Smart Transportation Market is estimated to reach $278 billion by 2024 with CAGR of 19.4% between 2016 and 2024. Smart transportation involves planning and designing of new roadways with improved features that would provide safe transport solutions. Absence of quality transport, poor movement system, poor rood conditions and others are the major issues confronted by most of the cities.
A transit friendly design provides regular and safe travel to pedestrians, bicyclists and transit users. The adoption of smart transportation will aid to curb the excess use of fuel and use of private vehicles on limited road space. It consist of number of benefits such as better network connectivity, access & corridor management, air quality, accident mitigation and competent use of emergency services, among others.
Some of the major drivers of the global smart transportation market are high adoption of IoT & smart cities, increasing government investments along with need for public safety & security. Rising number of road accidents and concern over increasing greenhouse gas emission also support the growth of the market. Additionally, growing popularity of smart cities in emerging economies would provide growth opportunities during the forecast period. Though, high cost involved in the construction and long downtime may hinder the growth of the market.
The global smart transportation market is categorized on the basis of service, solution and geography. By service, it is segmented into business services, cloud services, and professional services. Furthermore, by solution, the market is segmented parking management system, integrated supervision system, ticketing management system, and traffic management system.
By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Germany, France and Rest of Europe. Asia-Pacific covers India, China, Japan and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
Key market players include Accenture plc, Thales Group, Siemens AG, Cubic Corporation, General Electric Company, LG CNS Co., Ltd. Tomtom International Bv, International Business Machines Corporation, Alstom SA, and Kapsch TrafficCom AG, among others.
The key takeaways from the report:
The report will provide detailed analysis of Smart Transportation Market with respect to major segments such as service and solution
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Smart Transportation Market has been included in the report
Profile of the key players in the Smart Transportation Market, will be provided, which include key financials, product & services, new developments and business strategies
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Scope of Smart Transportation Market
Parking Management System
Ticketing Management System
Traffic Management System
Integrated Supervision System
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