In a smart city like Dubai, it will be no wonder if futuristic technologies such as drones for delivery, hovering taxis, and hyperloop trains become a part of the city’s current transportation system. The future of smart transportation is becoming closer than ever as such technologies are now in development.
As the emerging technology in transportation remains steadfast, so are management strategies implemented by transportation consultants around the world. The new demands in transportation management have paved the way for new innovations such as automated dispatching and smart parking among others.
With that premise, let us talk about the social and economic impacts, of the constantly evolving transportation technology.
What does the Future Hold For Transportation Technology?
Innovations in transportation technology are often referred to as smart transportation. The technological advances in transportation have become more than a niche and had flourished into a growing market.
In fact, according to Business Wire’s research on global markets, the smart transportation market is constantly improving. It is expected to expand at an annual growth rate of 9 percent; which is worth approximately 116.85 Billion Dollars in the next 4 years. The numbers signify a great step for several cities becoming “smarter”.
The rising urbanization, coupled with the growth in population, demands for efficient means of transportation. It is also important to consider that optimizing the existing transport systems can be a challenge. It may cause inconvenience and affect day to day transactions.
Impacts On Economic Growth
Transportation technology is a fundamental aspect of a nation’s economy. It can figuratively, and literally provide the means of reaching economic development. This is especially true on the global scale, wherein commodities rely on the mobility of transport for convenient distribution of services, goods, and people.
Transportation technology can affect the way goods are transported from one place to the other. It will enable a faster and more efficient circulation of products. With more routes available and faster ways of getting to destinations, smart transportation can cut costs and provide more engagement between several economic bodies.
Additionally, innovations in transport technology can lead the way for more advanced fleet management and effective utilization of transportation assets. This allows for smooth and convenient movement from one point to another. It mitigates economic friction and enables faster economic development.
Impacts On Society
There are several societal impacts that transport technology will render. Smart transportation will reduce road accidents, eliminate traffic congestion, lower fuel costs, cut travel time and reduce parking fees. Apart from this, societal impacts on oil consumption will be evident- it will eventually decrease and the use of sustainable, renewable energy will become the norm.
With the decrease in the consumption of fossil fuel for transportation energy, it reduces pollution and makes way for a greener and eco-friendly society. Inter-city transport will also benefit from smart transportation. It provides access to a cost-effective alternative to conventional modes of transportation.
As we gear towards smarter transportation, one can stop to think about the several implications it has to the economy and society. But one thing’s sure. Transportation management is here to stay.