The global intelligent transportation management system market seems to show no sign of decline as transportation industry is swiftly moving towards technology-based transport systems. Growing at a CAGR of 18.68 percent till 2025, the global smart transportation market is expected to become USD 262.1 billion by the end of 2025, says a report by Mordor Intelligence.  Government regulations and initiatives, growing road safety concerns and auto thefts are some of the key factors driving the market forward. “The software component in cars is going to be a trillion-dollar opportunity in the next decade. Each car will have a super-computer talking to the infrastructure and other cars,” opines Elmar Degenhart, CEO of Continental AG, a German automotive manufacturing firm that develops technology solutions for sustainable and connected mobility. As technology is poised to transform the transportation to make it even smarter, let us have a look at some the key technologies transforming the transportation industry:             

Artificial Intelligence- Optimizing Routes

AI has always been in forefront when it comes to automotive and transportation industry. AI has already made the driverless autonomous vehicles a reality, which was once thought a fantasy by many. AI and other cognitive technologies such as ML are being applied in the traffic management to assist traffic managing officers in decision making to streamline and optimize the traffic on roads.  These cognitive technologies with capabilities to recognize the physical objects and sense surroundings can help to minimize the traffic congestions by suggesting alternate routes.              

IoT- Making Vehicles More Connected

IoT by bringing together smart devices and other components of today’s smart vehicles is set improve communication between vehicles for better and intelligent transport management. IoT also helps to reduce the traffic jams on roads by allowing vehicles to communicate with vehicles around by using intelligent sensors. Another major application of IoT is related to logistics, wherein it helps to track vehicles in order to optimize delivery routes, which in turn helps to reduce cost of transportation.                            

Data Analytics- For Better Traffic Management  

While IoT is about collecting the data from various sources, data analytics is about correlating the collected data so as to derive meaningful insights for making better decisions. Predictive data analytics proves to be a game changing tool for transport management agencies in the urban areas which usually face severe challenges in planning the routes to overcome traffic issues.