According to new report published by Reports Monitor titled, “Smart Transportation Market by Solution Type, Service and Mode of Transportation: Global Opportunity Analysis and Industry Forecast 2017-2025,” the smart transportation system market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at CAGR of XX% from2017 to 2025.
Smart transportation system can be developed by factors such as smart cities, smart infrastructure and smart vehicles. From the last few years, there are dynamic changes in transportation industry due to advancement of technology and rapid economic growth of the country. Smart transportation system refers to leading technology in transportation industry that allows range of application to connect to offer various range of services which include enhanced traffic management system, improved user experience and provide better transportation facility.
Smart transportation market is segmented into solution, service and mode of transportation. On the basis of solution, market is segmented into hybrid ticketing management system, parking management and guidance system, integrated supervision system, traffic management system. On the basis of service, market is segmented into Consulting, Deployment and Integration. On the basis of mode of transportation, market is segmented into roadways, railways, airways, seaways.
Factors Affecting the Growth of the Market
High demographic growth rate, increasing concern for environment protection globally and government support for developing integrated security system for enhanced transportation services are the major factors that are responsible for the growth of the market. However, high capital investment is the factor that may restrict the growth of the market. On the other hand, advancement of smart phone technology and increasing adoption of payment application are the factors that are providing opportunity to grow in the market. While data security and lack of proper road network might challenge the growth of the market.
Geographically, the smart transportation market is segregated into North America, Asia-Pacific, Europe and LAMEA. Europe holds the largest market share in smart transportation market followed by North-America region. High adoption of smart transportation and increased concern regarding traffic reform are the leading factors that are fuelling the demand in the market.
Being a nascent market, global smart transportation market is expecting a significant growth in near future. Key market players have adopted various strategies such as partnership, merger or collaboration along with new product launch to sustain and maintain their position in the market.
Prominent key players are Siemens AG, Cubic Corporation, Thales Group, Tomtom International Bv, LG CNS Co., Ltd., International Business Machines Corporation, Alstom SA, Accenture plc, General Electric Company and KapschTrafficCom AG, among others.
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