Market Highlights
In this fast growing environment, companies are increasing investments in internet of things (IoT), and innovation. In Smart Transport market innovation is a key driver. In this changing environment with an increase of demands of efficient transportation networks, integrated security & safety and others there is a need to develop and adopt to the Smart Transport systems. The increasing focus of government in building smart cities is predicted to drive smart transportation demand as it is an integral part of the smart city projects.
The Smart Transport Industry is growing rapidly over 24% of CAGR and is expected to reach at USD 273 Billion by the end of forecast period.
The Smart Transport systems are developing rigorously to overcome some of existing issues such as lack of good quality and safe public transportation, reduced road safety concerns, inadequate capacity of manage public transportation, poor traffic management, overcrowded road network, theft, poor road conditions, parking issues and others. The study indicates a need for large database of road networks and high costs of installation would be the restraining factor for Smart Transport Market.
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Regional Analysis:
The regional analysis of Smart Transportation market is being studied for region such as Asia pacific, Americas, Europe and Rest of the World. Rapid digitization across different industries has driven the market of Smart Transportation in European region. European region is expected to dominate in the Smart Transportation market by the forecast period owing to digital transformation, technological advancements, and increasing adoption of smart connected devices. The study reveals that government initiatives towards smart transportation in the European region are driving the smart transportation market in this region. North America region followed by Europe is expected to grow significantly by the forecast period. Asia-Pacific countries like China, Japan, India and Korea are expected to show a steady growth in the Smart Transportation Market.
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.
Market Segments:
Smart Transportation Market for segment on the basis of Solution and service.
Smart Transportation Market by Solution:
- Traffic management solution
- Smart ticketing solution
- Parking management solution
- Integrated supervision solution
- Passenger information solution
- Insurance telematics solution
Smart Transportation Market by Service
- Consulting Service
- Deployment and Integration
- Support and Maintenance
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