The global smart transportation market has been bifurcated into solution, service, and geography. Solution segment includes ticketing management system, parking management system, integrated supervision system and traffic management system.
Global Smart Transportation Market Report, published by Variant Market Research, forecast that the global market is expected to reach $278billion by 2024 from $67 billion in 2016; growing at a CAGR of 19.4% from 2016 to 2024.
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Smart transportation is an innovative method to design and develop roadways which would offer best and safe transport solutions. Lack of quality and safe transportation, poor traffic management, parking problems, poor road situations, and others are the key problems faced by most of the cities.
The future smart transportation market trend includes transit friendly designs that would offer support to bicyclists, pedestrians, and transit users for safe and regular travel.
Smart transportation also contains network connectivity & access and corridor management which favors the smart transportation market size in countries like U.S., and Canada.
Rapid Increase in population to drive the global smart transportation market
The global smart transportation market growth is primarily driven by factors such as growing population, increasing number of vehicles on road, rising level of greenhouse gas, high demand of IoT, need for public safety, smart cities, and growing government investments. However, Hugh investment and extended downtime may hinder the growth of the market.
Moreover, rising popularity of smart cities in emergent economies like India would provide opportunities for the market growth in the coming years.
The global smart transportation market has been divided into service, solution, and geography. Solution segment contains parking management system, ticketing management system, integrated supervision system and traffic management system.
By service, the market is further segmented into business services, cloud services, and professional services. By geography, the global smart transportation market has been divided into North America, Europe, Asia-Pacific and Rest of the world (RoW).
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Traffic management system accounted for the largest market share in the solution segment
In 2016, traffic management system accounted for the largest market share of 35.4% in the solution segment, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to rise in traffic congestions due to increase in number of vehicles on road, followed by integrated supervision system.
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
The global smart transportation market forecast that Asia-Pacific is expected to attain the fastest CAGR with 20.7% of during the forecast period 2016 – 2024, driven by investments by government, and the technological advancements, followed by RoW. Europe held the major market share of 31.2%, high adoption of latest technologies, and concern for the environment, followed by North America.
Major players have used various strategies to increase smart transportation market share and global presence. For instance, in 2017, Tomtom International declared that it has to power MICHELIN’s innovative mobile application which is for truck drivers called MICHELIN Road Connect.
This app gives information to truck drivers about their existing route as well as significant stops along the way. The key companies operating in the market include Siemens AG, Cubic Corporation, Thales Group, LG CNS Co., Ltd., Accenture plc, International Business Machines Corporation, Alstom SA, General Electric Company and KapschTrafficCom AG, and Tomtom International Bv, among others.
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Scope of Smart Transportation Market
- Parking Management System
- Ticketing Management System
- Traffic Management System
- Integrated Supervision System
- Cloud Services
- Business Services
- Professional Services
- North America
- South America
- Middle East
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