The global smart transportation market size is estimated to
reach USD 285.12 billion by 2024, according to a new study by Grand View
Research, Inc., registering a CAGR of 22.5% during the forecast period. Rising
number of on-road vehicles and ineffective existing transport infrastructure
are expected to propel the need for efficient management systems. Favorable
government initiatives for building better infrastructure and smooth running of
existing transport systems are expected to boost industry growth.
Increasing investments in smart
city projects are anticipated to open up new avenues for growth in the coming
years as smart transportation is an integral part of any smart city. In
addition, rising government focus on reducing greenhouse gas emissions and
curbing alarming levels of traffic congestion is anticipated to drive industry
growth over next few years. Increasing number of government mandates, such as
those by the European Union (EU) and Directive on Intelligent Transport System,
are also anticipated to favor the market during the forecast period.
On the flip side, need for
massive capital for replacing existing infrastructure with smart
technologically advanced systems is expected to hinder industry growth. Longer
downtime for replacing existing systems may also pose a challenge to its growth
and can affect daily commute.
Access Full Research
Report On Smart Transportation Market Analysis:
www.grandviewresearch.com/industry-analysis/smart-transportation-market
www.grandviewresearch.com/industry-analysis/smart-transportation-market
Further key findings from the study suggest:
·
Key solutions available in the
market include ticketing management systems, parking management systems,
integrated supervision systems, and traffic management systems
·
Integrated supervision systems
are used for reducing traffic blocks, minimizing accidents, and providing
better safety measures. This segment holds high growth potential
·
The cloud service segment is
anticipated to witness a surge in demand, owing to rising need for storage of
data generated through these systems
·
Professional service vendors
offer consulting services and may witness an increase in demand over the next
few years, owing to need for services to upgrade existing infrastructure
·
The North America market
accounted for over 27.0% of the global revenue in 2015; Asia Pacific, on the
other hand, is estimated to be the fastest-growing segment, offering lucrative
growth opportunities for industry players
·
Government initiatives to
enhance transport infrastructure are expected to favor the Europe market for
smart transportation. The MEA market is also likely to be driven by increasing
government investments in transport infrastructure
·
Key industry participants
include Accenture PLC; Alstom, SA; Cisco System, Inc.; Cubic Corporation;
General Electric Company (GE); Indra Sistema S.A.; International Business
Machine (IBM) Corporation; Kapsch; LG CNS Corporation; and Xerox Corporation.
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Grand View Research At: www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the global
smart transportation market report based on solution, service, and region:
Smart Transportation Solution
Outlook (Revenue, USD Billion, 2015 - 2024)
·
Ticketing management system
·
Parking management system
·
Integrated supervision system
·
Traffic management system
Smart Transportation Service
Outlook (Revenue, USD Billion, 2015 - 2024)
·
Cloud services
·
Business services
·
Professional services
Smart Transportation Regional
Outlook (Revenue, USD Billion, 2015 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
RoW
Access Full Press Release of this Report:
www.grandviewresearch.com/press-release/global-smart-transportation-market
www.grandviewresearch.com/press-release/global-smart-transportation-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: www.grandviewresearch.com/
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