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. Favourable 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 favour
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.
Access Full Research Report on 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 Related Reports from Same Category: 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
View Press Release on Smart
Transportation Market By Grand View Research: http://www.grandviewresearch.com/press-release/global-smart-transportation-market
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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Grand View Research, Inc
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