According to the findings of a new report available on Radiant Insights, Inc., the global smart transportation market is predicted to witness rapid expansion during the forecast period (2016 to 2022).Growing focus of governments in various developing countries on building smart cities is expected to be one of the key growth driving factors for the market. Factors such as growing population, increasing number of vehicles, and rapid urbanization require improvements in existing transportation systems. This is also projected to have a positive impact on the growth of the global market over the coming years. Moreover, rising adoption of Internet of Things (IoT) is likely to open new growth avenues for the market. Many initiatives by different governments across the globe to reduce greenhouse emissions are also expected to boost market development.
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High capital investments are required as smart transportation involves complete restoration of current systems. This, along with the need for large databases of road networks, may hamper market growth. However, heavy investments in the market by various governments due to escalating demand for integrated safety for better public transport systems are estimated to fuel market growth. Rising focus on incorporating smart technologies in current transportation infrastructure is also likely to boost the growth in future. Smart transportation systems can offer enhanced safety by incorporating smart communication solutions in the infrastructure. This is also expected to contribute toward the development of the global market over the next few years.
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Based on region, the smart transportation market is divided into Europe, North America, Latin America, Southeast Asia, Asia Pacific (APAC), and Middle East and Africa (MEA). The North America region accounted for a considerable market share in the past. The region is projected to maintain its position mainly due to growing investments by various governments in the transport infrastructure sector.
The APAC smart transportation market is also predicted to exhibit fast growth as a result of various government initiatives for building smart cities. This growth is much higher in countries such as India, China, Japan, and South Korea. Europe is also estimated to have a lot of growth opportunities on account of early adoption of latest and highly advanced technologies, along with growing traffic congestion in the region’s major cities.
The global smart transportation market is categorized based on solution, service, enduser, and region. Based on solution, the market is categorized into packing management, smart ticketing, traffic management, passenger information, and integrated supervision. Based on service, the smart transportation market is segmented into consulting, support and maintenance, and deployment and integration. Based on end user, the market is categorized into municipal, commercial, and others.
Some of the key companies operating in the worldwide smart transportation market are Cisco Systems, Inc.; Alstom SA; KapschTrafficCom AG; TomTom International B.V.; LG CNS Co. Ltd.; and General Electric Company. One of the leading companies in the market, Keolis, recently presented its innovations at the ITS World Congress 2017.In order to address mobility requirements and enhance passenger experience, Keolis is focusing on innovations for offering a transportation solution that is more autonomous, connected, and shared. The company showcased four innovations along with its new brand identity. The four innovations are Plan-Book-Ticket solution— an all-in-one app for simplified mobility, Navya—Keolis autonomous electric vehicle, IoT and connected buses and coaches, and Navitia—an open transport solution based on 380 transportation open data sets from across the world.
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