With support by the governments of Thailand and the Philippines to tackle traffic congestions in cities, the tolling & city congestion market in the two countries is forecast to register a compound annual growth rate of 18.6%, reaching US$1,474.7 million in 2025, up from US$381.1 million in 2017, according to a report
With support by the governments of Thailand and the Philippines to tackle traffic congestions in cities, the tolling & city congestion market in the two countries is forecast to register a compound annual growth rate of 18.6%, reaching US$1,474.7 million in 2025, up from US$381.1 million in 2017, according to a report by Allied Market Research.
In Thailand and the Philippines, smart transportation is in high demand, because local governments want to have faster transportation to save commute time. It is also more secure and more cost-efficient, compared with traditional transportation systems.
Allied Market Research says rise in investments in smart cities, innovation of smart traffic signals and emergence of internet of things (IoT) are offering lucrative opportunities in the two countries' transportation sector in the next five years.
Key players operating in the two countries' tolling & city congestion market are Efkon GmbH, Toshiba Corporation, Raytheon, Thales Group, Siemens AG, Kapsch, Conduent (Xerox Corp), Cubic Transportation, Alstom and GE transportation.
Now the market needs solutions for efficient traffic management as well as solutions to reduce environmental pollution. Factors hampering the growth, on the other hand, include high capital investment requirement and large database requirement for the road and tolling network.
Manila Adopts Intelligent Transport System
The government of Manila just announced it will adopt an intelligent transport system to ease traffic jam in the city, according to the Philippine News Agency. Named the Transport Operation & Information Service (TOPIS), it is the same system that manages Seoul's traffic flow.
The system integrates data from various traffic management facilities, including the bus management system, the transport card system, among other sources. Real-time information is passed to public facility staff operating buses, subway trains and parking lots, etc.
The information can help motorists to map out alternative routes in the case of traffic congestions or road accidents. The information may also better predict buses' arrival and departure times for commuters.
With intelligent transportation systems, innovative services are provided for different modes of transport and traffic management. It increases coordination among various users and allows them to be better informed and make safer and 'smarter' use of transport networks.
Trending in Asia Pacific
In the Asia-Pacific region, the demand for smart transportation network is on the rise, as it can help to reduce traffic congestion and thus, enhance the safety, sustainability and efficiency of the transportation network.
The development of smart cities and connected transport infrastructure is supported by the governments of several countries, thanks to rapid growth of economies and rapid adoption of advanced technologies. And digital infrastructure is expected to facilitate connectivity between vehicles and infrastructure to gather vital information, to alleviate traffic congestion and to make roads safer.
Rise in disposable incomes have resulted in a rapid increase in the sale of vehicles. This increase in adoption of vehicles leads to problems such as car parking space issue along with traffic congestion. Many consumers are availing smart transportation options to direct them toward the road that is less congested.
Smart transportation has various types of applications including parking management & guidance, passenger information and in-traffic management.