Advanced technologies are taking people way ahead of time where unconnected travelling is transforming into a new world of connected transportation. Nowadays, vehicles are connected with Wi-Fi or sensors so that they can not only use internet connectivity but it can also guide in traffic and vehicle management.
As of 2015, North America has successfully provided in-flight connectivity to over 3,000 aircrafts out of 5,500 commercial aircraft with the help of aircraft connection companies Gogo, Global Eagle, Thales/LiveTV, and Panasonic. Internet of Things (IoT) is changing the vision of transportation and ensuring safety of people. Vehicles such as buses, trains, connected cars and planes are providing internet connectivity to deliver efficient services to the consumers.
- Cisco Systems, Inc
- General Electric Company
- Siemens AG
- IBM Corporation
- Cubic Corporation
Smart Transportation Major Outlook
World wide acceptance of cloud based technologies and solutions are advancing the smart transportation technology. Automotive industry is adopting cloud technology for navigation, infotainment, social connection etc. Moreover, storage of data is enhancing the qualitative analysis of current transportation infrastructure and helps in implementation of smart technologies. The market of smart transportation business is driven due to upsurge in the demand for improvement in public transport facilities and safety. High penetration of connected cars is transforming the automotive industry by its high efficiency, productivity and safety.
Smart Transportation – Competitive Analysis
Key players are making innovative developments in Smart Transportation. The same will help in improving the market performance. Heavy investments are made by major players in the R&D sector
Smart Transportation – Scope
The global smart transportation market is projected to reach a market size of USD 251.40 billion by 2024, growing at a CAGR of 16.75% from 2016 to 2024. Smart parking market is projected to grow at a CAGR of 10.9% during the forecast period, to reach a market value of USD 6.2 billion by the end of 2024. The demand of smart parking is increased due to huge traffic congestion and lack of parking space caused by increasing number of automobiles. Use of smart sensors and parking meters helps the drivers to check for free parking space and reserve it in advance.
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