Smart Commute Market Insights 2021, By Size, Share, Key Regions, Growth Potentials, Opportunities Analysis, New Product Launches, and Revenue Expectation

New York, United States, Fri, 08 Jan 2021 07:02:51 / Comserve Inc. / -- Global smart commute market is expected to grow from USD 26.52 billion in 2017 to USD 104.22 billion by 2023, at a CAGR of 25.62% during the forecast period.

Market Synopsis The Smart Commute Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe's organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form

Global smart commute market is expected to grow from USD 26.52 billion in 2017 to USD 104.22 billion by 2023, at a CAGR of 25.62% during the forecast period.Smart commute refers to travelling from one place to another on regular basis through carpooling, vanpooling, bike pooling, bicycle pooling and metro. In order to plan more energy efficient transportation in urban areas, public transport companies, officials and other stakeholders have developed a holistic approach by taking smart commuting into consideration. Moreover, reduced parking demand would save cost associated to maintenance, administration, enforcement, repair and construction. The key benefit of smart commute includes reduced air pollution and greenhouse gas emissions that has a positive impact on the environment.

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Smart commute service offer environment friendly commuting option to employees such as carpooling, bike pooling, van pooling among others. It creates an active transportation choice for enterprise employees who can opt for an efficient commute option that not only reduces congestion but also lowers commuting cost.Rising urban population and high demographic rates are some of the factors boosting the growth of smart commute market. However, the long-wait time to reach to the destination and baggage restrictions are some of the factors hindering the growth of this market.

The key players operating in the smart commute market are South Florida Commuter Services, ePoolers Technologies Pvt. Ltd., Quick Ride, and Uber Technologies Inc. These players are largely investing in strategies to increase global presence. In October 2018, Waze, an Israeli mapping startup, which is acquired by Google Inc. launched carpooling app, to reduce the commute-time congestion. It is expected that Google would offer its pay-to-carpool service to Brazil and throughout the United States in coming years.

Segmentation

Smart commute market is segmented based on type, solution and region.Based on the type, the market is segmented into carpooling, van pooling, bike pooling, bicycle pooling, metro and others.

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On the basis of solution, the market is segmented into mobile app, smart ticketing, parking management, traffic management and others.By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.

Regional analysis

The global market for smart commute is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smart commute market is done for North America, Europe, Asia-Pacific, and the rest of the world.

Europe followed by North America is dominating the smart commute market owing to growing concerns about climate change, congestion, and oil dependency. In Europe, the adoption of smart commute by individuals has increased tremendously owing to the policy of levying toll charges for cars with single individual. Asia-Pacific is expected to be the fastest growing region owing to growing concern regarding pollution and traffic issues.

Competitive Analysis

The smart commute key palyers are enhancing their products and services across the world. As a part of organic strategy, the companies are focusing on technological upgradation and product enhancement to enhance the customer base. Moreover as a part of inorganic growth, the companies are adopting partnership and collaboartion strategies to expand their business across the world.For instance, on september 2018, Esurance Insurance Services, Inc. is an American insurance company, introduced Smart Commuting Index which enables ranking the states based on its resident's commuting experience. According to the Index, the Northwest region is the best place to be a commuter.

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Key players

The prominent players in the smart commute market are South Florida Commuter Services (US), ePoolers Technologies Pvt. Ltd. (India), Quick Ride (India), Uber Technologies Inc. (India), ANI Technologies Pvt. Ltd.(India), Metrolinx (Canada), ZipGo Technologies Pvt. Ltd (India), Central Indiana Regional Transportation Authority (CIRTA) (US), Oakland Smart Commute (California), CommuteSMART (US), BlaBlaCar (France), Turo (US), Carma Technology Corporation (Europe) among others.

Intended Audience

Transportation services providers

Solution vendors

Networking and communication services providers

Original Equipment Manufacturers (OEMs)

Government Associations

Public transportation departments

Managed Service Providers (MSPs)

System integrators

Technology standards organizations, forums, alliances, and associations

Universities and research organizations

Government bodies

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