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. Smart transportation is applicable in parking management and guidance,
passenger information and traffic management.
Market Size and Forecast
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. Initiatives by government towards building a better
infrastructure and running the transport system smoothly are expected to grow
the smart transportation market
globally. In addition, smart transportation systems can provide
better safety and security by integrating intelligent communication systems in
the infrastructure, thus increasing the market growth.
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.
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The
European region is expected to expand at moderate pace owing to early adoption
of technology. The Middle East is anticipated to witness an upliftment in the
next few years in terms of smart transportation.
Market Segmentation
Our
in-depth analysis segmented the smart transportation market in the following
segments:
By
Solution
Ticketing
management system
Parking
management & Guidance system
Integrated
supervision system
Traffic
management system
By Region
Global
smart transportation Market is further classified on the basis of region as
follows:
North
America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity
Analysis
Latin
America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth &
Opportunity Analysis
Western
and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium,
Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth
& Opportunity Analysis
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market
size, Y-O-Y growth & Opportunity Analysis
Middle
East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Growth Drivers and Challenges
The growth
of smart transportation market
is driven by the time and fuel saving ability. It also encourages the development
and promotion of substitute green fuels such as natural gas and biodiesel. The
major factors anticipating the growth of smart transportation are growing
population, increasing number of vehicles, concern over rising of greenhouse
gas along with increase in adoption of internet of things. Further, smart
cities are supporting the growth of smart transportation. The rise in
urbanization and megacities are key factors for the adoption of smart
transportation. The use of smart transportation is expected to curb the excess
use of private vehicles on limited road space and reduce carbon emission.
However,
the requirement of a huge capital for replacing the existing infrastructure
with the smart transportation advancement and large database requirement of road
network is expected to restrain the growth of the smart transportation market
globally.
Key Players
The key
players of smart transportation market are as follows:
Cisco
Systems
General
Electric Company
Alstom SA
Cubic
Corporation
IBM
Corporation
Siemen AG
Thales
Group
Accenture
PLC
Kapsch
Tom Tom
international
Scope and
Context
Overview
of the Parent Market
Analyst
View
Segmentation
The smart
transportation market is segmented as follows:
By
Solution Market Size & Y-O-Y Growth Analysis
By Region
Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply
& Demand Risk
Competitive
Landscape
Porter’s
Five Force Model
Geographical
Economic Activity
Key
Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent
Trends and Developments
Industry
Growth Drivers and Challenges
Key
Information for Players to establish themselves in current dynamic environment
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kindly visit: http://www.researchnester.com/reports/smart-transportation-market-global-demand-analysis-opportunity-outlook-2024/300
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