has introduced numerous applications under the Intelligent Transportation System (ITS) as a part of the InTranSE- II program. The Centre for Development of Advanced Computing (CDAC) and the Indian Institute of Technology Madras collaborated to develop the first Onboard Driver Assistance and Warning System, Bus Signal Priority System, and CoSMiC (Common SMart iot Connectiv) software. According to the government of India, Mahindra and Mahindra was the industrial partner for this project.
ODAWS works to enhance the highway infrastructure, as the number of vehicles on the road has risen, and so has the speed, thus worsening safety concerns. Furthermore, the 'Bus Signal Priority System' will alter conventional traffic signal functions to help accommodate public buses in service. In addition, the CoSMiC (Common SMart iot Connectiv) will allow users and application service providers in many vertical areas to utilize open interfaces for end-to-end communications with well-defined common service features.
The outbreak of Covid-19 severely affected the global transportation industry. The transportation business has suffered a significant loss as most governments adopted isolation policies, and imposed lockdown and travel bans. This, in turn, impacted the global smart transportation market. With the growing demand for effective traffic management systems and enhanced transportation infrastructure amenities for passenger safety, industry participants have embraced creative strategies to increase growth potential in the global smart transportation market. As the world is getting back to normalcy, the intelligent transportation market is expected to grow with the latest technology breakthroughs in car safety, new restrictions and policies, and a considerable recovery in the transportation sector across the retail business
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.