Smart Transportation Market – Overview
The growing integration of artificial intelligence in the transportation sector is increasing the scope for expansion of smart transportation globally. Market reports linked to the semiconductors and electronics industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market is anticipated to develop with a 24% CAGR while earning revenues worth USD 273 Billion in the course of the forecast period.
The Smart Transportation Market is increasingly motivated by the rise in urbanization and the rise in purchase of transportation globally. Growth in concepts of Machine to Machine and Internet of things (IoT) in relation to smart transportation are expected to boost the progress of the market considerably. Furthermore, improved awareness of public safety is expected to create novel avenues for the expansion of the smart transportation market in the upcoming period.
Key Players
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.
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Segmental Analysis
The segmentation of the global smart transportation market is carried out on the basis of solution, service, and regions. Based on solutions, the smart transportation market is segmented into smart ticketing solution, traffic management solution, parking management solution, passenger information solution, integrated supervision solution, and insurance telematics solution. On the basis of service, the smart transportation market is segmented into consulting service, support, and maintenance, deployment, and integration. The regions covered in the smart transportation market are the Americas, Asia Pacific, Europe and the rest of the world.
Detailed Regional Analysis
The analysis of smart transportation market on the basis of regions includes regions such the Asia Pacific, the Americas, Europe and the Rest of the World. The rapid digitization throughout diverse industries has motivated the market of Smart Transportation in the European region. The European region is likely to lead the smart transportation market in the forecast period due to the technological advancements, digital transformation, and growing adoption of smart connected devices. The study divulges that the government initiatives aimed at smart transportation in the European region are motivating the smart transportation market in this region. The North American region follows the European region is anticipated to develop considerably by the forecast period. The countries in the Asia Pacific region such as Japan, India, China, and Korea and are expected to demonstrate stable growth in the smart transportation market in the upcoming period.
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