The global smart transportation market is
estimated to reach a market size of USD 285.12 billion by 2024, according to a
new study by Grand View Research, Inc. The growing number of on-road vehicles
and the ineffective existing transport infrastructure will drive the need for
an efficient management system. Favorable government initiatives toward
building a better infrastructure and running the transport system smoothly are
expected to boost the industry growth.
Increasing investments in the
smart city product is anticipated to open new avenues for growth in the coming
years as smart transportation is an integral part of the smart city. The
growing government focus to reduce greenhouse gas emission and rising traffic
congestion is anticipated to drive the industry growth over next eight years.
The growing number of government mandates by the European Union (EU) and Directive
on Intelligent Transport System is also anticipated to favor the industry
growth over the forecast period.
The requirement of a huge capital
for replacing the existing infrastructure with the smart technological advanced
system is expected to hinder the industry growth. The long downtime for
replacing the existing system may also pose a challenge to its growth and will
affect the daily commutation activities.
Browse full research report on Global Smart Transportation Market: http://www.grandviewresearch.com/industry-analysis/smart-transportation-market
Further key findings from
the study suggest:
- Key solutions available in the market include the ticketing management system, parking management system, integrated supervision system, and traffic management system. The integrated supervision system is used for reducing traffic blocks, minimizing accidents, and providing better safety measures and holds high growth potential.
- Key services include cloud service, business service, and professional service. The cloud service segment is anticipated to witness a surge in the demand, owing to the requirement for the storage of data generated through these systems.
- Professional service vendors offer consulting services and may witness an increase in the demand over the next eight years, owing to the requirement of services for upgrading the existing infrastructure.
- The North American region accounted for over 27% of the global revenue share in 2015 and Asia Pacific is estimated to be the fastest-growing segment, offering lucrative growth opportunities for the industry players. The increasing concentration of leading vendors for expansion and technological advancement in this region is expected to favor the regional growth over next eight years.
- The European Union (EU) and government initiatives towards enhancing transport infrastructure are also expected to favor the European market growth. The Middle East is anticipated to witness an upsurge in the demand, owing to the increasing government investment in the 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: http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the global smart
transportation market on the basis of solution, service and region:
Solution Outlook (Revenue, USD Million; 2014 - 2024)
- Ticketing management system
- Parking management system
- Integrated supervision system
- Traffic management system
Services Outlook (Revenue, USD Million; 2015 - 2024)
- Cloud services
- Business services
- Professional services
Regional Outlook (Revenue, USD Million; 2014 - 2024)
- North America
- Europe
- Asia Pacific
- Rest of the World
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 information: www.grandviewresearch.com
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