Smart Transportation Market – Overview
Transportation is a developing sector currently both in terms of volume and also the level of application of cutting edge technology. Market Research Future which concentrates on market reports related to the healthcare sector amongst others lately published a report on this industry. The market for smart transportation is estimated to develop to USD 273 Billion by 2022 while growing at a 24% of CAGR in the forecast period.
Intensive use of information technology has been crucial to the expansion of this sector to a great extent. Smart transportation demand curve has experienced a significant upswing in the past few years, due to increased integration of IT in various sectors. Necessity of smart traffic management solutions and lesser availability of manpower to regulate traffic efficiently. Increased rate of investments in the IoT sector have been instrumental to the further development of the sector.
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Jan 2018 Didi Chuxing which is a mobile transportation platform has entered into a collaboration with Chinese traffic management authorities. The joint initiative has subsequently launched combined solution for traffic management in a smart city set up. The initiative has been the nicknamed the “DiDi Smart Transportation Brain.” The initiative has thus been implemented by more than 20 Chinese cities and is led by three principal feature. The solution readily facilitates real-time data leveraging cloud computing and AI-based technologies to offer cities with a variety of transportation infrastructure developments.
Jan 2018 Cubic Corporation announced recently the Cubic Transportation Systems (CTS) business division will display their innovations and technologies for smart city transportation planning in an upcoming exhibition. Cubic will exhibit their open-payment platforms and account-based ticketing, novel mobile technologies and additional strategies for growing competencies for the convenience and accessibility for travelers and transportation operators.
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 industry for smart transportation is categorized on the basis of service and solution.
- By Service: Integration and deployment, consulting service, maintenance and support
- By Solution: Smart ticketing solution, insurance telematics solution parking management solution, integrated supervision solution and passenger information solution
The regions included in the market for smart transportation includes regions such as Americas, Asia pacific, Europe and Rest of the World. Swift digitization spanning various industries which has driven the market especially in the European region. The European region is anticipated to control the market for smart transportation in the forecast period due to digital transformations, technological developments, and growing adoption of smart devices. According to the report, government initiatives for smart transportation in the European region is instrumental in driving the market in this region. North America region follows the European market is anticipated to develop considerably in the forecast period. The countries in the Asia-Pacific countries such as Japan, India China, and Korea are likely to show stable growth in the forecast period.
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Global Competitive Analysis
The positive outlook of the market is driving the market to a significant levels of development. Varied products in the market are increasing the demand levels of the industry which will ensure speedy growth in the market. The industry is maintaining the development potential of the industry through unceasing strategy formulation and ensuring financial flexibility to invest in the best strategies when they become available. Owing to the productive potential of this market, the challengers in the market are trying to develop their market portion to a by the usage of major assets to allow growth transformations which will be good for the long run transformation of the sector. The prominent players in the Smart Transportation Market are General Electric Company (U.S.), Cisco Systems, Inc. (U.S.), Thales Group (France),Alstom SA (France), Kapsch (Austria), IBM Corporation (U.S.) and Cubic Corporation (U.S.) are some of the competitors in the market.
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