Press release
Smart Transportation Market Will Reach USD 348.13 Billion by 2023, Globally
Industry Outlook and Trend Analysis
The Smart Transportation Market was worth USD 46.12 billion in 2014 and is expected to reach approximately USD 348.13 billion by 2023, while registering itself at a compound annual growth rate CAGR of 25.18% during the forecast period.
Smart transportation utilizes data innovation and man-made brainpower to effectively oversee and arrange transportation frameworks. The use of smart transportation organize enables the flying out populace to have better learning of the activity for better coordination. Moreover, the utilization of brilliant transportation likewise guarantees security for the drivers. The market is encountering development because of their expanding request over every single geographic area.
Drivers and Restrains
The worldwide smart transportation market is relied upon to develop fundamentally amid the conjecture time frame. The market is essentially being driven because of the rising interest for productive transportation organizes over the globe. Likewise, the development in offer of autos is bringing about movement clog. This consequently is developing the interest for smart transportation showcase. Moreover, the utilization of smart transportation frameworks guarantees wellbeing of the drivers.
The rising awareness for security is guaranteeing the requirement for better street wellbeing principles which fueling the requirement for smart transportation frameworks. Different governments, for example, the UK government have demonstrated their enthusiasm to actualize smart transportation organizes over their nations.
In addition, the developing thought of building brilliant urban areas is additionally making an open door for the smart transportation advertise.
Likewise, the use of smart transportation additionally guarantees better stopping administration by organizing with the drivers and helping them to effortlessly find the parking spots. However, high cost of installation will act as a barrier to the growth of the market.
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Regional Outlook and Trend Analysis
North America is expected to show highest share of the market over the forecast period. Rising government interests in transport framework are relied upon to push territorial development over the coming years. The Asia Pacific market is foreseen to witness the quickest development over the conjecture time frame, inferable from a few government activities. Development is moderately higher in China, India, South Korea, and Japan.
Competitive Insights
The leading players in the market are Accenture PLC, International Business Machine IBM Corporation, Kapsch, Alstom, SA, Cisco System, Inc. and others. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Smart Transportation Market is segmented as follows-
By Solution:
Ticketing management system
Parking management system
Integrated supervision system
Traffic management system
By Service:
Cloud services
Business services
Professional services
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific
South America
Brazil
Argentina
Columbia
South Africa
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA
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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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