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: https://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: https://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.
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