By 2050 the world population is expected to reach 9.7 billion people, with more than 60% living in cities. Today, 64% of all travel is made within urban environments (2014), by 2050 forecast suggests there will be an increase in demand of 2.6 times the current levels of mobility. This means that cities of the future and future mobility projects will have to solve a host of complex issues, including congestion, pollution, access and gridlock.
Urban mobility is one of the strongest challenges faced by city governments. The provision of physical infrastructure is fundamental to enable mobility, however there comes a point when building more roads or adding more single-occupancy vehicles no longer provides an efficient way to move people around.
Technological advances and the deployment of sensors that are collecting vast amounts of data provide an opportunity for transportation leaders and urban mobility planners to offer better services and solve some of the problems they are imminently facing.
Markets and Markets reports that the global smart transportation market is expected to grow from $45.05 billion in 2014 to $104.19 billion by 2019.
Data and real-time information is necessary to power urban transit intelligence and new mobility services. Data enabled services could provide a host of social and economic benefits, as well as better user experiences.
In 2020, there will be more than 250 million smart cars that will produce 350 MB of data per second. The connected car industry is expected to be worth nearly $2.3 trillion by 2020.
With cars acting more like computers rather than a means of transportation, and the power of mobile phones, a major market opportunity exists for service providers and retailers to analyze the data being collected. Indeed, car manufacturers, technology moguls, telecom providers, insurance companies, and advertisers, are all investing in smart car technology and figuring out how to build new products and services that leverage this flow of data.
Here are just a few examples of the companies we have been following in this space:
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