The global smart transportation market is expected to anticipate at a CAGR of 19.5% over the forecast period i.e.2017-2024. The growing number of on-road vehicles and ineffective existing transport infrastructure will drive the need for the smart transportation system. Smart transportation is new method to design and planning of roadways which would provide the finest and safest transport solution. The design would provide support to pedestrians, bicyclists and transit users for regular and safe travel.
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“Smart Transportation Market: Global Demand Analysis & Opportunity Outlook 2024”
Smart transportation is new method to design and planning of roadways which would provide the finest and safest transport solution. The design would provide support to pedestrians, bicyclists and transit users for regular and safe travel.
Hence, lack of safe and quality transportation, poor road conditions are the problem face by most cities. Therefore, smart transportation would anticipate to overcome the challenges posed by the growing number of megacities in developing and developed region in sustaining the smooth traffic flow and safety.
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Smart transportation is applicable in parking management and guidance, passenger information and traffic management.
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.
North America is expected to remain the leader with highest market share by 2024. The increasing government investment in transportation infrastructure is expected to boost the growth of smart transportation.
Asia-Pacific is expected a robust growth over the forecast period. The growth is anticipated to be specifically higher in India, China, Japan and South Korea.
The competition in this region is fragmented and smart transportation solution providers are looking at expanding the base of their operation to the most countries, as a result of business strategic moves, such as improved infrastructure and implementation of various smart city projects.
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.
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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.
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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