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.
Full
Research Report On Global Smart Transportation Market Analysis:
www.grandviewresearch.com/industry-analysis/smart-transportation-market
www.grandviewresearch.com/industry-analysis/smart-transportation-market
Further
key findings from the report 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
View more
reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/automotive-and-transportation
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 of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-smart-transportation-market
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.
For more
information: www.grandviewresearch.com
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