Smart Transportation Market – Overview
The growing integration of artificial intelligence in the transportation sector is increasing the scope for expansion of smart transportation globally. Market reports linked to the semiconductors and electronics industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market is anticipated to develop with a 24% CAGR while earning revenues worth USD 273 Billion in the course of the forecast period.
The Smart Transportation Industry is increasingly motivated by the rise in urbanization and the rise in purchase of transportation globally. Growth in concepts of Machine to Machine and Internet of things (IoT) in relation to smart transportation are expected to boost the progress of the market considerably. Furthermore, improved awareness of public safety is expected to create novel avenues for the expansion of the smart transportation market in the upcoming period.
Global Smart Transportation Market - Segmentation
- Segmentation by Solution: Traffic management solution, smart ticketing solution, parking management solution, integrated supervision solution, passenger information solution, insurance telematics solution, and others.
- Segmentation by Services: Consulting services, deployment and integration, and support & maintenance.
- Segmentation by Region: North America, Europe, Asia-Pacific, and Rest of the world.
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Key Players
The prominent players in the Smart Transportation Market are - Cisco Systems, Inc. (U.S.), General Electric Company (U.S.), Alstom SA (France), Cubic Corporation (U.S.), Kapsch (Austria), IBM Corporation (U.S.), Thales Group (France), Siemens AG (Germany), AECOM (U.S.), Accenture Plc (Ireland), LG CNS Co. Ltd. (Korea), TomTom International B.V. (Netherlands) among others.
Global Smart Transportation Market Regional Analysis
The regional analysis of global smart transportation market is studied for North America, Europe, Asia-Pacific and Rest of the World.
North America dominates the smart transportation market with the US and Canada as the leading countries and is expected to remain dominant during the forecasted period. The market growth is due to the technological advancements and huge investments from the government towards the improvement of transportation facilities with the adoption of smart solutions.
Asia-Pacific is expected to reach the highest CAGR during the forecasted period with China, Japan, India as the leading countries in this region due to the growing demand of smart systems for the rapid population growth and increasing urbanization in this region.
Industry Updates:
Mar 2019 The Metropolitan Transportation Commission (MTC) has chosen intelligent transportation systems technology company, Iteris, to make five cities in the San Francisco Bay Area for equipped for future connected and automated vehicle (CAV) technologies. The three-year project supports MTC’s innovative deployments to enhance arterials (Idea) programme, which seeks to enhance and upgrade the intelligent transportation systems (ITS) and enable the persistent improvement of arterial operations.
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