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.
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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.
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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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