21st August 2019 – Smart
transportation industry is anticipated to grow at a significant CAGR of 22.5%
in the upcoming period as the scope, product types, and its applications are
increasing across the globe.
Global Smart
Transportation Market is anticipated to reach USD 285.12 billion by
2024. The market is anticipated to grow at a healthy rate in the years to come.
Smart transportation system implies sustainable and efficient intermodal
transport system and infrastructure that can transport high level of
performance and intelligence. Smart transportation system comprises use of
advanced technologies such as telecommunication, computers, electronics
information, and progressive sensors to offer information to customers to
develop efficiency and safety of the transportation system.
Smart transportation system is
progressively being accepted to reduce environmental impact of greenhouse
gasses emitted by vehicles, improve traffic management, and reduce congestion.
On the other hand, there are factors that may hamper the growth of the market
such as smart transportation requires a big database of road networks that
could not be accessible in the emerging countries, and huge capital investment.
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Smart transportation market may be
explored by solution, service, and geography. The market may be explored by
solution as Traffic management system, Parking management system, Integrated
supervision system, and Ticketing management system. The “Traffic Management”
segment dominated the smart transportation industry in 2016 and is anticipated
to maintain its dominance by 2024. They are mainly used for minimizing traffic
jams on roads and managing traffic in cities prominent traffic management
solutions comprise traditional signaling and smart signaling systems, and route
guidance systems, intelligent video management systems, and video surveillance
systems.
Smart transportation industry may be
explored by service as Support and Maintenance, Consulting, and Deployment and
Integration. The “Deployment and Integration” segment dominated the market in
2016 and is anticipated to maintain its dominance by 2024. Deployment and
integration service helps in reducing the integration and deployment time. This
service is vitalfor emerging end-to-end traffic managing, passenger, parking management
system solutions, and ticketing, for the global market. The growing necessity
for advancement of the current transport organization to support several smart
solutions would initiate the deployment and integration facilities in the
market.
North America accounted for the major
share of the Smart Transportation Market Size in 2015 and will continue to lead
in the forecast period due to factors such asearly acceptance of severalnew
technologies, increasing government investments in transport infrastructure. On
the other hand, Europe is anticipated to benefit from its fast digitization
across verticals. Growing technological advancements and increasing acceptance
of smart connected devices, followed by a robust government vision, and healthy
network infrastructure toward smart transportation are anticipated to propel
development in the smart transportation industry.
Some of the key players that fuel the
development of the smart transportation market include AGT International, SAP
SE, Cisco Systems Inc., IBM Corporation, Logica, Hitachi Inc.,GSM Association,
Schneider Inc., Oracle Corporation, Siemens Corporation, ERTICO-ITS, Orange
Inc. The leading companies are taking up partnerships, mergers and
acquisitions, and joint ventures in order to boost the inorganic growth of the
industry.
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