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.
Browse full research report on Smart
Transportation Market: https://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 request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/smart-transportation-market/request/rs1
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
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.
For more info visit @ https://www.grandviewresearch.com
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