San Francisco, 10 December 2018: The global smart transportation market size
is estimated to reach USD 285.12 billion by 2024, according to a new study by
Grand View Research, Inc., registering a CAGR of 22.5% during the forecast
period. Rising number of on-road vehicles and ineffective existing transport
infrastructure are expected to propel the need for efficient management
systems. Favorable government initiatives for building better infrastructure
and smooth running of existing transport systems are expected to boost industry
growth.
Increasing investments in smart city
projects are anticipated to open up new avenues for growth in the coming years
as smart transportation is an integral part of any smart city. In addition,
rising government focus on reducing greenhouse gas emissions and curbing alarming
levels of traffic congestion is anticipated to drive industry growth over next
few years. Increasing number of government mandates, such as those by the
European Union (EU) and Directive on Intelligent Transport System, are also
anticipated to favor the market during the forecast period.
On the flip side, need for massive capital
for replacing existing infrastructure with smart technologically advanced
systems is expected to hinder industry growth. Longer downtime for replacing
existing systems may also pose a challenge to its growth and can affect daily
commute.
Access
Research Report of Smart Transportation
Market@ www.grandviewresearch.com/industry-analysis/smart-transportation-market
Further key findings from the study suggest:
· Key solutions available in the market
include ticketing management systems, parking management systems, integrated
supervision systems, and traffic management systems
· Integrated supervision systems are used for
reducing traffic blocks, minimizing accidents, and providing better safety
measures. This segment holds high growth potential
· The cloud service segment is anticipated to
witness a surge in demand, owing to rising need for storage of data generated
through these systems
· Professional service vendors offer
consulting services and may witness an increase in demand over the next few
years, owing to need for services to upgrade existing infrastructure
· The North America market accounted for over
27.0% of the global revenue in 2015; Asia Pacific, on the other hand, is
estimated to be the fastest-growing segment, offering lucrative growth
opportunities for industry players
· Government initiatives to enhance transport
infrastructure are expected to favor the Europe market for smart
transportation. The MEA market is also likely to be driven by increasing
government investments in transport infrastructure
· Key industry participants include Accenture
PLC; Alstom, SA; Cisco System, Inc.; Cubic Corporation; General Electric
Company (GE); Indra Sistema S.A.; International Business Machine (IBM)
Corporation; Kapsch; LG CNS Corporation; and Xerox Corporation.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the
global smart transportation market report based on solution, service, and
region:
Smart Transportation Solution Outlook
(Revenue, USD Billion, 2015 - 2024)
·
Ticketing management system
·
Parking management system
·
Integrated supervision system
·
Traffic management system
Smart Transportation Service Outlook
(Revenue, USD Billion, 2015 - 2024)
·
Cloud services
·
Business services
·
Professional services
Smart Transportation Regional Outlook
(Revenue, USD Billion, 2015 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
RoW
Access Press Release of
Smart Transportation Market@ www.grandviewresearch.com/press-release/global-smart-transportation-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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