As per the new report published by Market Research Future (MRFR), the global smart transportation market is slated to attain a remarkable market valuation of USD 273 billion by 2022 at a striking CAGR of 24% over the review period (2016 to 2022).
Drivers and Restraints
The report indicates that rising demand for integrated security & safety for enhancing public safety is driving the Smart Transportation Market. It has been observed that the government is taking the initiative to incorporate smart technologies into the existing transportation infrastructure, which results in the growth of the smart transportation market by the forecast period. Owing to the rapid urbanization, the amount of greenhouse gas rises in the atmosphere which results in the adoption of alternative fuels such as biofuels, compressed natural gas (CNG)and ethanol, increases the demand for solar and electric vehicles which is expected to impact the growth of smart transportation systems.
The deployment of advanced technologies including cloud computing, big data, the evolution of the wireless network, Internet of things (IoT), machine to machine(M2M), and government initiatives to support smart technologies in existing transportation are some of the factors accounted for influencing the growth of smart transportation market. However, high capital investment and lack of reliable databases for road networks are some of the factors that hamper the growth of the smart transportation market over the review period.
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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.
The global market for smart transportation has been studied on the basis of solutions and services. The market segmentation based on solutions has been done into smart ticketing solutions, traffic management solutions, parking management solutions, passenger information solutions, integrated supervision solutions, insurance telematics solutions, and others. The market segmentation on the basis of services has been conducted into deployment and integration, consulting services, and support & maintenance.
Detailed Regional Analysis
The regional analysis of the global smart transportation market is studied for North America, Europe, Asia-Pacific, and the rest of the World.
North America is assessed to lead the smart transportation market with developed countries such as the US and Canada as the leading country-wise markets and is slated to remain dominant during the assessment period. The market growth is due to technological advancements and huge investments from the government towards the improvement of transportation facilities with the adoption of smart solutions.
Asia-Pacific is poised to reach the fastest CAGR during the forecasted period with Japan, China, India as the leading developing economies in this region due to the growing demand for smart transportation systems for the fast population growth and increasing urbanization in this region. Various countries in APAC, such as Japan, China, and Australia, have started recognizing ITS as a solution to curb such complications as air pollution, traffic congestion, and greenhouse gas emissions. Thus, the market in APAC has a high growth potential over the foreseeable future.
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- Public transportation authorities
- Networking and Communication Service Providers (CSPs)
- Cloud service providers
- Smart cities stakeholders
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- Transport agencies
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