The global smart transportation market is segmented into solution such as ticketing management system, parking management & guidance system, integrated supervision system and traffic management system, out of which traffic management system segment accounted for the largest segments in overall smart transportation market and traffic management system segment is projected to grab a notable CAGR over the forecast period i.e. 2017-2024. Likely, this growth of traffic management system is attributed to the growing traffic congestions owing to increase in number of vehicles all across the globe. In addition to this, development of smart cities is also projected to intensify the growth of smart transportation market by the end of 2024.
Global smart transportation market is anticipated to showcase a noteworthy CAGR of 19.5% by 2024. Additionally, rising demand for smart infrastructure has augmented the demand for smart transportation. Moreover, the global smart transportation market is anticipated to account notable revenue during the forecast period.
The cloud based segment by services is envisioned to capture the largest stake of overall Smart Transportation Market by 2024. Additionally, growing usage of cloud based services to store data of traffic system and others is believed to augment the demand for cloud based services. In terms of regional platform, North America is slated to account for a lion share in the global smart transportation market in 2016. Further, U.S. is the prominent county in this region owing to increasing government initiatives to improve the transportation facilities. Apart from this, Asia-Pacific region is believed to be the fastest growing market due to mounting number of vehicles on roads.
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Rapid urbanization coupled with positive GDP figures of developed and developing nation have augment the demand for smart infrastructure which is likely to propel the demand of smart transportation. Furthermore, growing number of megacities along with increasing vehicles across the globe is projected to fuel the demand for smart transportation. These factors are envisioned to flourish the growth of smart transportation market.
Rising Demand for Efficient Transportation System
Technological advancement in transportation system along with favorable government initiatives to develop the transportation system is predicted to boost the growth of smart transportation market. Apart from this, smart transportation system helps to save time, fuel and it also encourages the development and promotion of substitute green fuels such as natural gas and biodiesel.
On the contrary, high cost associated with the installation of smart transportation system is projected to hinder the growth of smart transportation market.
The report titled “Smart Transportation Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global smart transportation market in terms of market segmentation by solution, by service and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global smart transportation market which includes company profiling of Cisco Systems, General Electric Company, Alstom SA, Cubic Corporation, IBM Corporation, Siemen AG, Thales Group, Accenture PLC, Kapsch, and Tom Tom international. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart transportation market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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